Territorial Outlook 2018: Mining Outlook Brightens

The Conference Board of Canada, April 26, 2018 at 01:00 PM EDT
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What a difference a year makes for Canadian territories. With the outlook for most mineral commodities prices much brighter than it was a year ago, the forecast has improved to the point where we can expect a few new mining projects under way in the territories before the end of the decade. Get the latest outlook for Nunavut, Northwest Territories and Yukon from The Conference Board of Canada in this webinar.

Webinar Highlights

This 60-minute webinar by Marie Christine Bernard, Director, Provincial Forecast, is based on The Conference Board of Canada's unique 15-year economic and fiscal forecasting model for the territories. The forecast brings together output by industry, labour market conditions, and the demographic make-up of each territory through 2030.

  • Yukon—The outlook has brightened, and a low unemployment rate makes the labour market favourable to workers. The Minto mine is expected to remain in operation longer than it had earlier planned, and three mines—the Coffee, Eagle, and Casino projects—are scheduled to come online in future years.
  • Nunavut—The economy will benefit this year from planned mineral production increases at Meadowbank and Mary River and from the opening of TMAC Gold’s Hope Bay mine. Production is expected to begin at Agnico Eagle’s Meliadine mine in 2019 and at the Amaruq satellite deposit in 2020. Mining output will almost triple in the next five years, and economic growth is expected to average close to 10 per cent annually. However, the end of several large infrastructure projects will take its toll on construction sector.
  • Northwest Territories—The NWT is looking at several years of weak growth. Gahcho Kué ramped up to full production last year, but diamond output will wane over the next few years. Gains in the mining sector have to wait until after Canadian Zinc’s Prairie Creek mine opens (scheduled for 2020). Employment will weaken for most of the forecast, and the resulting slack in the Northwest Territories’ labour markets will keep wages from making big gains.
  • About Marie Christine

    Marie-Christine is presently in charge of the medium and long-term provincial forecast and publication as well as the bi-annual territorial forecast and publication. She also works on financed research projects and prepares alternative scenarios to the provincial forecast. Marie-Christine obtained her B.A. and M.A. in economics from l’Université Laval.

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