Economy
The NWT's geological resources include gold, diamonds, natural gas and petroleum. BP is the only oil company currently producing oil in the Territory. NWT diamonds are promoted as an alternative to purchasing blood diamonds. Two of the biggest mineral resource companies in the world, BHP Billiton and Rio Tinto mine many of their diamonds from the NWT. In 2010, NWT accounted for 28.5% of Rio Tinto's total diamond production (3.9 million carats, 17% more than in 2009, from the Diavik Diamond Mine) and 100% of BHP's (3.05 million carats from the EKATI mine).
The Northwest Territories has the highest per capita GDP of all provinces or territories in Canada, C$76,000 in 2009.
Read more about this topic: Northwest Territories
Famous quotes containing the word economy:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
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