The Grays Bay Port and Road project in Nunavut promises to unlock the region’s mining potential, but questions remain about how much of the revenue those projects generate will stay in Nunavut.
The West Kitikmeot Resources Corp., the proponent of the project, says there’s a trove of rich deposits at the High Lake, Izok Lake and Hackett River areas.
They’re not far from the proposed port and road project – one part of the Arctic economic and security corridor which features a 230-kilometre all-season road towards the N.W.T. border, a new deepwater port on the Northwest Passage, and a roughly 1.8 kilometre-long airstrip.
But the two companies that own mineral assets at those three sites are based overseas.
Geoff McCarney, executive director of the University of Ottawa’s Smart Prosperity Institute, believes Canada’s development and extraction business is increasingly being dominated by foreign investors, which hasn’t always been a bad thing.
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