To help establish a greener economy and other high-tech industries, Canada’s government has selected 31 essential minerals. The country thinks it will help it become a major supplier of these minerals. In order to retain Canada’s status as a premier mining nation, these minerals are essential to the country’s long-term prosperity.
Canada’s Northwest Territories is home to a majority of these minerals (NWT). The mineral potential has been discovered. However, further study is needed to evaluate possibilities adequately. Nechalacho and other projects like it can supply the demand for crucial and essential minerals as governments throughout the globe attempt to secure and develop their supplies. Even if COVID-19 has had a detrimental influence on global economies and competition for investment is challenging, this is occurring now. Also, the NWT’s role as a partner to other Canadian jurisdictions that may be in a different area of the mineral supply chain is emphasized in the message.
Summer fieldwork results are being tallied and analyzed at this time of year. Mining companies in the North are beginning to prepare for the future. It is an excellent time to think about how we can keep raising the profile of the Northwest Territories as a place for resource exploration and investment.
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There are already projects in the advanced stages of development that have progressed from exploration. These and other natural resource corporations in the Northwest Territories are actively working with Indigenous governments and enterprises, not just because socio-economic agreements require them but also because they see the importance. For example, some of the natural resource businesses operating in the Northwest Territories are already pledging to achieve net-zero emissions mining by 2030. Other firms are actively pursuing possibilities to leave a lasting legacy in the communities they serve.
Canadians are aware of the issues that might impede the expansion or strength of the natural resources industry in the Northwest Territories in the future. It is clear to us that the Northwest Territories have significant infrastructure shortfalls. Three important projects are being implemented as part of the 19th Assembly’s mission, despite the problems they provide. A new Mineral Resources Act and a new Public Lands Act are now being implemented in the NWT. The purpose is to assist in modernizing regulatory structures and offer better clarity and stability to the industry.
Increasing demand for essential minerals is no secret on the ground. ESG needs might be met through investment money or geopolitical difficulties.