Photo by: Bloomberg
VANCOUVER (miningweekly.com) – In the wake of crushing declines in commodity prices, the British Columbia government on Monday announced planned support for struggling mining companies to at least keep their doors open.
Speaking at the opening ceremony of the Association for Mineral Exploration British Columbia's Exploration Roundup Conference, being held at the Vancouver Convention Centre, Premier Christy Clark revealed that government was working on a plan to enable struggling mining companies to defer some of their “very considerable” electricity costs until mineral prices had rebounded.
She advised that details of the programme had not yet been finalised, but stressed that it would only be the last resort, noting that it would not be a subsidy that could place taxpayers at risk.
“We’ve got your back,” Clark assured the crowd of mining professionals and executives gathered for the event.
Importantly, Clark also revealed another extension of the provincial government’s refundable 20% mining exploration tax credit on qualified exploration expenses, and up to 30% in regions affected by the mountain pine beetle infestation, as well as a 20% nonrefundable flow-through tax credit on investment in exploration by shareholders.