PDAC 2015: Canada to Renew Mineral Exploration Tax Credit Program

Press Release: The PDAC 2015 Convention started with a flurry of announcements that support Canada’s mineral exploration and mining industry.

Federal Minister of Finance, the Honourable Joe Oliver, announced Sunday evening the government’s intention to renew the Mineral Exploration Tax Credit (METC), an invaluable financial instrument that helps Canadian junior mining companies raise capital for projects in Canada. Oliver also announced a proposed change to the government’s treatment of the Canadian Exploration Expense (CEE) program to include certain environmental and Aboriginal consultation expenses incurred prior to obtaining a license or permit as a Canadian Exploration Expense.  

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“The METC is a financial catalyst for investment in Canadian companies and helps them to remain competitive in the international marketplace,” says PDAC President Rod Thomas. “We welcome the government’s decision to renew this vitally important program. The Government of Canada is an important partner in creating conditions that allow Canada’s mineral industry to flourish and we look forward to continuing to work together to improve policies and programs that support the industry, including the METC.”

Earlier in the day the Honourable Greg Rickford, Federal Minister of Natural Resources and Minister for the Federal Economic Development Initiative for Northern Ontario, stood together with Ontario Minister of Northern Development and Mines, the Honourable Michael Gravelle, to announce a joint study of an all-weather transportation corridor in the region. “We know there is tremendous mineral potential in Northern Ontario and this is a very positive step,” says PDAC Executive Director Andrew Cheatle “that can help advance community access, mineral exploration and development in the Ring of Fire region.”

In addition, the Honourable Ed Fast, Minister of International Trade, announced the appointment of Jeffrey Davidson as Canada’s Corporate Social Responsibility (CSR) Counsellor for the extractive sector.

“We are very supportive of the government’s selection of Mr. Davidson,” says Rod Thomas, PDAC President. “Having worked in industry, non-profit and academic settings, Jeffrey Davidson is well-known as a capable and highly regarded individual. We look forward to working with him and the Office of the CSR Counsellor in its new, re-focused role.”