Gold, base metal, and rare earth projects were at the forefront of exploration in the Northwest Territories last year, sparked by record high gold prices and a growing demand for strategic metals. This represents a marked change from the usual dominance of diamonds as the main commodity being sought. Even as global markets recovered from the economic downturn, challenges remained for companies raising funds to explore in the Northwest Territories. Many grassroots and early stage exploration projects for all types of commodities were deferred. In contrast, companies with advanced exploration projects, including some preparing for development, were able to raise the capital required to move their projects forward. Natural Resources Canada statistics show expenditures for exploration, deposit appraisals, and mine construction of 98.8 million dollars by December, a great improvement (more than 200%) over the previous year.
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