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.

Just Posted

Province announces $100-million grant funding for Northwest communities

The Northern Capital and Planning Grant will go to four regional districts and 22 municipalities

Security guard now on patrol at three Terrace banks

Company hired to secure ATM vestibules due to safety concerns

LNG Canada sponsors fast-tracked driver’s license training in Terrace, Kitimat

The $80,000 contribution is part of the company’s commitment to hire locally

Prince Rupert Gas Transmission project searches for partners

TransCanada is renewing permits for its natural gas pipeline project to North Coast.

Coastal GasLink stops work to investigate archaeological find

OGC archaeologists are en route to the Houston-area site where Unist’ot’en report finding stone tools

Trudeau’s principal secretary, Gerald Butts, resigns amid SNC-Lavalin furor

Butts categorically denies the accusation that he or anyone else in the PMO improperly pressured former attorney general Jody Wilson-Raybould

Lost a ring? This B.C. man will find it for you

Chris Turner founded The Ring Finders, an international directory of metal detector hobbyists

Poverty coalition has high hopes for B.C. poverty reduction strategy

Funding allocation expected to be released with 2019 budget

‘How did we get here?’: B.C. mom of transplant recipient worries about measles outbreaks

Addison, 7, cannot get a live vaccine because she has a heart transplant

NDP Leader Jagmeet Singh calls for public inquiry over SNC-Lavalin questions

Vancouver member of Parliament Jody Wilson-Raybould resigned from cabinet last week

Canadian airlines waiting for guidance from Ottawa over X gender option

Major U.S. airlines said they will change their process so passengers can identify themselves along non-binary lines

Moose Hide campaign takes message to Canadian schools

Campaign launches new K-12 education platform

‘Violent’ B.C. man wanted on Canada-wide warrant

Prince George man with ties to Vernon sought by police

Homicide police investigate assault turned deadly in Surrey

60-year-old man died at hospital after assault

Most Read