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Mining is Nunavut's largest private sector industry, contributing over $2 billion annually to the territory's economy. The territory contains substantial deposits of gold, diamonds, iron ore, uranium, and base metals.
One of the largest gold mines in Nunavut, Meliadine began commercial production in 2019. The mine employs over 1,000 workers with significant Inuit participation.
The Meadowbank Complex includes the original Meadowbank mine and the newer Amaruq satellite deposit. Together they produced 127,774 ounces in Q1 2024 alone.
Mary River is one of the largest and highest-grade iron ore deposits in the world. The open-pit mine ships ore via the Arctic port at Milne Inlet.
Acquired by Agnico Eagle from TMAC Resources in February 2021. The operation is currently on care and maintenance while the company evaluates future development options.
Mining companies operating in Nunavut negotiate Inuit Impact and Benefit Agreements (IIBAs) with regional Inuit associations. These agreements ensure Inuit benefit from resource development through employment, training, business opportunities, and royalties.
IIBAs are a requirement under the Nunavut Agreement and represent significant economic partnerships between Inuit organizations and the mining industry. They typically include provisions for preferential hiring, contracting opportunities for Inuit-owned businesses, and financial compensation.
Mining in the Arctic requires careful environmental management. All major projects undergo rigorous review by the Nunavut Impact Review Board (NIRB), with extensive community consultation and consideration of Inuit Qaujimajatuqangit (traditional knowledge).
Climate change presents both challenges and considerations for Arctic mining, affecting permafrost stability, shipping routes, and water management. Companies must develop comprehensive environmental management plans and post-closure reclamation strategies.