Thank you, Mr. Speaker. Mr. Speaker, we've heard of the slowdown in our economy and the decline in mineral exploration. I'd like to ask the Premier what is being done to reverse the course of the slowdown in exploration and what concrete actions we're moving forward on.
Masi. Honourable Premier.
Thank you, Mr. Speaker. The Government of the Northwest Territories and the Department of Industry, Tourism and Investment have been working very closely with the Chamber of Mines and we have developed a Mineral Development Strategy that encompasses a number of factors. Exploration is the key to finding new projects, new opportunities for development. One of the areas that we are trying to do is to help stimulate exploration and we have a Mining Incentive Program, which we implemented in 2014 and are again funding for 2015. Thank you, Mr. Speaker.
The Mining Incentive Program is very similar to a program they have in Yukon as well. However, the Yukon program is nearly twice as large in available funding and has additional funding for late-stage advancement projects. Will the Premier commit to reviewing the program and possibly expanding it, given the importance of getting exploration back on track in the Northwest Territories?
The Yukon has a similar program and they spend $1.4 million in their Mining Incentive Program. We have identified $400,000 on an annual basis for our Mining Incentive Strategy. It's application-based and this year we received 12 corporate and nine prospector funding applications for a total of $1.1 million. We have to go through a review process to identify which ones we will fund. Certainly recognizing that mining is the largest part of our economy, it represents 40 per cent of our economy, we want to not only maintain what we have but we also want to find new prospects. Our experience with the Mining Incentive Program is that it has already provided for success in a number of claims that have been discovered using these funds, so certainly, I would want to entertain and look at the possibilities of what we can do to improve on the program.
That is exactly why I asked these questions today. We have heard at length of how great the program is and how it is achieving results. Those are the kind of the results we need to move our economy forward and I'm pleased to hear that that the Premier will be looking at expanding the program and the possibility there.
When we have successful programs it becomes a matter of priorities and with the mandate that will be tabled on Monday and once finalized that will allow us to go forward with our business planning. Certainly, this would be an important area for consideration.
Masi. Oral questions. Member for Tu Nedhe-Wiilideh.
