Thank you for allowing us to present these few comments on the situation of the mining industry in the Yukon.
The mining industry in the Yukon is experiencing a renaissance in 2009, which is expected to be the first year in a long time in which mining will be the number one private sector industry.
Mining now represents 6% of Yukon's economy, compared to 3% in 2006. Mining will continue to grow in the coming years.
We have only one operating mine, Minto, which exports copper and gold. There are two projects that are building their infrastructure in order to start production in 2010. Two more projects are very advanced and should be making production decisions in the next two years.
Placer mining continues to be a steady contributor to the Yukon economy, as over 100 operations provide employment for 400 to 500 Yukoners. There are a number of world-class deposits of coal, iron ore, precious metals, and base metals in the Yukon that are awaiting the right combination of proper market conditions and infrastructure to be developed.
There is significant employment in mining in first nations communities. The Minto mine, for example, has over 200 employees, and more than 30% of that workforce are first nations people. The Wolverine and Bellekeno mines currrently being developed are also setting very good standards for first nations involvement.
Relatively speaking, mining is more important to Yukon's economic future and self-reliance than fishing is for the Maritimes, the auto sector for Ontario, or oil and gas for Alberta, but at the same time that mining is making a strong contribution to Yukon's future, the industry is facing important challenges. We will focus on two of them today.
Land tenure and regulatory certainty are currently diminished by the land use planning process that is under way. Lack of planning and lack of significant investment in economic infrastructure, mainly for energy, roads, railways, and ports, are also curtailing the potential of Yukon.