The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
The Association for Mineral Exploration British Columbia March 23 said it welcomes incentives in Canada's 2016 budget that assist mineral explorers and developers in British Columbia, which includes an extension of the Mineral Exploration Tax Credit through March 2017.
For British Columbia, this 15 percent federal tax credit for investors is harmonized with the provincial Mining Flow-Through Tax Credit to further encourage private investment in mineral exploration in the province, resulting in a combined investment tax credit for an individual B.C. resident of roughly 32 percent.
"Given the protracted downturn and challenges to raising venture capital, the METC is an especially important incentive to attract investors to participate in the financing of mineral exploration activities.
Its renewal will encourage more grassroots exploration work, which is critical to the search for new deposits and the development of new mines in the province," said AME BC Chair Diane Nicolson.
The mining association also supports the federal government's intent to proceed with changes that would qualify certain mineral exploration costs associated with environmental studies and community consultations as Canadian Exploration Expenses.
"Engagement with project stakeholders and environmental planning and management are key components of mineral exploration and development programs, so expenses related to these important activities should be considered CEE-eligible," said AME BC President and CEO Gavin Dirom.
"We will continue to work with the federal government and other industry associations across Canada to complete these changes, which will assist our members' efforts to obtain mineral exploration permits and advance their projects." Additionally, the federal budget has designated C$87.2 million for Natural Resources Canada initiatives that support research in forestry, mining and minerals, earth sciences and mapping, and innovation in energy technology.
"The federal government's commitment to earth sciences and mapping as well as minerals-related research will further boost Canada's leadership and reputation for innovation and help attract more investment into mineral exploration and development," added Dirom.
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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