Metals markets are heating up, igniting renewed interest in Canada’s North. Across all three territories, growth will average 2.4 per cent per year between now and 2025, compared with 1.8 per cent nationally.
This will benefit Nunavut and Yukon the most, where gold output will quadruple when new mining capacity comes online.
Yukon’s unemployment rate is the lowest in Canada and with three new mines on the horizon, will stay that way for the next seven years.
Nunavut is also on the cusp of a mining boom.
The Northwest Territories’ economy is about to shift into a lower gear. Gahcho Kué has finished its ramp-up of production and no new diamond mines are expected to be built in the next decade.