NRC forecasts big decline in Nunavut mineral exploration this year
Exploration spending in 2014 likely down 60 per cent from 2011
New figures on mineral exploration released March 3 by Natural Resources Canada show Nunavut likely faces a lean year in 2014.
A look at the exploration and deposit appraisal expenditures by province and territory, 2009-2014 reveal that in 2014, Nunavut will see a significant drop in money spent on mineral exploration: from a high of $535 million in 2011 to $166.5 million in 2014.
That figure is also lower than for 2013, when mining and mineral exploration companies spent $270 million in Nunavut and even lower than for 2009, when they spent $187 million.
The tally includes on-mine-site and off-mine-site activities, field work, overhead costs, engineering, economic and pre- or production feasibility studies, environment and land access costs.
Forecasted expenditures for Northwest Territories are also down from 2013 to 2014, although Yukon is set to see a slight increase in the amount of money that mineral exploration will bring to the territory.
Despite the drop in exploration activity, Nunavut is still set to remain the strongest of the three territories, accounting for 7.8 per cent all money spent on exploration in Canada.