Nunavut's landmass, including the internal waters and offshore lands as legislated by the "Nunavut Act," occupies roughly a quarter of Canada's land mass. With such a large amount of land and unexplored territory, there is a strong promise of abundant resources yet to be discovered. At present, at least half of Nunavut is unmapped at a detailed scale and geologically, is poorly understood.

However, both the Government of Canada and Government of Nunavut are investing in geological mapping. This process allows Nunavut to compete with other jurisdictions, both within Canada and globally, for investment money. The Government of Nunavut remains strongly committed to public geoscience as a means of encouraging new exploration opportunities. It works through the Canada-Nunavut Geoscience Office to deliver and carry out geoscience research in the territory.

Nunavut is geologically diverse and the resources are as varied and significant as the vastness of the land. Exploration efforts for all commodities are currently underway, including gold, zinc, copper, iron, uranium, diamonds and coal. Nunavut has one settled land claim in which Inuit beneficiaries are the major recipients of any resource development. Although streamlining of the regulatory processes is on-going, the processes are well-defined.

The GN developed "Parnautit: The Nunavut Mineral Exploration and Mining Strategy" in 2007.

The goal of Parnautit is: "To create the conditions for a strong and sustainable minerals industry that contributes to a high and sustainable quality of life for all Nunavummiut".

In 2014, after the election of a new premier and government, "Sivumut Abluqta: Stepping Forward Together 2014-2018" was released.

Education and training, healthy families and strong communities, economic growth through responsible development, and good government through wise use of Nunavut's resources are all priorities for our territory and its government.

I believe that as we work together and build on our successes, we can move forward as a stronger Nunavut.

Nunavut has one operating mine, the Meadowbank gold mine near Baker Lake in central Nunavut. One project is at the development stage, four projects are at the environmental assessment stage and active exploration continues across Nunavut. These projects are:

Mary River high-grade iron ore project of northern Baffin Island. This project is at the development and construction stage and could be operational by 2016;

Kiggavik uranium project in the Thelon Basin in central Nunavut;

Meliadine gold project in central Nunavut;

Back River gold project in western Nunavut;

Hope Bay gold project in western Nunavut; and,

Chidliak advanced diamond exploration project.

All of these projects are returning encouraging results.

Nunavut's exploration and mining opportunities have consistently attracted the attention of major global producers.

Natural Resources Canada determined that $313 million was spent on mineral exploration activities in Nunavut in 2013, and further estimates that $166 million will be spent in 2014.

While exploration efforts in Nunavut have experienced a decline, this actually reflects a global trend.

A major factor in this trend is the reduction of mineral exploration programs undertaken by junior mining sector companies.

Still, the amount of exploration in Nunavut is robust and the future is promising.

The next decade is widely expected to bring the territory more benefits through increased mineral production and economic growth in the mining sector.

Additionally, there is major potential for petroleum prospects within Nunavut. Our land contains significant sedimentary basins, both onshore and offshore, with similar geology to the oil-producing basins in the rest of Canada and other areas of the world. It is speculated that up to 10 oil-potential sedimentary structures exist between Greenland, Baffin Island and Labrador. The possibility of petroleum exploration and development within the next decade is real.

With its vast amount of resources, Nunavut will continue to be one of the leaders in mineral exploration and mining expenditures. The future of the territory's resource development industry is as bright as the midnight sun.

The Hon. George Kuksuk is minister of Economic Development and Transportation for the Government of Nunavut.