The GNWT says it is implementing temporary relief measures to support the territory's diamond mining sector.

These supports are limited to 2025鈥�2026 and are not meant to sustain mining operations or replace corporate financial obligations. According to an April 22 press release, the GNWT will:

• Double the number of local diamond valuations in 2025鈥�2026 and cover the associated costs.
• Temporarily lower the 2025 property tax rate for mines, giving a little more than $11 million in tax relief to the Diavik, Ekati and Gahcho Kue diamond mines.
• Return remaining money from the Large Emitter Fund to the Ekati and Gahcho Kue mines to offset their carbon tax payments. Diavik mine already used some of this fund for solar panels in 2024.
• Keep working with Indigenous governments and development groups to get more federal support for infrastructure and transition projects.

The territory's diamond industry faces several challenges right now, including low global diamond prices, inflation, supply chain issues and new tariffs, the GNWT stated. These factors have led to major financial losses and increased uncertainty in the sector, it added.

Finance Minister Caroline Wawzonek said 2024 saw hefty losses among all three mines, totalling around $300 million dollars. Diavik diamond mine lost the lion鈥檚 share, at $127 million. Ekati lost about  and Gahcho Kue reported an .

These local mines are an asset to much larger parent companies. Wawzonek said, from a commercial perspective, it doesn't make sense to keep any asset running if it鈥檚 not making a profit.

鈥淲e want to make sure that they have whatever easing of pressures we can provide so that they are weathering some economic challenges right now and come back to a place of profitability,鈥� the minister said.

Diamond mines also employ more than 1,000 快盈v3ers and contribute about a fifth to the NWT鈥檚 gross domestic product.

Wawzonek said the GNWT was willing to step in and offer support to each mining company, but only if the territorial government is kept informed and involved in each mine鈥檚 decision-making. So, the parties forged formal agreements ensuring that priority will be given to protecting 快盈v3 jobs, especially if there are any changes to the mines鈥� timelines.

The territorial government stated its new measures respond to economic concerns raised by industry leaders and Indigenous development corporations.

"Without action, there is a clear risk of disruption to 快盈v3 jobs, contracting opportunities and the economic stability of communities that rely on the sector," the GNWT's news release reads.

The temporary property tax reduction applies only to the 2025 tax year. Wawzonek explained that the mineral resource sector was paying the highest mill rate, until now. The $11 million in tax relief will bring that rate down to match the highest residential rate.

鈥淭hey're still paying property taxes. They're just paying significantly less than what they were before,鈥� Wawzonek said.

These supports are only temporary, and long-term solutions will depend on each mine. Diavik, for example, is slated to close in 2026. Wawzonek said the GNWT is focused on the people working there staying employed throughout the closure process.

For the other two mines, looking to keep them steady into 2030, at least, is one objective. Once they hit that mark, there are four different advanced critical minerals projects that are scheduled to be in production, particularly those involving zinc and lithium.

Even longer-term, Wawzonek said one major request from the mineral resource sector has been for transportation corridors. She used the Slave Geological Province Corridor as an example.

鈥淚n this election cycle, all of the major parties, the leaders, are talking about, in particular, connecting our transportation corridor through the Arctic and through Slave Geological Province,鈥� the minister said. 鈥淟ong-term, let's build a corridor there 鈥� one that can actually provide a national level of connection, potentially all the way into Nunavut. That in and of itself would be a significant help for the industry as a whole.鈥�

Wawzonek said she doesn't have an exact timeline yet, but there will be ongoing reporting on what benefits are derived from these temporary GNWT supports to the diamond mines.

鈥淲e want to know how they would account, in their books, and say, look, this is the benefit we saw from your measures financially and this is how we can account for 快盈v3 employment and in 快盈v3 contracting that we've now spent in the next few years,鈥欌�� she said. 鈥淲e do expect that to be an ongoing obligation on their part.鈥