Overview: Mining in NWT & Nunavut Global Challenges, Regional Solutions
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1 Overview: Mining in NWT & Nunavut Global Challenges, Regional Solutions To: 2015 PNWER Economic Leadership Forum #5: Mining By: Tom Hoefer, Executive Director, NWT & Nunavut Chamber of Mines November 17, 2015
2 Key Messages Mining is our economic advantage Mining has been and is important to our economies We have more opportunities before us But, we face challenges We are not victims there are actions we can take 2
3 Mining is our economic advantage: GEOGRAPHY Huge: 1/3 of Canada Remote Challenging Arctic conditions & climate Underdeveloped infrastructure Small population Limited options for farming, forestry, ranching, urban growth, manufacturing, etc. NWT NUNAVUT Area of NWT + Nunavut = Norway, Sweden, Finland, Denmark, France, Germany, Poland, Spain, Portugal, Italy combined. 3
4 Mining is our economic advantage: GEOLOGY 8 geological provinces Diverse mineralogy Gold, silver, diamonds, lead, zinc, uranium, tungsten, rare earths, cobalt, bismuth, nickel, copper, iron, etc. Under-mapped & remote means under-explored This equals tremendous mining opportunity 4
5 History of mining 1930s - Eldorado (uranium), Con, Negus, Rycon 1940s - Giant, Thompson-Lundmark 1950s - Rankin (nickel), Discovery 1960s - Pine Point (zinc-lead), Cantung (tungsten) 1970s - Nanisivik (zinc) 1980s - Polaris (zinc-lead), Lupin, Cullaton Lake 1990s - Colomac, Ekati (diamonds) 2000s - Diavik, Snap Lake, Jericho (diamonds) 2010s - Meadowbank, Mary River (iron) 5
6 Historical mineral production Over C$60 billion since 1932 Zinc 30% Gold 18% Diamonds 38% Uranium 1% Silver 2% Lead 8% Tungsten 3% Current & Past Producing Mines: Ekati Diavik Snap Lake Meadowbank Con Giant Lupin Polaris Nanisivik Pine Point Cantung Discovery Rankin Nickel Rayrock Outpost Island Supercrest Eldorado Ruth Terra Norex Silver Bay Colomac Tundra Camlaren Contact Lake Ptarmigan Tom Mon Cullaton Lake Salmita Hope Bay Negus Thompson-Lundmark Rich El Bonanza Rycon Bullmoose 6
7 Diamonds we are world leaders today The Northwest Territories by itself is the world s 3 rd most valuable diamond producer Value of Global Diamond Production 2014 South Africa 8% Angola 9% Others 18% Canada 14% Russia 26% Botswana 25% 7
8 Mining has contributed legacy infrastructure Communities: Yellowknife, Rankin Inlet Roads to Resources, eg: highways to Yellowknife, Pine Point & Ft. Resolution Railway (to Hay River & Pine Point) All 3 NWT hydro-electric facilities Marine shipping & ports Microwave communications 8
9 Today, mineral production is from 6 mines Ekati (diamonds) Mary River (iron) Diavik (diamonds) Cantung (tungsten) Snap Lake (diamonds) Meadowbank 9
10 Our mines create huge value NWT, Nunavut and Yukon Mining Production $2,500 $2,000 NWT Nunavut Yukon $1,667 $2,112 $1,790 $1,638 $1,831 $2,123 $2,045 $2,140 $1,725 $1, $1,886 $C Millions $1,500 $1,000 $653 $682 $779 $874 $1,507 $614 $ $642 $500 $349 $385 $321 $272 $317 $427 $0 $35 $35 $4 $32 $35 $13 $ (p) Natural Resources Canada March 2015 NWT: Diamonds are the most significant contributor with lesser tungsten & copper NU: Gold is the most significant, with some silver (iron will come in 2015) 10
11 Our mines create people & business success (Note: NWT diamonds example Nunavut benefits similar) 22,000 person years northern mine employment Today over 1,400 workers, 50% Aboriginal Mining largest employer of Aboriginal people Over $11 billion in northern business $5 billion with Aboriginal businesses $100 million plus to communities in IBA payments, scholarships, donations 11
12 Our mines pay significant taxes $C millions $700 $600 $500 $400 $300 $200 $100 $0 Diamond Mining Taxes Mining royalties NWT Corporate Taxes Federal Corporate Taxes Source: GNWT ITI Economic Model AND THAT S NOT ALL! ALSO PAYROLL, INCOME, FUEL, & PROPERTY TAXES! 12
13 Aboriginal governments receive royalties, too $7,000 $6,000 $5,000 Tlicho Government Sahtu Dene Council Gwich in Tribal Council $C ('000s) $4,000 $3,000 $2,000 $1,000 $ NWT: Over $39 million in diamond resource royalties have been shared with settled Aboriginal claimants. Even more royalties are now being shared under NWT devolution arrangement. Nunavut: Inuit are collecting royalties from their own private lands. They are the largest private land holder in the world. 13
14 Mining largest private sector contributor Public Admin 15% Health & Social 6% Education 4% NWT GDP (2014) Other 10% Mining, Oil & Gas 25% Construction 13% Health 5% Other 25% Education 7% NUNAVUT GDP (2014) Mining 18% Construction 12% Real Estate 11% Real Estate 11% Trade 9% Transportation 7% Public Admin 22% Mining s contributions are even larger with spending in other sectors of the economy, eg, construction, transportation, real estate, trade, etc. 14
15 Mine lives are variable NWT & Nunavut Mine Lives Ekati Diavik? Snap Lake Gahcho Kué Cantung Meadowbank Mary River?? Mines don t last forever To sustain and grow mining benefits, we must protect and attract investment 15
