Thank you, Mr. Speaker. As my colleague, Mr. Whitford, said in his Member's statement yesterday, this is Mining Week here in the Northwest Territories. Mining has played a very important part in the economy of the Northwest Territories for many years, and it has been a key part of Yellowknife. In my constituency, Giant Mine has provided employment and business opportunities for decades. It has been a very important part of the community.
My understanding is that last year, mining provided some 75 per cent of the goods produced in the Northwest Territories, and actually provided 25 per cent of the GDP of the Northwest Territories. So it's a very, very important component of our economy. As the federal cutbacks become more and more of a factor, I think we're going to have to look at the potential that we have. To me, mining is going to provide some of the greatest potential here in the Northwest Territories.
Members are aware that there has been concern by governments right across the country that the mining industry has been leaving Canada. For many reasons, the mining industry has not found Canada to be very supportive of mining, even though, in many ways, the Canadian economy and the very high quality of life that we've enjoyed in Canada has been an important part on mining. But the other governments in Canada are coming around. There are major endeavours now to support mining. In fact, the big find in Newfoundland in Voisey Bay with Diamond Fields Company, could turn around the economy of Newfoundland. It could go from being a very, very poor province with a tremendously high number of unemployed people, to being a self-sufficient province. I think that's a lesson for us, because if we, especially here in the west, don't take advantage of that mining opportunity, and as the federal government cuts back, we're going to have serious economic problems. So I look to the future with a lot of optimism because of the potential in mining.
This weekend, the Chamber of Mines has many events. The mine rescue competition will be at the Yellowknife arena over the next couple of days.
Mr. Speaker, I seek unanimous consent to conclude my statement.