Mineral exploration companies spending more in Nunavut: NRC

New figures from Natural Resources Canada on mineral exploration in Canada show exploration companies brought $396 million into Nunavut during 2011 — up $73 million from 2011’s figure of $323 million.

In Nunavut and Yukon, mineral exploration companies are now spending more than previously projected.

But in the Northwest Territories, expenditures continue to be down, but recent figures are even lower than originally projected.

Forecasts from last March said exploration activity would bring in $83 million, but the new figure came in lower at $81 million.

Much of the reason is due to the “regulatory complexity associated with Aboriginal land claims” and large number of proposed protected areas, the NWT and Nunavut Chamber of Mines said Dec. 8.

“Exploration investment in Nunavut has grown very healthy,” said Pamela Strand, president of the NWT and Nunavut Chamber of Mines. “Nunavut has captured investors’ interest, and they feel secure in doing business there. But in NWT, the investment environment is not as strong as it should be. Given that the NWT diamond mining industry is now reaching its plateau, the lack of grassroots exploration investment is worrisome.”

Natural Resources Canada’s data can be found here.