"Nunavut Granted Control Over Mineral-Rich Arctic Region in Historic Land Transfer Deal with Canada"
Originally Published 2 years ago — by Reuters
Canada has granted the Arctic territory of Nunavut control over its mineral reserves, including gold, diamonds, iron, cobalt, and rare earth metals, through a devolution agreement signed by Prime Minister Justin Trudeau and Nunavut Premier P.J. Akeeagok. This move aims to boost exploration and development in the region, which is strategically important due to climate change making resources more accessible. However, challenges such as harsh weather, lack of infrastructure, high operating costs, and environmental concerns remain.