More Explorers than Ever Vie for Mining Incentive Program Funds
Publication Date
News Release
YELLOWKNIFE (JUNE 7, 2018) — The Government of the Northwest Territories (GNWT) is investing another $1 million in the future of mineral exploration in the NWT. Eighteen projects will benefit this year from funding provided under the Mining Incentive Program (MIP).
The program, now in its fourth year, invests in qualifying prospecting and exploration projects across the NWT to advance mineral exploration. It is administered by the NWT Geological Survey, a division of the GNWT’s Department of Industry, Tourism and Investment.
This is the program’s second intake since contributions for the program were more-than doubled to address rising demand, and a need to stimulate activity in the NWT mining sector. The program has realized over $9.8 million in leveraged spending since its inception.
Last year, more than $3.4 million in mineral exploration spending was realized from projects which received $881,055 in total GNWT investment; a 3 to 1 ratio.
A total of 34 applicants applied for nearly $3.5 million in funding this year, the largest applicant and funding numbers the program has ever attracted. Applicants were evenly split between prospectors and corporate entities.
Quote
“Exploration is crucial to the future of our mining industry. Without exploration, there are no new mines; or the jobs they create. As we continue to see an uptick in our mining sector, we are encouraging qualifying projects to move forward. The overwhelming interest in this program reflects a return-to-form in our exploration sector, and underscores the ever-present economic potential that exists in our mineral resources.
-Wally Schumann, Minister of Industry, Tourism and Investment
Quick facts
$854, 000 was awarded to corporate applicants.
$138, 000 was awarded to prospectors.
Corporate projects may receive up to $200,000 in funding.