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Economy of nunavut

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Economy
Mining and exploration
Advancing mining projects
NameCompanyIn the region ofMaterial
Meliadine GoldAgnico-EagleRankin InletGold
Back River ProjectSabina Gold & Silver Corp.Bathurst InletGold
Izok Corridor ProjectMMG Resources Inc.KugluktukGold, Copper, Silver, Zinc
Hackett RiverGlencoreKugluktukCopper, Lead, Silver, Zinc
ChidliakPeregrine Diamonds Ltd.Iqaluit / PangnirtungDiamonds
Committee Bay, Three Bluffs Gold ProjectAuryn Resources IncNaujaatGold
KiggavikAreva ResourcesBaker LakeUranium
Hope Bay Doris North MineTMAC Resources IncCambridge BayGold
Roche BayAdvanced ExplorationHall BeachIron Ore
Ulu and LupinElgin Mining Ltd.Contwoyto Lake - connected to Yellowknife with an ice roadGold
Storm Copper PropertyAston Bay HoldingsTaloyoakCopper
Historic mines
  • Lupin Mine 1982–2005, gold, current owner Elgin Mining Ltd located near the Northwest Territories boundary near Contwoyto Lake)
  • Polaris Mine 1982–2002, lead and zinc (located on Little Cornwallis Island, not far from Resolute)
  • Nanisivik Mine 1976–2002, lead and zinc, prior owner Breakwater Resources Ltd (near Arctic Bay) at Nanisivik
  • Rankin Nickel Mine 1957–1962, nickel, copper and platinum group metals
  • Jericho Diamond Mine 2006–2008, diamond (located 400 km, 250 mi, northeast of Yellowknife) 2012 produced diamonds from existing stockpile. No new mining; closed.
  • Doris North Gold Mine Newmont Mining approx 3 km (2 mi) underground drifting/mining, none milled or processed. Newmont closed the mine and sold it to TMAC Resources in 2013. TMAC is now advancing this project.
The economy of Nunavut is Inuit and Territorial Government, mining, oil gas mineral exploration, arts crafts, hunting, fishing, whaling, tourism, transportation, education - Nunavut Arctic College, housing, military and research – new Canadian High Arctic Research Station CHARS in planning for Cambridge Bay and high north Alert Bay Station. Iqaluit hosts the annual Nunavut Mining Symposium every April, this is a tradeshow that showcases many economic activities on going in Nunavut.
There are currently two major mines in operation in Nunavut. Agnico-Eagle Mines Ltd – Meadowbank Division. Meadowbank is an open pit gold mine with an estimated mine life 2010–2018 and employs 678 persons. Cost to produce an ounce of gold is $913.00 The north holds vast reserves of coal, oil, and gas and, increasingly, these areas are being looked at to move into production.
The other mine in production is the Mary River Iron Ore mine operated by Baffinland Iron Mines. It is located close to Pond Inlet on North Baffin Island. They produce a high grade direct ship iron ore.

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