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:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
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—Alexander Herzen (1812–1870)