Thank you very much, Mr. Speaker. Mining forms a major piece of the economic foundation of the Northwest Territories. Before mining can take place, we rely on the work of prospectors and exploration companies to identify potential mineral development opportunities. Today I am pleased to announce dedicated annual funding of $50,000 for the Prospectors Grubstake Program. This funding will be made available under Industry, Tourism and Investments Support to Entrepreneurs and Economic Development Policy.
The Prospectors Grubstake Program previously existed but has not been actively funded since 2008. We are pleased to announce its return after a five-year absence and look forward to the potential benefits it will bring to this territory.
This money will provide financial assistance to qualified Northwest Territories prospectors to search for new mineral deposits or to reassess previously known deposits. This grassroots exploration is part of our economic foundation and is a key element in the discovery of new potential mineral deposits.
Exploration creates jobs, generates income for Northwest Territories businesses and encourages infrastructure development.
The historical gold finds that led to the Giant and Con mines were the result of the work of prospectors. We cannot forget two geologists named Mr. Chuck Fipke and Mr. Stewart Blusson, the now famous prospectors who found diamonds at Lac de Gras, leading to the largest staking rush in Canadian history.
Their discovery has had a tremendous impact on our territory. It has led to three operating diamond mines: Rio Tinto’s Diavik Mine, BHP Billiton’s Ekati Mine and De Beers’ Snap Lake Mine. Together, these three mines have employed hundreds of our residents and spent billions of dollars at northern businesses.
We cannot underestimate the potential for prospecting. Ultimately the efforts of one prospector could bring benefits that would be felt throughout the territory. While the existing mines bring immense benefit to Northwest Territories residents and communities, it is only with continued exploration that we will see this activity sustained and these benefits continue.
Mr. Speaker, building a diversified economy that provides all communities and regions with opportunities and choices is one of the goals of this Assembly. The Government of the Northwest Territories is dedicated to strengthening the Northwest Territories economy by providing support for entrepreneurs. With the allocation of this funding, we have reinforced the foundation for a sustainable mining industry. Through the Prospectors Grubstake Program we hope to see additional prospectors take part in the mineral exploration activities occurring around the territory.
By encouraging and facilitating investment in our territory, this government will build a robust and sustainable mining industry, diversify our economy, and maximize benefits for Northwest Territories residents. Thank you, Mr. Speaker.
