Mineral exploration will decrease by a third in 2013: NRCan

This NRCan graph shows the ups and downs of mineral exploration in the three northern territories.

Mineral exploration companies will spend less money in 2013 in Nunavut, the Northwest Territories and Yukon, says Natural Resources Canada’s survey of mineral exploration in the northern territories.

NRCan’s latest semi-annual report, “Exploration and Deposit Appraisal Expenditures, by Province and Territory,” says companies plan to spend the following in 2013:

• $312.7 million in Nunavut, a decrease of $130.3 million (29 per cent) from the previous year;

• $81 million in the NWT, a decrease of $33.5 million (29 per cent ) from 2012; and,

• $111.9 million in Yukon, a decrease of $114.8 million (51 per cent) from 2012.

Overall in Canada, spending intentions for 2013 have decreased to $3.35 billion, down $538.4 million (14 per cent) from 2012.

In Canadian spending, Nunavut drops to 5th place, the Yukon drops to 7th place and the NWT remains in 8th place.

Industry observers have expected a drop given that current conditions make financing exploration very difficult across the country, said a March 14 news release from the Nunavut and NWT Chamber of Mines.