VANCOUVER — The Northwest Territories, which has led Canada in diamond and tungsten production, became a single commodity producer in late 2015 after North American Tungsten (CVE: NTC) closed its Cantung Mine, 300 km from Watson Lake, YT, due to plummeting tungsten prices.
Shortly thereafter, De Beers put on care and maintenance Snap Lake, Canada’s only underground diamond mine, 220 km northeast of Yellowknife, as its parent company Anglo American (US-OTC: NGLOY) said it would sell or shelve its unprofitable assets to curb costs.
Pamela Strand, director of Mineral Resources for the Government of the Northwest Territories, says that while companies worldwide face growing economic pressures, there’s still good momentum for some projects in the territory.
“We have a wealth of natural resources that can be developed,” she tells The Northern Miner during a phone interview. “We recognize that companies are under pressure, but we have a number of things within our power to move those projects forward.”
Read the complete article at NorthernMiner.com/news/optimism-northwest-territories