Mr. Speaker, it is often said that history has a way of repeating itself and, surely, we can agree that's the case with our territory's mining industry. Just as we did 30 years ago when the gold industry began to wrap up, we are facing another round of mine closures.Today our diamond mines have at least past the halfway point to their operations with Diavik slated to close in 2026. It's not just our diamond industry either. Norman Wells is due to cease operations in 2026 as well. Those are two big hits to our economy that are just 24 months away.
The NWT and Nunavut Chamber of Mines recently published work analyzing the impact these closures will have on the territory. And it's frightening, to say the least. They see a leaner future ahead with thousands of jobs and therefore a government without millions of revenues. This will affect across our economy with farreaching consequences as the demand for goods and services related to the mining sector disappear as does the disposable incomes made possible by good mining wages. The best in the world I might add, Mr. Speaker.
A future without mining is a future of fewer business, poorer services, and less Northerners as many will be forced to look elsewhere for opportunity. This is a future we do not accept, Mr. Speaker. Here in the Northwest Territories we move forwards, not backwards. The government must be up to the challenges posed by these closures and work with the mining industry to look beyond oil and diamonds. The pivotal aspect of this challenge is not the lack of resources. We know we have many exciting new opportunities to pursue with minerals such as cobalt, nickel, lithium, and rare earths. This challenge, instead, rests on how we make stronger partnerships with new industries and build the economic environment these partnerships can thrive in.
This work needs to start now, Mr. Speaker, and a good place to start is exploration. The government can retool our regulatory system to match regulatory needs, the size and the risks of projects, and stop holding earlystage exploration to the standards of advanced projects. A muchneeded boost to exploration could be achieved by doubling the Mining Incentive Program and building new infrastructure to fuel clean energy at mine sites. These are just a few key suggestions, Mr. Speaker, but it's up to this new government to come up with a concrete plan to reinvigorating and restarting our mining sector for future generations. Thank you, Mr. Speaker.
Thank you, Member from Range Lake. Members' statements. Member from Yellowknife North.
