Thank you, Mr. Speaker. Mr. Speaker, we’re all aware that we are living in an uncertain economy right now. The lower prices of oil and gas and diamonds have directly affected industrial activity and the northern economy. Exploration is declining and very little development of new activities is going on. That’s why, at this point, it is very important for this government to actively support companies that are willing to invest in our territory.
One such company is TerraX, which is currently developing the Yellowknife City Gold Project just north of the capital city. TerraX is making a significant investment in exploration. The company raised $6 million last summer and resumed drilling near Walsh Lake in January. According to Mr. Campbell, TerraX president, in a recent presentation to MLAs it was indicated that the company is fully funded for the exploration through next year. TerraX has also demonstrated positive corporate citizenship in the North. It has shown that its operations can be done in an environmentally sustainable way. It has developed a constructive relationship with respect for Northerners, including the Aboriginal governments. Mr. Speaker, TerraX is an example of a company that is making a genuine long-term commitment to the North. Its activities will respect the environment and will bring employment and social and economic benefits to our territory.
Companies like TerraX are doing their part to make economic activity happen. We need these kinds of corporate citizens and this kind of development to create jobs and wealth in the territory, but their project is challenged by a lack of energy, infrastructure, and potential land-use issues. These are things the company can't fix. They need to rely on the government to help resolve these issues. To make this kind of growth happen, our government needs to do its part. We need to encourage this kind of development. We need to create the infrastructure that is needed and resolve issues around land-use and permitting. I will have questions for the Minister of Industry, Tourism and Investment at the appropriate time today. Thank you, Mr. Speaker.
