SOMBA K'E/YELLOWKNIFE - Mike Vaydik recently retired as general manger of the NWT and Nunavut Chamber of Mines.

Vaydik, who held the general manager position since 1996, has steered the chamber through the opening of three diamond mines and the closing of the Con and Giant gold mines in Yellowknife.

Mike Vaydik poses beside a vintage diamond drill behind city hall on May 17. He recently retired as general manager of the NWT and Nunavut Chamber of Mines. - Jeanne Gagnon/NNSL photo

He sat down with Yellowknifer to talk about life as a retiree, his views on the future of mining exploration in the territory and the regulatory regime.

Yellowknifer: How does it feel to be retired?

Mike Vaydik: It feels good. It involves a bit, for the first time in 14 years, sitting back and wondering what you might do, what you might want to do ... I really enjoyed my job, but there was a feeling of freedom that you have some choices to make. I'm almost 64-years-old so it's nice to have that feeling at that time.

Yellowknifer: What are your views on the regulatory regime and its recent changes?

MV: History has shown in us to be right. The same issues are still there, particularly with groups in unsettled land claim areas, which were happy with this legislation (Mackenzie Valley Resource Management Act) being passed before they signed their land claims. We think that's proven out that it's been a big detriment to development to our economy and I think it's put us behind the eight ball as far as the mineral economy goes of the Northwest Territories.

Yellowknifer: Chuck Strahl announced some changes. Do you think those will fix some problems?

MV: We're extremely hopeful that our plea for many years has been heard and this is the first step, really, of moving forward in accordance with Mr. (Neil) McCrank's report of a couple of years ago or whether we start some new ground.

I think we need to, as Northerners, get together, work on details and hopefully come up with a more workable act that we can all live with, that will protect the environment, protect aboriginal rights to land that they've been guaranteed in their claims and also encourage industrial development so that we all have jobs to do and our kids can grow up here and have a happy and useful life.

Yellowknifer: What is the future of mining exploration in the territory?

MV: I think we're going to see a very slow recovery in the Northwest Territories, particularly because people now have come to the understanding, whether it's perception or reality - perception is reality if you're investing - they're not going to put there money here.

As soon as the financial people find out that projects (are located) in the Northwest Territories, they lose interest. I am not making this up. This is happening on a daily basis.

I think we're already behind and we're going to see a significant decline in our economy if we don't make some very radical moves to fix it.

Yellowknifer: Those radical moves to fix it - do you think what's been announced and what's being done right now that will fix it?

MV: That remains to be seen. There is considerable ground to cover.

Yellowknifer: What impact will gold prices have on the local economy?

MV: Rising gold prices are always a double-edged sword. They're an indication of perception of weakness in currency and the economy generally. But if you happen to own a gold property or you're exploring a gold property, it's very good news.

I think there are a number of known gold deposits in the North generally, right across from the Yukon to Nunavut, that will see increased activity in the years to come as long as the gold stays above $1,100 an ounce.

Yellowknifer: What do you like to do in your spare time?

MV: I have a boat that I like to take out on Great Slave Lake. I've got canoes. I've got kayaks. We joke about how short a time we have in the summer here and all the water craft we have around our house. You make the most out of the few months of summer. I've got some home projects to do.

I've started to pay more attention to healthy pursuits The world awaits. It's rather fun not having too many need to-dos and some things that you can just say "let's just do it because it's fun."