Yellowknife’s Graeme Clinton, owner of Impact Economics, a research firm, says he’s written hundreds of papers. But this was the first time he’s had to speak up to the city about one.
“I don’t think I would be here if I felt that this is a subject that people are discussing. If it was a point of concern for enough people, in particular leadership,” he said during a special council meeting at city hall on Monday.
Clinton’s report deals with the potential impact of mines closing. In his report, titled “Eyes Wide Open,” it highlights that the NWTs diamond mines are all well past their half-lives.
Diavik is set to close in early 2026. Ekati and Gahcho Kué mines will also close and potentially within a few years of one another between 2028 and 2030. Oil production in Norman Wells will also end in 2026.
“I literally can’t sleep at night thinking of this stuff,” said Clinton, “but I’m here to start a conversation and hope that everybody in the room does as well.”
Clinton added the recent territorial election gave him some anxiety, considering what little attention the economy received.
More than 1,500 jobs overall could be lost and about 1,100 residents could leave the territory, according to Clinton’s findings. He warned city council of the potential $100 million that could be taken out of the economy in consumer spending should those people leave for good.
Clinton’s work also notes that minerals, oil, and gas make up more than half of the territory’s total exports.
“When these products are no longer available for sale, the territory will lose an important source of income that finds its way through the economy affecting businesses, labour, and government revenues,” reads the report.
Clinton said the city needed to to invest more in the quality and quantity of their labour, as well as investing in infastrucutre.
“We failed to do it, and that’s why we find ourselves here today,” he said.
Coun. Steve Payne said watching Clinton’s presentation was like watching the movie Don’t Look Up. It stars Leonardo DiCaprio, who plays an astronomer trying to warn the world of an approaching meteor that will destory civilization.
“Graeme, you’re the Leo of this movie,” said Payne. “I appreciate what you just brought to us.”
Yellowknife’s future probably won’t end like DiCaprio’s in his film, but it is still uncertain. For Clinton, one thing’s for sure: there’s no turning back.
“We can’t go back 15 or 20 years and have a do-over.”
He emphasized that Yellowknife determines the state of the overall NWT economy. It’s something more people need to understand band together for.
Clinton might have his concerns, but he said he’s no governement critic — a job that would be too easy, he added.
“We are more more keen on arguing amongst ourselves over what the future is.”