Minister Rickford Celebrates National Mining Week

OTTAWA, May 11, 2015 /CNW/ - The Honourable Greg Rickford, Canada's Minister of Natural Resources, today issued a statement to mark the 19^th National Mining Week, which takes place May 11 to 17.

"National Mining Week is an opportunity to recognize Canada's international leadership and innovation in the mining sector and to underscore the importance of mining to communities across the country.

"Quite simply, mining matters to Canadians. It is a cornerstone of our economy and provides benefits from coast to coast to coast. The mining and mineral processing industry generates close to $60 billion for Canada's GDP, employs more than 380,000 Canadians, including 10,000 Aboriginal Peoples, and accounts for one-fifth of Canada's merchandise exports.

"Our government is supporting this vital engine of economic growth by keeping taxes low, promoting free trade, eliminating red tape and modernizing regulatory reviews for major projects. In Economic Action Plan 2015, we announced the extension of the Mineral Exploration Tax Credit for another year and expanded the definition of Canadian Exploration Expenses to include costs associated with environmental studies and community consultations. These measures will help companies raise much-needed financing, boost exploration and create jobs.

"This year, the theme of National Mining Week is Innovation in Canada's Mineral Development Model. Our government understands the importance of innovation in today's marketplace. Economic Action Plan 2015 proposes to invest $23 million over five years for the technological innovation needed to separate and develop rare earth elements and chromite, a key mineral and a focus of exploration in the Ring of Fire region. In addition, Economic Action Plan 2015 includes $22 million over five years to renew the Targeted Geoscience Initiative, with a focus on developing new in-depth geoscience knowledge to inform the exploration of deeper mineral deposits.

"Our government's plan for responsible resource development is enhancing Canada's position as a global mining and exploration giant, creating jobs and opportunity for Canadians."

Quick Facts

• Canada is one of the largest mining nations in the world, producing more than 60 minerals and metals.
• Between 2008 and 2012, the mining and select manufacturing sectors — mining and quarrying, primary metal manufacturing and non-metallic mineral product manufacturing — contributed annually, on average, $3.8 billion in corporate taxes and royalties.
• The Government of Canada recently passed the Extractive Sector Transparency Measures Act, marking Canada's contribution to global efforts aimed at enhancing the transparency of the extractive sector and helping to brand Canada as a responsible resource developer.
• In Economic Action Plan 2013, the Government of Canada committed $100 million over seven years to renew the Geo-mapping for Energy and Minerals program to significantly advance and modernize geological knowledge in the North.

Related Products

Backgrounder: Canadian Exploration Expense Treatment of Environmental Studies and Community Consultations
Backgrounder: Mineral Exploration Tax Credit for Flow-Through Share Investors

Associated Links

Mineral Exploration Tax Credit
Responsible Mineral Development

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SOURCE Natural Resources Canada