Thank you, Madam Speaker. Since I have become Minister responsible for Energy, Mines and Petroleum Resources, I have become much more impressed with the potential of our non-renewable resources, particularly minerals, to our economic future. I've also become very concerned about how poorly positioned we are as a government to take advantage of these resources for the long term benefit of our residents. This government has no ability to legislate in respect to oil and gas and minerals, or to obtain revenues from their development.
Mineral exploration activity in the NWT is booming, not just for diamonds but also for gold and base metals. Over the next ten years, we will probably see at least six new mines open in the NWT, bringing thousands of new jobs and billions of dollars worth of new investments. The mineral industry is here for the long term. It provides us with one of the best opportunities we have to increase our economic self-reliance. But we cannot realize this potential under the current arrangements.
Without the legislative tools to manage these industries and without access to resource revenues, this government will continue to have minimal control over non-renewable resource development, and will realize no fiscal benefits from mining and oil and gas activity.
Madam Speaker, this is why I intend to pursue devolution of responsibilities for oil and gas and minerals from the Government of Canada as a matter of my highest priority.
As long as we receive a reasonable share of revenues, a reasonable transfer of financial resources to operate the programs, and a clean transfer of legislative powers then we should be in a position to proceed with a devolution agreement for oil and gas and minerals which leaves us much better off than we are today.
Madam Speaker, in the coming weeks I intend to meet with aboriginal organizations and federal Ministers to move this initiative forward and I intend to keep the Assembly informed of any and all developments. Thank you.
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