B.C. government mine inspectors at work. Major changes to industry regulation are in the works. (Black Press files)

B.C. extends mining tax credits to attract investment

Premier John Horgan says more to come from task force to strengthen struggling industry

The B.C. government is making two mining tax credits permanent, to attract investment to the industry, Premier John Horgan says.

Horgan made the announcement Monday at the Association of Mineral Exploration’s roundup 2019 in Vancouver. It is “something the previous government would not do,” and is part of the NDP government’s mining jobs task force to strengthen the industry, Horgan said.

“We are pleased that the provincial government is living up to their commitment to support the mineral exploration and mining industry and its future in this province,” said Edie Thome, CEO of the AME. “This is a major step to building a sustainable and strong mining industry – one that all British Columbians can be proud of.”

The industry is struggling with low metal prices, particularly copper. Imperial Metals announced earlier this month that due to declining copper prices, it is suspending operations at the Mount Polley mine east of Williams Lake, affecting about 250 union and non-union employees by the end of May.

The mine intends to carry on with its ongoing environmental monitoring and remediation following the 2014 tailings dam failure that spilled mine waste into the Quesnel Lake watershed. Milling low-grade stockpiles of ore-bearing rock is expected to keep operations going until spring.

The task force’s final report was submitted to the B.C. government in December, and further announcements are expected in the provincial budget in February.

RELATED: Industry groups pan B.C.’s ‘professional reliance’ review

RELATED: B.C.’s Mount Polley mine prepares to suspend operations

“Over the last few years the mining sector has faced sobering challenges, including a tailings dam failure and ongoing water quality issues, said Alan Young director of the Materials Efficiency Research Group. “The mining jobs task force report lays a framework with potential to address many of these challenges and build a more responsible, inclusive and competitive sector that is responsive to industry, Indigenous peoples, government, communities and civil society.

The mining flow-through tax credit is a non-refundable credit for individuals who buy flow-through shares in a B.C. mining company. The mining exploration tax credit is a refundable credit for eligible individuals and corporations conducting grassroots mineral exploration in B.C., worth 20 or 30 per cent of qualified exploration expenditures.


@tomfletcherbc
tfletcher@blackpress.ca

Like us on Facebook and follow us on Twitter.

BC legislaturemining

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Chilliwack Business Excellence Awards return in 2021 with six new categories

Using a virtual format, the awards will celebrate innovation and inspiration in a pandemic

Chilliwack BC Liberal candidate hopeful jumps to the BC Conservatives

Days after Janzen said she had ‘rug yanked’ from under her by BC Liberals she finds a new home

Chilliwack RCMP still seeking second suspect in Charles Avenue truck fire

Jordan Cole Burt was taken into RCMP custody while wanted on an outstanding warrant

Chilliwack’s Gary Robbins maps out epic trail across eight mountains

Robbins spent nearly 40 hours covering 110 miles and over 10,000 metres of elevation gain

Driver in fatal crash near Hope pleads guilty in death of female passenger

Anthony Cortez scheduled to be sentenced for death following crime spree in 2017

BC Liberal Leader talks drug addiction in the Lower Mainland

Drug addiction and public safety a top priority says Andrew Wilkinson

Pandemic derails CP Holiday Train

Canadian Pacific will work to get donations to food banks while also producing an online music concert

Vanderhoof’s Brian Frenkel takes on top job in tough times

We can get through this, new local government leader says

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Mounties cleared by watchdog in fatal shooting of man with schizophrenia in Maple Ridge

Kyaw Din was killed by the RCMP during a mental health incident in August 2019

Local councils important, Horgan says as municipal conference ends

B.C. NDP leader says ‘speed dating’ vital, online or in person

Penticton woman sentenced to one year in prison for manslaughter of teen boyfriend

Kiera Bourque, 24, was sentenced for manslaughter in the 2017 death of Penticton’s Devon Blackmore

Most Read