Nunavut may be largely snow and ice, but the best things about this northerly territory lie below everyone’s feet.
Exploration of the western part of the territory, particularly near Kugluktuk, is set to begin after having secured funds to build a full-scale mine in the future. Vancouver-based exploration firm Kaizen Discovery has partnered with Japanese investors to set up shop in the Kitikmeot region, which has its share of mining projects.
If successful, this copper-silver mine will satisfy the requirements of Japan’s automotive and electronic industries. In fact, prospectors have already found evidence of copper deposits in the area, marked by blue-green shades among surface rocks. It’s unclear how big the mineral deposits truly are, but it goes without saying that Nunavut’s mining potential is largely untapped.
New Copper Mines Needed
As far as the global copper market is concerned, it will need all the copper the Kugluktuk mine, among others, can extract. According to a report by London-based mining consultancy CRU, there’s a large supply gap that must be met by less than half of all possible and probable mining projects around the world by 2026.
Additionally, long-term forecasts by banks report that the market will enter deficit status as early as 2018, which will be 500 kilotons short of meeting demand. The deficit will force copper prices to rise from slightly below US$3.20 a pound to less than US$4.00 a pound by 2019. This is why exploration projects like the Kugluktuk mine are important right now.
Helping Mines Go Active
Around the world, mining companies are searching for new sources of copper to supplement their existing sources. The current surplus of copper won’t last forever. For new mines to be activated, they’ll need the best equipment the industry has to offer. Among these are quality mine cages from companies like Wabi Iron & Steel Corp.
Be it the frozen tundra of Nunavut or the barren wastelands of Western Australia, high-performance mining equipment can take the worst of Mother Nature. Sturdy mine man cages can fulfill their primary duty of safely transporting men and equipment from the surface down to the mine and back, no matter how deep. The availability and reliability of such equipment will help to determine the mining industry’s future supply of copper.
Canadian-Japanese partners eye promising copper project in western Nunavut, Nunatsiaq Online, April 15, 2015
Less than half of copper projects needed to meet demand, Mining.com, March 31, 2015