Mining Weekly

TORONTO (miningweekly.com) – British Columbia Premier Christy Clark this week announced that the provincial government would extend its $10-million mining flow-through share tax credit programme for 2014 to support mining exploration investment.

"British Columbia’s mineral exploration and mining industry is a great comeback story. It's a vital part of our strong economy, supporting good-paying, secure jobs in communities across the province – and the best is yet to come,” she said on Monday.

The programme, which was expected to total $10-million this year, helps junior exploration companies attract investment and continue to make important resource discoveries in the province. It provides an incentive that could be used to raise additional revenue for mineral exploration and development.

"Resource development is the backbone of our way of life in British Columbia. We're extending the tax credit because junior exploration companies are on the front lines. It's their discoveries that expand the mining sector and the province's economy by finding new opportunities which create jobs not just in our rural communities, but in the downtowns of urban centres like Vancouver as well,” the provincial Energy and Mines Minister, and Minister Responsible for Core Review Bill Bennett said.

The preliminary regional estimates for exploration expenditures in 2013 totalled $476-million, which was the second highest on record. Over the past decade, about $3.5-billion was spent on mineral exploration throughout the province. Further, about 30 000 people were employed in the mineral exploration, mining, and related sectors, in more than 50 communities across the province.

"[Monday’s] announcement demonstrates that the provincial government is committed to encouraging investment in mineral exploration. By extending this tax incentive into the future, the provincial government will ensure our world-class industry continues to be globally competitive and attractive to investors,” the Association for Mineral Exploration British Columbia president and CEO Gavin Dirom said.

PERMIT STREAMLINING

Premier Clark also announced that, owing to recent streamlining and regulatory initiatives, the provincial government had exceeded its BC Jobs Plan goal for permitting turnaround times.

‘Notices of Work’ permit applications were now processed in 55 days on average, a substantial reduction from an average of 110 days in 2011.

Since the BC Jobs Plan was announced in 2011, two new mines – creating more than 800 jobs – had started production. Five more mines had been permitted or were under construction, including Imperial Metals Corp’s Red Chris and Anglo American’s Roman mines, which were expected to open this year, adding another 675 jobs.

Further, seven mines had received permits for major expansions to extend their operating lives, adding about 300 jobs.

Today British Columbia has 19 operating mines (nine coal and ten metal). In 2001, there were 15 operating mines (seven coal and eight metal). The province also had about 20 major mines and expansions moving through the environmental assessment and permitting process.

Clark had also proclaimed January 26 to February 1, a ‘mineral exploration week’.