Northwest Territories to grant funds for diamond exploration


Northwest Territories is offering a Mining Incentive Program (MIP) that provides funds to companies that would like to explore and mine for diamond projects in the region. The program has been modeled after other incentive programs offered in Canada, such as in the Yukon Territory.

“Mineral exploration and environmentally sustainable development are an integral part of our economy, but investment in the NWT has been declining in recent years,” NWT Minister of Industry, Tourism and Investment David Ramsay said in a recent press release. “The Mining Incentive Program is an important step towards attracting new investment and encouraging grass-roots mining exploration, which is essential for ensuring the long-term growth of the mining industry.”

The program has a budget of $400,000 and has grants between $50,000 and $80,000 for a total of six exploration companies and two prospectors. The companies include TerraX Minerals and North Arrow Minerals, among others. CJ