N.W.T. looking to bolster critical minerals at Canada Investment Summit: Premier Simpson

N.W.T. looking to bolster critical minerals at Canada Investment Summit: Premier Simpson

Meeting called by Prime Minister Carney to woo $1 trillion in financial investments

Northwest Territories Premier R.J. Simpson says his government is focused on bolstering support for mining projects in the territory at an international summit showcasing more than 160 potential projects seeking investment in Canada.

Organized by Prime Minister Mark Carney, the invitation-only Canada Investment Summit will bring together high-powered global investors, Canadian business leaders and political representatives from every province and territory in Toronto on Sept. 14 and 15.

The federal government hopes the meeting will contribute to $1 trillion in investments in the country over the next five years.

Premier Simpson and Caitlin Cleveland, minister of industry, tourism and investment will be there to pitch the territory's resources.

“They are critical mineral projects for the most part. There's also gold and silver and things like that,” Simpson said. “We have such an abundance of mineral potential that there's a lot of really exciting and advanced projects that we will be bringing forward.”

He said there are about half-a-dozen companies with projects which are in a position to possibly secure funding at the summit, including Honey Badger Silver.

Honey Badger aims to start operations as soon as next year at their lead-zinc-silver Prairie Creek mine, known as PC Silver, located within a carve out of Nahanni National Park.

“It's one of the most advanced projects we have in the territory [with] permitted [environmental assessments] done," Simpson noted of Prairie Creek. “If they get a bit of capital, I think that project can get started very quickly."

The other N.W.T. mines included in the summit "prospectus" obtained by CBC, are the NICO Mineral Reserves mine, the Yellowknife Lithium Project, the Nechalacho rare earth mine, and the Pine Point mine development project.

Investors are expected to attend the summit from the United States, Europe, Asia and the Middle East. Attendees will get details on 167 projects seeking investment across Canada.

N.W.T. Finance Minister Caroline Wawzonek, who won’t travel to Toronto, said the territory hopes the efforts around major projects dominating headlines — like the Mackenzie Valley Highway — will lead to investment needed to get long-in-the-works mining efforts off the ground.

“The message we are going down with is [looking] around this territory, what’s already at an advanced stage? And consider whether or not this is the right time to be investing.”

Carney invites major investors to discuss opportunities in Canada

Nunavut’s Grays Bay Road and Port Project, which is planned to hook up with the N.W.T.'s Arctic Economic and Security Corridor, is one of the major projects in the North known to be included for consideration.

Simpson said those projects will go a long way to ensuring future investment.

“Those major projects that we have, they're really in a lot of ways enabling infrastructure," Simpson said, going on to say mineral exploration projects are sometimes held back by seasonal travelling constraints.

"It makes it very expensive and difficult to do,” he explained. “By us moving these major projects forward, we're going to really reduce that cost of doing business in the territory.”

Simpson said he hopes his participation will also highlight the regulatory co-management arrangement the territory has with Indigenous governments.

“A lot of investors are looking for regimes like that where we can ensure that mines will be developed and go into production in ethical and sustainable ways,” Simpson said.

“I want to get that out there and just really let people know what we have in the territory, 1.3 million square kilometres. We have the types of resources, whether it's gas or minerals that most countries would be jealous of.”

As far as what those living in the territory can expect from potential investments coming out of this summit, Simpson explained, "we no longer have a system where a company can just come in, take the resources and leave and leave no benefits to the territory."

"There will be agreements with the First Nations, there will be jobs available, there will be training available for the people of the territory.”

Niles Niemuth has more than a decade of experience in digital news. He has reported and edited stories covering politics, public affairs, labour and community issues in Canada and the United States. He holds a master's degree in history from the University of Wisconsin-Milwaukee. You can reach him at niles.niemuth@cbc.ca.