Mining Incentive Program receives funding for exploration wor

2021-10-04 10:25:02

The Government of the Northwest Territories (GNWT) has partnered with the Canadian Northern Economic Development Agency (CanNor) to provide additional funding support for exploration projects being led by the territory’s mineral resources industry.

CanNor has confirmed new funding of $500,000 to support a second call for Mining Incentive Program (MIP) applications in 2021-22, focusing on winter exploration. This brings the total program budget for the current fiscal year to $1.5 million.

This one-time winter MIP offering will provide a maximum of five awards of $100,000 each that focus on mineral deposit targeting, mineral deposit testing, and innovative research and development projects that support detailed exploration or early-stage mineral production.

The funding will provide a maximum of 60 per cent of eligible project expenses. Successful applicants will be required to fund the remaining 40 per cent (or more) of their proposed project. Eligible expenses must be incurred between September 1st, 2020 and March 31st, 2022. All funded work must be completed by the end of March 2022.

The program launched in 2014 to help increase levels of mineral exploration in the NWT. It is administered by the Northwest Territories Geological Survey (NTGS) and provides funding to prospectors and exploration companies who propose new exploration projects or are already carrying out mineral exploration work in the NWT.

The deadline for applications is October 29, 2021.

Quote(s)

“The NWT is a resource-rich territory and mining is the biggest source of private sector jobs and income for our residents. To help industry bounce back from the setbacks of the COVID-19 pandemic and to restore levels of investment, partnership, and growth in the NWT’s economy, we must try to renew mineral exploration activity in the territory.  With support from our federal partner, CanNor, we are introducing this additional funding to help advance existing projects that will help revive NWT’s resource industry and bring more economic opportunities to residents and communities.  

Caroline Wawzonek, Minister of Finance; Minister of Industry, Tourism and Investment  

Quick facts

  • The Canadian Northern Economic Development Agency (CanNor) provided $500 thousand for the winter intake of the Mining Incentive Program (MIP).
  • The MIP provides funding to prospectors and exploration companies who propose new exploration projects or are already carrying out NWT mineral exploration work. 
  • The Department of Industry, Tourism and Investment (ITI) introduced the MIP in 2014 as a major component of the NWT Mineral Development Strategy.
  • Administered through the Northwest Territories Geological Survey (NTGS), the MIP has been oversubscribed since its inception, with the ratio of total funding requested to funding available ranging from 2 to 1 to 3 to 1.
  • For projects that are funded, the MIP typically leverages private sector to public sector investment at a ratio of 3 to 1.

Related links

For media requests, please contact:

Jacqueline McKinnon

Department of Industry, Tourism and Investment

Government of the Northwest Territories

jacqueline_mckinnon@gov.nt.ca

767-9202 x 63039

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