Mining and energy projects in the Northwest Territories and Yukon got a boost this week at the Canada Investment Summit in Toronto.
Prime Minister Mark Carney organized and hosted the event which brought together deep-pocketed investors from around the world to consider a slate of more than 160 projects across Canada.
Carney boasted in a statement after the summit that it has “unleashed” nearly $500 billion in new investment commitments in the country, approximately half the $1-trillion goal he has set.
The tag line for the meeting was, “Canada has what the world needs” — and northern premiers were there making similar pitches, highlighting critical minerals and energy projects in their territories.
N.W.T. Premier R. J. Simpson said in a written statement that the North has an “essential role to play” in Canada’s economic development.
“The Northwest Territories has the critical minerals Canada and its allies need, major transportation and energy projects that can unlock new economic opportunities, a strategic position in the Arctic, and Indigenous governments and businesses with decades of experience as partners in responsible resource development,” Simpson said.
Yukon Premier Currie Dixon said he does not expect any immediate deals from the summit, but noted that his priorities match the prime minister’s agenda and that he expected the meeting would bring renewed interest to his territory.
“There is an unprecedented level of consensus in the country right now about the need to grow our economy, the need to develop our natural resources,” Dixon said.
N.W.T. pitches critical minerals
Honey Badger Silver’s PC Silver Mine in the N.W.T. was one of the five critical minerals projects being pitched by Simpson this week.
The company’s CEO and executive chariman, Chad Williams, said the summit has generated a lot of “buzz” and he applauded Carney for bringing investors to consider PC Silver and other companies across Canada.
Williams said his company helped prepare the N.W.T. premier and his team to pitch the project.
“We’ve given them lots of information. They were well schooled on what we have, and so we trusted them to present a compelling business case,” Williams said.
Another N.W.T. project highlighted at the summit was Li-FT Power’s Yellowknife Lithium Project, which aims to develop a lithium ore mine in the territory in conjunction with a processing facility in Alberta.
April Hayward, Li-FT Power’s vice president of external affairs and strategic partnerships, said that the summit gave the company an opportunity to meet investors whom they might not otherwise come into contact with, and that the benefits are likely to be seen in the weeks and months to come.
Hayward said the company feels “extremely lucky to have been included” in the summit, by the N.W.T. government.
“We’re pretty hopeful that there’ll be some positive outcomes for us on the investment side.”
Yukon focuses on mining and energy
The Yukon government highlighted several mine projects in the territory, including Kudz Ze Kayah, Mactung tungsten, Minto, Coffee Gold and Casino, along with upgrades to the territory’s energy infrastructure.
Ian Gibbs, president and CEO of Fireweed Metals, the company behind the Mactung project, says he left the summit feeling confident despite not having signed a deal.
“Opening the doors and inviting people in is a first major step,” Gibbs said.
Gibbs said the importance of political will can’t be understated, especially when it comes to mining projects that can take years and billions of dollars of investment to bring online.
Representatives from Nunavut, including Premier John Main, were also at the summit this week, seeking an injection of funds into critical infrastructure projects like the Grays Bay Port and Road, and the territory’s first-ever connection to the North American electric grid.
