Good times ahead for Yukon, Nunavut: conference board
The Conference Board of Canada says new gold mines and expansions at existing ones will fuel growth in the two northern territories
The Conference Board of Canada says rising commodity prices are good news for the three mining-dependent northern territories.
But it says not all will benefit to the same extent.
Nunavut is predicted to lead the way: new gold mines and expansions at existing ones are expected to generate growth of well over 10 per cent by the end of next year.
Yukon is anticipating three new gold mines to open over the coming decade, with average growth of more than six per cent until 2025.
But the Northwest Territories economy will falter even though two new mines are expected over the next couple of years.
The N.W.T.’s diamond production is gradually scaling down, which the board says will lead to a shrinking economy this year and a flat line for 2019.
The board’s general optimism is dampened by warnings from mining companies about access to land and consequent problems finding investment.
But, overall, the board says growth in the territories will exceed the national average.