Premier Christy Clark announced on January 27 that British Columbia's mineral exploration tax credit would be extended for 2014.
Clark made the announcement during her opening speech at the annual Mineral Exploration Roundup conference organized by Association for Mineral Exploration British Columbia (AME BC).
"B.C.'s mineral exploration and mining industry is a great comeback story," said Clark, in a statement. "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."
The mineral exploration tax credit – also known as the flow-through share tax credit – offers investors certain tax deductions typically available only to mineral exploration companies.
The cost of the tax break for 2014 is forecasted at $10 million.
In an interview with Business in Vancouver, Minister of Energy and Mines Bill Bennett said the extension of the tax credit is only one piece of Victoria's strategy to make B.C. an attractive place for exploration investment.
"Taken on its own it is not enough, but with the province's investment in Geoscience BC and the reduction in wait times for work permits, the package is a good one," said Bennett.
Geoscience BC is a provincially funded agency that gathers and publishes geoscience data for various portions of the province in order to stimulate mineral exploration.
According to a government release, the Ministry of Energy and Mines has reduced wait times for exploration work permits to an average of 55 days, from an average of 110 days in 2011.
Mining has been a focus of the province of late. In early January, Bennett travelled to Ottawa to discuss the benefits of the controversial New Prosperity project and opened the Toronto Stock Exchange with members of AME BC.
Bennett said it is incumbent on the industry and politicians such as himself "to remind people about the importance of mining."
"In addition to hockey, Canada is very good at mining. There is a practical link to our everyday lives – the iPods, laptops and cosmetics we use all come from mining," said Bennett.
@SeanKolenko
