Mr. Speaker, rare earth elements are being increasingly sought for their importance in the development of green technologies.
It is rare earth elements such as dysprosium that allow electric motors to remain lightweight and small, yet deliver the efficiency and power required for modern vehicles. Europium is used in florescent lighting which cuts energy use by 75 percent compared to incandescent lighting. Terbium is used in energy efficient fluorescent lamps. Yttrium is used in almost every vehicle on the road. Yttrium-based materials improve the fuel efficiency of engines.
Despite continued challenges for the mineral exploration industry, Avalon Ventures Ltd. continues to be diligent in advancing their Thor Lake Project in the NWT, a rare earth element deposit located 110 kilometers south east of Yellowknife.
For the NWT, the importance of this project cannot be overemphasized. Rare earth elements represent another market for products from our resource-rich Territory. It is one that we anticipate will grow significantly in coming years, particularly in light of statements by U.S. President Obama that he would like to see U.S. manufacturers focus on developing more efficient cars that cause less pollution and will contribute to U.S. efforts to reduce greenhouse gas emissions.
Avalon’s ongoing presence in the NWT, along with similar exploration and development activities in our Territory, is an indicator that our region is recognized as a source for these rare and important resources.
The development of rare earth elements in the NWT will provide us with yet another opportunity to maximize the benefits from our Territory's resource development and to promote growth in our economy. Ultimately, the advancement of world-class deposits such as Avalon's Thor Lake Project will mean jobs for our people and the potential for new, exciting and diversified industries.
Yesterday, Mr. Bill Mercer, vice-president with Avalon Ventures Ltd., joined members of this government in celebrating the launching the Mine Training Society’s Surface Diamond Driller Helper Training Program in which Avalon Ventures is an important partner.
This is the first time that the exploration industry has partnered in a Mine Training Society project. It is another example of our government’s priority to invest in partnerships for the future and to maximize opportunities by investing in education and skill development.
More importantly, it is a testament to the commitment of Avalon Ventures to our Territory and to the potential that exists for our communities, our people and our economic future. Thank you, Mr. Speaker.
Thank you, Mr. McLeod. The honourable Minister of Justice, Mr. Lafferty.
