PDAC Applauds Federal Support for Mineral Exploration

The Prospectors & Developers Association of Canada (PDAC) applauded measures in Canada’s federal budget, announced today, that will support sustainable development of Canada’s mineral resources. The government has renewed the Mineral Exploration Tax Credit (METC) until March 2017, and has earmarked $1 billion over four years to support clean technology development in industries including mining. The government will also put $120 billion dollars over 10 years towards infrastructure investment.
As quoted in the press release:

“Renewal of the METC sends an important signal to investors that the government understands the importance of Canada’s junior mining sector,” says PDAC Executive Director Andrew Cheatle. “The METC helps to fund exploration activities that lead to the discoveries that could become the mines of the future.”
PDAC welcomes the commitment to proceed with measures to ensure that costs associated with environmental studies and community consultations will be considered as Canadian Exploration Expenses; something the PDAC has advocated for since 2013.
The budget also includes $1 billion over four years to support clean technology development in industries including mining, as well as $120 billion dollars over 10 years for infrastructure investment.
“Innovation is central to strengthening the environmental performance of the industry and preparing for a low-carbon economy,” adds Mr. Schafer. “Key investments in infrastructure can unlock the mineral potential of Canada’s northern and remote regions and PDAC looks forward to working together with the government on their innovation and infrastructure development agenda.”
PDAC applauds the Government of Canada’s commitment to invest in Aboriginal communities, particularly in the areas of education and skills development, as well as funding for participation in project reviews. These efforts will help build capacity and support more active, meaningful participation by Aboriginal Peoples in the economic opportunities generated by mineral exploration and development.

Click here for the full press release.