16 Real NWT opportunity: Gahcho Kué diamond mine World s largest and richest new diamond project Capital cost $859 million 700 construction workers 400 operations workers Operating costs $218m annually for 12 year mine life On plan and budget for first production H October 2015, construction over 70% complete De Beers 51%, Mountain Province 49% 16
17 Real NWT opportunity : more robust Diavik mine US$350 million to develop A21 deposit over 4 years Diamond production planned for late 2018 Does not increase mine life of 2023 But makes operation stronger to end of mine Brings construction jobs and business spending Diavik owners have approved a US$350 million investment to mine its fourth kimberlite pipe, an orebody called A21, shown at far left, using similar dike technology as shown around the A418 and A154 pipes. Courtesy Diavik Diamond Mines Inc. 17
18 Real NU opportunity: Hope Bay gold mine Construction underway Production from first of 3 deposits in H TMAC Resources 18
19 Potential Opportunities advanced deposits Mactung (tungsten) Selwyn (base metals) Izok (base metals) Ekati-Jay (diamonds) Courageous Ulu High Lake (base metals) Hackett River (base metals) Hope Bay Three Bluffs Roche Bay (iron) Indin Lake NICO (gold, cobalt, bismuth) Prairie Creek (base metals, silver) YK Gold Pine Point (base metals) Nechalacho (rare earths) Gahcho Kue (diamonds) Lupin Jericho (diamonds) Back River Angilak (uranium) Amaruq Kiggavik (uranium) Meliadine Chidliak (diamonds) 19
20 Potential Opportunities advanced deposits Mactung (tungsten) Selwyn (base metals) Ekati-Jay (diamonds) Indin Lake NICO (gold, cobalt, bismuth) Prairie Creek (base metals, silver) Hackett River Hope Bay THE OPTIMIST S (base metals) VIEW High Lake NWT: Izok (base metals) (base metals) Ulu 1 diamond mine Courageous 1 rare earth metal mine 1 poly-metallic mine 2 base metal mines Nunavut: YK 3 Gold gold mines Back River 1 uranium mine 1 base metal mine Pine Point (base metals) Gahcho Kue (diamonds) Lupin Nechalacho (rare earths) Jericho (diamonds) Three Bluffs Angilak (uranium) Amaruq Kiggavik (uranium) Meliadine Roche Bay (iron) Chidliak (diamonds) 20
21 The Chinese Hangover price challenges Gold price Zinc price $200 Iron Ore Price, Tungsten Price, Uranium price $180 US$ per dry metric tonne $160 $140 $120 $100 $80 $60 $40 $20 $0 Apr-00 Apr-02 Apr-04 Apr-06 Apr-08 Apr-10 Apr-12 Apr-14 21
22 Exploration Financing Challenges Global 22
23 Exploration Financing challenges, Canada too $20,000 Value of Junior Company Financings - Exploration Stage Proposed/Arranged ($millions) $18,000 Value of Financings ($millions) $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 Debt Financing (mil$) Flow-Thru Financing (mil$) Equity (non-ft) Financing (mil$) $ Year Source: Gamah International
24 All is not lost, though One reality of the market place that we know This too shall pass! History tells us that the markets will improve again. 24
25 We can t change the marketplace, but we can change ourselves take actions now to be ready for the market rise. 25
26 We have some control of our fate Exploration & Deposit Appraisal Expenditures $600 $C Millions $500 $400 $300 $200 NWT Nunavut Yukon $100 $ Yukon and NU exploration investment followed the markets NWT Exploration spending was out of synch = means self-inflicted NRCan Sept
27 We have some control of our fate Exploration & Deposit Appraisal Expenditures $600 $C Millions $500 $400 $300 $200 NWT Nunavut Yukon $100 $ Yukon and NU exploration investment followed the markets NWT Exploration spending was out of synch = means self-inflicted NRCan Sept
28 Strategic action plans for mining NWT Mineral Strategy 2013 To prepare for devolution Strengthen mining, Rejuvenate exploration Support northern jobs, business and taxes Some good actions to date, but Government needs to do more NU Mineral Strategy 2007 To create conditions for a strong and sustainable minerals industry that contributes to quality of life for all Economy will depend on development of resources Strategy needs rejuvenation Devolution is coming 28
29 Taking action to enhance investment Invest in infrastructure Level the Playing Field Increase certainty with regulatory improvement, eg: Do not proceed with regulatory cost recovery in the North Exempt small projects from EA MVRMA hair trigger Address land access uncertainty Settle remaining Aboriginal Land Claims Advance land use planning Reduce growing protected/conservation areas Reduce the high northern cost of living Create economic strategies that all departments support Educate to increase public support for mining and our economy Improve education outcomes and provide training Have Public & Aboriginal gov ts join in marketing to investors 29
30 Conclusion Mining is proving its ability to create significant benefits for NWT and NU Exploration and mining are challenged by global and regional factors But there are actions we can take today to help our industry become even more beneficial and successful to our two Territories 30
31 Why it matters Courtesy Diavik Diamond Mines Inc.
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