Following a revision of the Mining Incentive Program (MIP) to enhance support and emphasis on public safety, the Department of Industry Tourism and Investment (ITI) has selected 20 mineral exploration projects to receive program funding for 2020-21.
The 20 projects will benefit from the $1 million in total program funding. The successful projects were selected from 28 applications, which marks a continuing interest in NWT mineral exploration despite the significant challenges faced this year by the industry.
The program, now in its seventh year, invests in mineral projects across the NWT that are well conceived, support innovative ideas and methods, and have the best potential to stimulate economic activity. The MIP is administered by the NWT Geological Survey, a division of ITI.
This year, the maximum funding available for corporate projects was increased from 50 percent to 60 percent of eligible expenses and several COVID-related costs were made eligible. Project compliance with public health orders and proposed NWT spending were both carefully scrutinized during review and scoring of applications.
From 2014 to 2019, the MIP invested approximately $3 million into NWT mineral exploration projects with the result of nearly $15 million in total spending from funded projects.
“Investment in mineral development through the Mining Incentive Program represents an integral component of future economic activity in the Northwest Territories. Given the vast size of our territory, the potential for discovering new deposits of gold, rare earth metals, diamonds, lead, zinc, cobalt, and other minerals remains strong. MIP recipients are the prospectors and mining companies that are working to develop a prosperous economic future for our territory.”
- Katrina Nokleby, Minister of Industry, Tourism and Investment
- $744,353 was awarded to corporate applicants
- $251,060 was awarded to prospectors
- Corporate projects may receive up to $240,000 in funding
- Prospectors may receive up to $25,000 in funding.
- Mining Incentive Program, click here
- Northwest Territories Mineral Development Strategy, click here
- GNWT-ITI Mines and Minerals, click here
- Successful Applicant List, click here
For more Information, please contact:
Industry, Tourism and Investment
Government of the Northwest Territories
Tel: (867) 875-7117