Budget is good news: Nunavut and NWT Chamber of Mines

The federal government’s latest budget might be taking criticism from some northern and Inuit leaders, but it’s good news for the northern mining industry, said the NWT and Nunavut Chamber of Mines in a March 30 news release.

The chamber’s president Pamela Strand said the March 29 budget recognizes “the significance of natural resources in driving the northern economy.”

“Nowhere is that more important that in the Northwest Territories and Nunavut, rated as two of the most highly prospective jurisdictions,” Strand said. “We look forward to the government’s support to help us convert that huge potential into northern jobs and business investment, and the significant benefits this will generate for the North and Canada.”

Strand pointed first to the budget’s proposed extension of the mineral exploration tax credit, which hopes to extend the 15 per cent credit for an additional year.

The credit has a strong performance record in Canada in attracting investment to the North, especially given the uncertain global economy, the news release said.

And the proposed legislative reform for major resource development projects, which aims to establish clearer timelines and cut down on regulatory burdens, is a good move, as well, it said.

“We look forward to these principles being applied in the near term to new legislation for permitting and regulating exploration and mining projects in Nunavut under the Nunavut Planning and Project Assessment Act,” the release said, referring to the federal impact assessment process under the territory’s land claims agreement.