B.C.’s mining sector is applauding the federal budget, which contains continued tax incentives for mining, as well a promise to reduce duplication of environmental reviews.
The federal budget includes a “one project, one review” process for major economic projects, like pipelines and mines. The idea is to have a “clearly defined” time period for project reviews.
Mines and other major projects are often subject to separate provincial and federal environmental reviews. This not only prolongs the approval process, but also adds costs – for both the mining sector and the government.
“Having one jurisdiction, whether it’s federal or provincial, doing the review is something that we welcome,” said Karina Brino, president of the Mining Association of B.C.
Her association also welcomes the federal government’s extension of the temporary 15% mineral exploration tax credit of the mineral exploration by extending the for flow-through share investors for an additional year.
“That is also an incentive to continue to ensure that exploration investments do stay in Canada,” Brino said.
Another policy, not specific to natural resources, but which the mining association welcomes, is increased funding for education and economic development in aboriginal communities – a demographic that natural resource and extraction companies view as an important potential well for labour.
“That’s also very good news,” Brino said. “As far as the mining sector is concerned, we see a tremendous opportunity for increased aboriginal participation in our sector.”
“Today’s budget will help expedite over $140 billion in new investment in Canada's mining sector,” Pierre Gratton, CEO of the Mining Association of Canada, told press.
