YELLOWKNIFE (October 16, 2015) – The Department of Industry, Tourism and Investment (ITI) is introducing a two-year temporary Assessment Work Incentive for exploration activities conducted by recorded mineral claim holders in the NWT.
ITI Minister David Ramsay says the move comes in response to a recommendation in the NWT Mineral Development Strategy and is supported by the Mining Industry Advisory Board (MIAB).
“Strengthening the competitive advantage of the mineral exploration and mining industry in the NWT is one of the pillars of our government’s Mineral Development Strategy,” Minister Ramsay says. “The low level of grass roots exploration expenditures is a concern in the NWT. With this move we are saying that we recognize this challenge – and will take the steps to encourage and assist junior exploration companies in our region through this exploration slump.”
Under the NWT Mining Regulations, holders of recorded mineral claims in the NWT must complete work or submit cash-in-lieu to keep a claim active. Reported exploration work is assessed and approved by the Government of the Northwest Territories’ Mining Recorders Office.
Retroactive to April 1, 2015 and for two years (until March 31, 2017), the credit or value of this exploration work will be increased by 50% in the recording system. This will provide a temporary incentive to assist the mineral exploration industry to maintain their mineral tenure through financially challenging times. Implementing this program will be cost neutral.
Today’s announcement follows the second meeting of the MIAB in Yellowknife. In addition to prioritizing the need for continued improvement and promotion of the NWT’s investment environment, the MIAB highlighted the importance of continuing government efforts aimed at restoring the NWT’s resource economy.
“Even in this downturn for our industry, we must find ways to position our territory to maximize future opportunities that will be presented by a return to higher commodity prices,” says Minister Ramsay. “The Assessment Work Incentive is a tangible investment to this end – and will serve to encourage and incentivize those companies who have committed, through investment, to being a part of the prosperous future that we envision for the NWT’s mining and exploration sector.”
Manager, Public Affairs and Communications
Industry, Tourism and Investment
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