The Prospectors & Developers Association of Canada (PDAC) applauds the Government of Canada for taking steps to support Canada’s mineral exploration and development sector, as announced in Economic Action Plan 2015.
“The initiatives included in Budget 2015 will support investment, employment and research in Canada’s mineral exploration industry, in addition to helping the industry remain competitive and a leader on the world stage,” says PDAC president Rodney Thomas.
As announced on March 1 at the PDAC 2015 Convention, Canada’s Minister of Finance Joe Oliver included in Economic Action Plan 2015 a commitment to renew the Mineral Exploration Tax Credit (METC) until March 2016, and ensures that the costs associated with environmental studies and community consultations will be eligible for Canadian Exploration Expense (CEE) treatment.
“Renewal of the vitally-important METC and updating eligibility for Canadian Exploration Expenses will support the competitiveness of the Canadian mineral exploration industry,” says PDAC executive director Andrew Cheatle. “PDAC welcomes these investments, particularly at this time when it is increasingly difficult for Canadian junior explorers to obtain financing. We look forward to working together with the government on the accompanying CEE legislation.”
Also included in Economic Action Plan 2015 is an investment of $22 million over five years to renew the Targeted Geoscience Initiative (TGI), a key recommendation of PDAC’s 2015 pre-budget submission. “The PDAC welcomes the Government of Canada’s continued investment in this program,” notes Rodney Thomas. “Investments in public geoscience enhance the competitiveness and efficiency of exploration that discovers mines and contributes to Canada’s attractiveness as a place to invest.”
The government also committed $42 million in funding over five years to expand the footprint and resources of the Canadian Trade Commissioner Service to support Canadian firms working abroad.
“The Canadian mining industry is active in over 100 countries and relies on the support of the Canadian Trade Commissioner Service when doing business,” says Andrew Cheatle. “PDAC supports this continued investment in the Trade Commissioner Service and looks forward to the opportunity to work together with the Trade Commissioner Service on issues faced by the mineral exploration sector abroad.”