Thank you, Mr. Speaker. Because I didn't talk enough already, here is my presentation here.
The 19th Legislative Assembly has identified increasing resource exploration and development for the benefit of the people of the Northwest Territories, as a priority for this government. In January, I attended the Association for Mineral Exploration Roundup in Vancouver with Premier Cochrane, Minister Thompson, and staff from the departments of Infrastructure, Industry, Tourism and Investment, Environment and Natural Resources, Executive and Indigenous Affairs, and Lands in an effort to advance the interests of the NWT and work towards attaining this goal. We often talk about the benefits mines bring to a territory. Our mines are huge operations requiring numerous products and services and large, diverse workforces. This means economic opportunities and benefits that begin to flow to NWT residents, long before mines even open, in exploration activity and geoscience research spurred by the search for precious stones and minerals.
This is the focus of Roundup. It is one of Canada's largest mining conferences that draws delegates from around the world, including Government of the Northwest Territories staff representing a number of departments and representatives from Northwest Territories Indigenous governments and development corporations. It is an event that I first attended as an engineering student at the University of British Columbia, and it was then and continues to be today an important opportunity to promote our resource potential and strong partnership model to those who want to work with us to sustain and enhance our economy.
Mr. Speaker, exploration spending in our territory is projected to have decreased again last year to around $78 million. In past years, it has been as high as $150 to $200 million. It is a critical investment that is missing in our economy. This is something that we have already said needs to be a priority for our government. It is money that is spent on helicopters, equipment, camps, and supplies. If exploration companies need it, they buy it, and Northwest Territories companies are the benefactors. Just like the mines that they precede, exploration crews and logistics companies also hire locally, not just geologists and geophysicists, but expediters, line cutters, stakers, cooks, technicians, camp attendants, ramp hands, cleaners, and labourers.
Mr. Speaker, our government's approach for this year's Roundup was to highlight the enormous potential that exists for those willing to be a part of responsible development in our territory and to demonstrate, in tangible terms, the partnerships that we believe will realize new exploration opportunities. We set the stage for our attendance this year by introducing an updated bedrock geology map and database for the mineral-rich Slave Geological Province, which is well known for its excellent mineral potential and the long, prosperous history of mining.
On the Sunday preceding Roundup, Premier Cochrane helped to launch an exciting new partnership for our North. Backed by the Government of Canada and supported by Canada's three territorial governments, the Invest Canada North initiative will see a robust presence from northern Canada at the Prospectors and Developers Association of Canada Convention, taking place in Toronto next week, that will focus exclusively on promoting investment opportunities in Canada's North to national and international audiences.
As the business of Roundup got under way, two important media events showcased our territory's innovation and leadership in partnered, Indigenous-led resource development. I want to recognize the leadership of the Yellowknives Dene First Nation, Det'on Cho Corporation, and Cheetah Resources. Their agreement to begin Canada's first rare earth mining project, with the first Indigenous-led mine site, could be a game-changer, not just for our territory, but for our country. I also want to congratulate the Gwich'in Tribal Council and Inuvialuit Regional Corporation again for the release of their regional mineral development strategies. These strategies will serve both as roadmaps for mineral explorers and action plans for Indigenous governments as they seek to attract investment on their terms.
There were also a number of formal meetings and informal networking events during Roundup where the Premier, Minister Thompson, and I spoke to the priority that our government will be giving to revitalizing exploration and development in our territory. We highlighted our continuing work to implement new mineral legislation, updated industry representatives on transformative infrastructure projects that are taking shape, and listened proactively to concerns that were raised by our partners. At every step, Mr. Speaker, we were able to point to economic reconciliation in action. Our ongoing work with Indigenous governments was alongside of us, clearly communicated as part of and in step with our own government's presence.
Mr. Speaker, it was a powerful message, and it served to solidify the purpose of coming out in force to events like Roundup. We need to take tangible steps to improve the investment landscape in our territory. It is going to take more than just one Minister, one department, or one government.
The annual Roundup conference remains an excellent opportunity to build relationships and seek out new partnerships which will build and benefit our territory. I am pleased with the work of the Government of the Northwest Territories at this year's event and confident that, in addition to highlighting our political support for this sector, we were also able to demonstrate that the 19th Legislative Assembly is committed to reaching goals and making decisions in a more transparent and collaborative manner. I look forward to our government building on these successes at the Prospectors and Developers Association of Canada Convention and through the Invest Canada North initiative that begins this Sunday in Toronto, and will be happy to update the House and the public of those successes in the near future. Thank you, Mr. Speaker.