"IQALUIT, Nunavut - Canada on Thursday formally gave the giant Arctic territory of Nunavut control over its reserves of gold, diamonds, iron, cobalt and rare earth metals, a move that could boost exploration and development.

Prime Minister Justin Trudeau signed a devolution agreement in the Nunavut capital Iqaluit with Premier P.J. Akeeagok, granting the territory the right to collect royalties that would otherwise go to the federal government.

Nunavut, a region of growing strategic importance as climate change makes shipping lanes and resources more accessible, covers 810,000 square miles (2.1 million square km) but has a population of only 40,000. An almost complete lack of infrastructure means operating costs are exorbitant.

"We can now bring decision-making about our land and waters home. It means that we, the people most invested in our homeland, will be the ones managing our natural resources," Akeeagok said in a statement."

Natalie Maerzluft reports for Reuters January 20, 2024. [2]