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What is the basis of the Northwest Territories' economy?

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Agriculture in the Northwest Territories is virtually impossible except for limited cultivation south of the Mackenzie River region. Trapping, the region's oldest industry, ranks second after mining. A thriving commercial fishing industry, based on whitefish and lake trout, is centered on the village of Hay River, on Great Slave Lake. Minerals are now the Territories' most valuable natural resource. Oil is pumped and refined at Tulita (formerly Fort Norman) and Norman Wells on the Mackenzie River; copper is extracted on the Coppermine River; and diamonds and gold are being produced in increasing quantities. The region also has tungsten, silver, cadmium, and nickel. Important hydroelectric developments are on the Talston and Snare rivers.

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