Mr. Speaker, the Government of the Northwest Territories operates a fur marketing service to trappers in the Northwest Territories under the Genuine Mackenzie Valley Fur Program.
This popular program provides guaranteed advance payment for all good quality fur shipped to auction, a prime fur bonus and grubstake funding for eligible trappers.
Mr. Speaker, I am happy to report that the 2005-06 season was one of the best in 15 years for Northwest Territories trappers.
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Thank you. Proceeds from the sale of furs exceeded $1.4 million. Our harvest of marten pelts alone was worth $1 million.
Additionally, eligible trappers received payments from the Prime Fur Bonus and Grubstake programs worth in excess of $400,000, bringing the total income to trappers last season to $1.8 million.
Mr. Speaker, market reports for the upcoming season are quite promising. Marten, lynx, cross and white fox pelts from the Northwest Territories are in high demand and are expected to maintain or exceed last year's prices for our dedicated trappers.
Far East buyers are driving interest in wild mink and muskrat, so we expect increased prices for both species. Prices paid for beaver and marten have increased dramatically over the last three years and are expected to remain at high levels.
Mr. Speaker, I am also pleased to report that properly handled wolverine and wolf pelts are predicted to once again reach last season's levels, while Northwest Territories and Nunavut seal pelts are in high demand and are also expected to increase in value.
Mr. Speaker, under the Genuine Mackenzie Valley Fur Program, all Northwest Territories trappers are eligible for an advance payment for their furs. The amount of the advance is posted in all communities and is guaranteed under our program.
Strong markets and a demand for quality furs that currently exceeds supply is good news for Northwest Territories trappers. Mr. Speaker, I am pleased to advise all Northwest Territories trappers that our government's advance payments for quality marten and lynx pelts will be increased on November 1, 2006, to better reflect market value and to directly assist trappers with rising operating costs.
Mr. Speaker, the number of youth involved in the trapping industry in the Northwest Territories is growing. This, in my opinion, is the most encouraging trend, and bodes well for our fur sector in the future. This government will continue to provide support to this important sector of our traditional economy. Thank you, Mr. Speaker.
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