Economy
Agriculture of the Northwest Territories is nearly impossible except for limited cultivation south of the Mackenzie River area. Trapping, stands as the regions oldest industry, which ranks second following mining. Another thriving industry is fishing, based on lake trout and whitefish, is centered on the village of Hay River, on Great Slave Lake. Minerals are currently the Territories' most valuable natural resource. Oil is to be pumped and refined at Tulita (formerly Fort Norman) and Norman Wells on the Mackenzie River. Copper is extracted on the Coppermine River. Diamonds and Gold are currently produced in increasing amounts. The region also includes tungsten, silver, cadmium, and nickel.
Significant hydroelectric developments are on the Talston and Snare rivers.
Read more about this topic: Geography Of The Northwest Territories
Famous quotes containing the word economy:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)