New support from Economic Action Plan 2015 supports mining jobs and opportunities
TORONTO, May 14, 2015 /CNW/ - The Honourable Greg Rickford, Canada's Minister of Natural Resources and Minister for the Federal Economic Development Initiative for Northern Ontario, today opened the market at Toronto Stock Exchange. Minister Rickford initiated the siren in honour of National Mining Week, an annual celebration of Canada's international leadership and expertise in mining.
Close to 60 percent of the world's publicly traded mining companies are listed on TSX or TSX-Venture Exchange, accounting for over half of the world's equity financing for mining and mineral exploration.
Canada's mining sector is an important contributor to our economy. The mining and mineral processing industry generates about $60 billion for Canada's GDP — more than a $10 billion increase over 2009. Mining employs some 380,000 Canadians, including 10,000 Aboriginal Peoples, and accounts for one-fifth of Canada's merchandise exports.
Last month, the Harper Government announced a number of measures in Economic Action Plan 2015 that build on our already substantial contribution to creating and protecting mining opportunities, including the development of Northern Ontario's Ring of Fire:
- The Mineral Exploration Tax Credit was extended for another year to provide junior mining companies with improved access to the venture capital they need to finance their exploration activities;
- The definition of Canadian Exploration Expenses was expanded to include costs associated with environmental studies and community consultations;
- $23 million over five years was allocated to stimulate the technological innovation needed to separate and develop rare earth elements and chromite;
- The Targeted Geoscience Initiative, a collaborative federal geoscience program that provides industry with the next generation of geoscience knowledge and innovative techniques to better detect buried mineral deposits, was renewed for $22 million over five years; and
- $135 million over five years was allocated to the Major Projects Management Office Initiative to provide management and accountability for major resource projects.
"Our government is creating and protecting jobs and opportunities across Canada. Canada's Economic Action Plan announced last month contributes new and ongoing support for the mining industry including further support for the development of the Ring of Fire."
Canada's Minister of Natural Resources and Minister for the Federal Economic Development Initiative for Northern Ontario
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SOURCE Natural Resources Canada