NWT Premier RJ Simpson is using an unusual summit convened by Prime Minister Mark Carney to showcase the territory’s mineral wealth to global investors.
Carney has convened the Canada Investment Summit in a bid to match private investors and international money giants with more than 150 proposed major projects across the country, like mines, power stations and infrastructure development.
Five NWT projects are in the summit’s prospectus. They are:
- Fortune Minerals’ Nico mine outside Whatì;
- the Prairie Creek mine in the Dehcho, now being advanced by Honey Badger Silver;
- Li-FT’s lithium project east of Yellowknife;
- the proposed Nechalacho rare earths mine, also east of Yellowknife (notably, the prospectus names only one of the two companies trying to open a mine there); and
- the South Slave’s Pine Point zinc and lead project.
Speaking on the CBC’s Power and Politics on Monday, Simpson said he expects the summit to result in “deals by the end of the year, for sure,” though he didn’t specify which he had in mind.
Protests outside the Toronto summit voiced opposition to the likes of pipelines and expressed concern about the climate as the Liberal government leans into its focus on building big projects, including several major infrastructure projects in the NWT.
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In the past, some critics have said the NWT’s regulatory system – which involves co-management with Indigenous governments based on modern treaties – is too convoluted and cumbersome to attract large-scale private investment. Others have said northern environmental protections don’t go far enough.
Simpson told the CBC he intends for the development of mines and other projects to be responsible and ethical.
“We’re not looking to cut any corners. We’re not looking to sacrifice the environment. But we do want development,” the premier said.
“The money isn’t flowing to the [regulatory system] with the least amount of protections. People do want to invest in projects that are secure, that are environmentally responsible, that they know will show returns.”
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Simpson characterized the territory as working with federal and Indigenous governments to get “out of our own way” so projects can go ahead.
“We have five projects in that dealbook,” he said of the summit, “often minerals that are controlled by China, both the mining and the processing. We are going to be meeting with investors from other western countries that are looking for secure supply chains. I don’t know if deals are going to be made today, signed today, but conversations are going to be started.
“Some could be in full production in a couple of years, others are a little further out, but they’re all very promising.”
