Archived - Economic Growth Follows Effective Regulatory Process in Canada’s North
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Fostering a prosperous and sustainable resource development sector in Canada’s territories thanks to a predictable and fair federal regulatory regime that is inclusive
Canada's North is rich with natural resources and holds tremendous potential in resource development. This sector is a major economic driver in the country and fosters growth in other sectors, such as communications, energy and transportation infrastructure, and commercial services. The rare earths that are mined enable clean technologies and advanced manufacturing.
The recent advancement of Sabina Gold and Silver Corporation's Back River Gold Project in Nunavut speaks strongly to this reality.
After a multi-year environmental assessment, Sabina Gold and Silver Corporation received approval from the Government of Canada to move forward in the regulatory process for building a gold mine approximately 400 kilometres southwest of Cambridge Bay, Nunavut. This process included extensive collaboration with local Inuit organizations and the development of an innovative and comprehensive caribou management plan to address potential impacts of operations on a traditional food source. The mining company also has lined up a strategic foreign investor, Zhaojin International Mining Co. Ltd, to help finance the development of this mining project. This flagship project will bring economic prosperity to the territory, and Canada at large, with its potential to produce 200,000 ounces of gold annually for 11 years, according to a feasibility study released in the fall of 2015.
Quick Facts:
- CanNor is working with over 50 companies and tracking over 30 major projects that collectively represent more than $30 billion in capital investments and over 6,700 jobs.
- Gold mining exploration and development is seeing a resurgence in Canada's north, with prospects in all three territories. These projects create the conditions that grow and stabilize the northern economy.
- In addition to coordinating federal efforts in the regulatory review system and coordinating crown consultation, NPMO provides advice and issues management for all the parties involved in major resource development