TORONTO (miningweekly.com) – The Canadian government's enhanced support for the mining industry through its Economic Action Plan will help ensure a thriving, dynamic mining sector that will provide jobs and growth for Canadians, Natural Resources Minister and Minister for the Federal Economic Development Initiative for Northern Ontario Greg Rickford told delegates at the Greenstone Mineral Exploration Forum on Tuesday.
In a keynote address at the forum, which was aimed at encouraging mining investment in Ontario’s remote Far North, the Minister highlighted the federal government’s commitment to the mining industry, stressing the need for engagement and partnerships in developing mining projects in and around the Ring of Fire in Northern Ontario.
"Mining is an important engine of economic growth in Northern Ontario and across Canada,” Rickford said.
In 2014, the mining, minerals and metals sector accounted for close to C$63-billion of Canada's gross domestic product. With more than 200 active mines in Canada producing more than 60 minerals and metals, the sector employed nearly 380 000 people, including about 10 000 Aboriginal people.
Rickford outlined measures put in place by the federal government to support the industry, including the Mineral Exploration Tax Credit that was extended for another year to provide junior mining companies with improved access to the financing required for their exploration activities; the expansion of the definition of ‘Canadian exploration expenses’ to include costs associated with environmental studies and community consultations; the allocation of more than C$23-million over five years to stimulate the technological innovation needed to develop rare earth elements and chromite; and the Targeted Geoscience Initiative, a collaborative federal geoscience programme that provided the industry with the next-generation of geoscience knowledge and innovative techniques to better detect buried mineral deposits, and which was renewed for C$22-million over five years.
Rickford further highlighted the importance of collaboration and consultation in the responsible development of the country's natural resources. Canada would continue to work with its partners to ensure that all communities, including Aboriginal communities, had an opportunity to benefit fully from the projects in the Ring of Fire region, he stated.
According to government data, Canada was the world's top destination for nonferrous mineral exploration, attracting 14% of companies' global exploration budgets. Mining and minerals accounted for one-fifth of Canada's merchandise exports.
Between 2008 and 2012, the mining and select manufacturing sectors (mining and quarrying, primary metal manufacturing and nonmetallic mineral product manufacturing) had contributed, on average, C$3.8-billion a year in corporate taxes and royalties.