Giant Mine C-Shaft

Economic Opportunities Strategy

Over the last 15 years, the economy of the Northwest Territories has transformed from one reliant on gold mining to one that has become dependent on diamond mining. Because of this transformation, the NWT has consistently led Canada in economic growth over this period.

This transformation was based on the hard work and persistence of the exploration and development industry and determined northerners. Faced with a declining value in gold prices which ultimately led to the closure of producing gold mines, northerners had to look for alternative industries for growth. The result was the establishment of a new, vibrant and highly valuable diamond mining industry.

We know the economy is going to change: two of the NWT’s existing diamond mines are scheduled for closure in the next decade, mineral exploration activity is well below its historical highs, the Mackenzie Valley Pipeline Project has not advanced to production, and the NWT population has stagnated. What this means is that the NWT once again needs to look for new opportunities for economic growth.

The Economic Opportunities Strategy identifies opportunities throughout the Territory, and provides action items for reaching our goals. 

The strategy is currently being implemented with initiatives like Take One: a Film Strategy and Action Plan for the NWT and the development of agriculture and commercial fishing strategies. 

Follow our newsfeed for updates on implementation of new and exciting economic development initiatives.