Premier McLeod Speaks At 2018 Yellowknife Geoscience Forum

Premier McLeod: Yellowknife Geoscience Forum 2018 – Opening Remarks

News Type: 
Speeches

Check against delivery

Thank you — and good afternoon.

On behalf of the Government of the Northwest Territories I’d like to welcome you to the annual Geoscience Forum, and for those of you from out of town – welcome to Yellowknife.

I would like to take a moment to recognize the Northwest Territories and Nunavut Chamber of Mines, the Northwest Territories Geological Survey, and the many staff and volunteers who make this event possible each year.

For 46 years, the Yellowknife Geoscience Forum has been a pillar in our territory’s calendar and it ranks among the best for opportunities to bring together professionals from across the natural resources sectors to share knowledge and build relationships that will benefit us all.

The Government of the Northwest Territories wants to create a prosperous, sustainable future for the people of the Northwest Territories, built on the foundation of a strong, diversified economy that provides residents with the jobs and economic opportunities needed to support themselves and their families.

Resource development has traditionally been at the heart of the Northwest Territories economy, since oil was first discovered in the Norman Wells area more than 90 years ago. Responsible resource development has and will continue to be the backbone of our economy and is central to ensuring the territory has a strong middle class.

With that in mind, it’s important to recognize that we’re facing some challenges. All across our territory we are learning that we cannot take our economic future for granted – even though we have an abundance of natural resources that could sustain us for years to come.  

That fact was reflected in the recent Conference Board of Canada Territorial Outlook Economic Forecast.  Their prediction says that economic growth in the Northwest Territories is forecast to contract by an average annual pace of 1.6 per cent between now and 2025.

Though unsettling, this forecast did not come as a surprise to us. While variables may differ, it is based on the same assumptions that are driving our government’s current economic approach.

That is why I thought it was important to go to Ottawa over a year ago now and call for a national discussion on the future of the Northwest Territories and its economy. It is also why I convened a meeting of Indigenous leaders from across the territory in Inuvik in September for almost three days of discussions about how we need to work together to promote economic development.

At the end of our discussions, leaders agreed that we need to take immediate steps to address the economic challenges the Northwest Territories faces, in order to ensure a sustainable future for the North and its residents.

Leaders also agreed that large-scale investment in northern energy, transportation and communications infrastructure corridors is key to creating investment and economic opportunities in all sectors.

Our goal remains to create a prosperous, sustainable future built on the foundation of a strong, diversified economy, which consists of traditional sectors like tourism, agriculture, harvesting, cultural arts and fishing, but also recognizes the large role that non-renewable sectors like mining and oil and gas have and will continue to play in our territory.

The residents of the Northwest Territories want the same things as other Canadians. We want to be healthy and educated, have direct employment opportunities and be able to provide for ourselves, our families and our communities.

And there are two drivers that will help us achieve these aspirations;

  • a sustainable economy that is fueled by responsible resource development; and
  • much needed public infrastructure that will help ensure the ongoing development of our economy and lower the costs of living and doing business in one of the remaining frontiers of the world.

During this Assembly, our efforts have included clearly making the case for Northwest Territories priorities like Taltson expansion, investment in highway and marine infrastructure projects, and assistance in getting our communities off diesel.

Strategic, deliberate investment in these areas could unlock a wave of northern development that would provide jobs and opportunities to thousands, drive the national economy, and create a lasting legacy of public infrastructure for the people of the North.

I am happy to say that our efforts to promote interest and investment in the North are paying off.

This year alone, the Government of the Northwest Territories, in partnership with Canada has announced a number of funding projects including:

  • $23 million under the Low Carbon Economy Leadership Fund that will support energy efficiency, retrofits, renewable energy and carbon sequestration through forestry regeneration;
  • close to $20 million towards marine infrastructure improvements;
  • nearly $140 million over ten years to protect, renew and expand social and community housing, and support the Northwest Territories’ priorities related to housing repair, construction, and affordability;
  • $140 million investment to date, in the Mackenzie Valley Highway Project;
  • $40 million towards the Inuvik Wind Generation Project

But, these announcements are just a small step towards realizing our goals.

It’s not the time to throw our hands up in the air and give up. The time is now to double down, and continue to put in the work to move our economic forecast and territory to a more positive place – one that will have benefits for generations to come

The rich resources of the Northwest Territories are still largely untapped and the  next major mine will begin with geoscience. With a lot of promising exploration work underway, there’s a chance it has already. That means encouraging mineral exploration from private players, and using public investment to map our potential and support good decisions on our natural resources.

That’s why our government invests $1 million a year in explorers looking for the next big find and why we have a massive collection of core samples freely available for those looking for new information on our potential without having to go out to the bush. It’s also why we invest in having some of the top geologists in the country out in the field, and in our labs, helping us better understand the vast, unexplored land we call home.

It is important that we recognize that we’re on the verge of a breakthrough, and understand that there’s a lot to be positive about. In the Northwest Territories, we have decades of experience in safe and responsible resource development and are already positioned to drive innovation in cold climate research extraction.

Our territory has mineral and petroleum resources that could position it as a primary economic driver for our country. We have a wealth of economic resources and potential – and the payoff on investing in the North will be tremendous. Government and industry partners who invest in our future will benefit from our prosperity and development.

Alongside our mineral resources, our territory has natural gas resources and as we begin to see a shift to lower-carbon alternatives, our natural gas has the potential to meet market needs and reduce greenhouse gas emissions.

We have metal projects like NICO, poised to power the green economy of the future, while bringing the ethics profile the cobalt market is starving for right now. We also have promising exploration work being done in places like Pine Point, Indin Lake, and Yellowknife which are not at all reflected in the Conference Board of Canada’s forecasts.

Each of us in this room has a stake in a strong economic future for the Northwest Territories. And to get there, we all have a responsibility to tell the market that we are not dead in the water.

We’re a resilient territory full of talented people and boundless potential. We’ve overcome hurdles that seemed unprecedented many times before. We’ve contributed hundreds of billions in benefit to the rest of Canada by virtue of the jobs and value created through our resource sectors. And we’ve proven that a little goes a long way in bringing benefit to those who partner with us.

If the future of the North is important to the government of Canada, they need to invest in it. Canada has an important role to play in helping our territory achieve its priorities and support its development. We are anxious to continue to work with Canada and to bring the North to the forefront of nation building projects and investments that will benefit all of Canada.

Governments and markets respond to people. If we push that message as we share ideas here, and once we leave this conference, it will go a long way in telling the market, and our potential partners – including the Government of Canada - that there is prosperity to be had here. I encourage you to join us in pushing that message as we all work towards a strong economic future for the Northwest Territories.

I believe in the potential of the Northwest Territories and in the opportunities for prosperity that exist here, especially in our critically important mineral development sector. We have the resources, the people and the knowledge to build a thriving and prosperous territory that will give the people of every region and community long-term financial security and a sustainable future. What we need and want now are the partnerships and commitments that will help us get there.

I will continue to speak out on behalf of the Northwest Territories in an effort to unlock the potential we clearly have. Your voices can be an important part of the conversation and I hope the Government of the Northwest Territories can count on you to join with us in making a case for a strong and sustainable mines and mineral sector in the North.