Last Updated on juillet 6, 2021
Two new mines are set to open in the next few years and lead to a job boom in the Yukon but the Canadian territory is in dire need of immigrants to bolster its aging workforce, a report released by the Conference Board of Canada reveals.
In that report, ‘New Projects, Bright Prospects: Yukon’s 20-Year Outlook’, the Canadian think-tank notes the westernmost territory in the Canadian North has an aging population, a trend that is expected to continue through to 2040.
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As workers age out and the economy of the territory grows, the Conference Board is forecasting a boom in jobs with too few Yukon-born residents to fill them.
“In addition to the aging population, the fertility rate in Yukon remains below the threshold required to replace the existing population,” notes the report. “Therefore, migration (from the rest of Canada) will likely play an important role in sustaining Yukon’s population in the future.
International Immigration To Provide Most Population Growth
“International migration will provide the bulk of population growth over the forecast period,” states the Conference Board.
A boom in the mining and the construction sectors in the Yukon means the territory will need more immigrants, many of which will likely land those jobs through the Temporary Foreign Worker Program or through Canada’s Express Entry system by applying through the federal Skilled Worker program or the Yukon Provincial Nominee Program.
Preliminary real GDP figures are already showing the Yukon will likely be one of the only two provinces and territories to show real GDP growth for 2020.
This year, Yukon’s GDP is expected to grow by 11.1 per cent with more growth of 4.7 per cent and 5.9 per cent of the territory’s economy next year and into 2023.
“This year marks the first full year of production at Victoria Gold’s Eagle Gold,” notes the Conference Board report. “Elsewhere, production at the Minto mine is set to grow this year and to keep on producing until 2024. Both mines continue to operate despite the pandemic, opting instead to implement in-work safety measures.
“Production at these mines, alongside additional mine openings, will contribute to a 363 per cent increase in mining output between 2021 and 2025.
Keno Hill and Kudz Ze Kayah Mines Mean Boom in Job Growth
At the time the report was being prepared, Alexco Resource Corp’s Keno Hill Project was slated to restart commercial production in the early part of this year with rising levels of production expected over the next few years.
“By 2023, a second mine, BMC Minerals’ Kudz Ze Kayah project, will also be added to Yukon’s mining landscape,” forecasts the Conference Board. “Further ahead, the Casino mine project remains in our forecast with an estimated start of production in 2029. Although hurdles remain, this large operation, if realized, will sustain output in the territory’s mining industry over the subsequent decade.”
The Canadian government wants to welcome more than 1.2 million newcomers between 2021 and 2023. There are to be 401,000 new permanent residents to Canada this year, 411,000 next year, and 421,000 in 2023.