BC Government Announces New Funding Plans for Mining

The government of British Columbia announced plans to improve the co-ordination of major mine permits and improve turnaround time for notice of work permits. Premier Christy Clark also committed to extending the province’s new mine allowance to 2020, which allows new mines and major expansions to deduct 133 percent of capital costs.

As quoted in the press release:

The base budget of the ministry will be increased by about $6 million, a portion of which will go towards making current contingency funding permanent. Also, new permit fees for mines in B.C. are expected to raise an additional $3 million per year. The new fees will not be charged to exploration companies.

Premier Clark also announced that government will extend the $10-million mining flow-through share tax credit program to the end of 2015 to support investment in mining exploration. The credit helps junior exploration companies continue to make important resource discoveries by providing an incentive that can be used to raise additional investment revenue.

Premier Christy Clark said:

Up to 10 new mines are expected to proceed in the next few years and this new funding will make sure we are ready to support these projects and ensure the safety of this important industry as it continues to grow. B.C.’s mineral exploration and mining industry is a great comeback story and today we have a significant opportunity to create thousands of jobs by opening new mines and expanding existing ones.

Click here to read the full press release.