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

Surrey Central SkyTrain Station upgrades completed

It’s the seventh station along Expo Line to see upgrades completed. Construction began in March 2017

Semiahmoo Trail students surpass Coldest Night fundraising goal

Rocco Forte and his team are third-year participants in Saturday’s Coldest Night of the Year walk

North Delta Huskies are ready for the post-season

Despite injuries plaguing them all season, team says the adversity has helped them become stronger

Class resumes at North Delta elementary school after cop, woman stabbed

A Delta man has been charged after allegedly stabbing his wife and an off-duty DPD officer on Feb. 20

Measles case confirmed within Fraser Health region

One case within Fraser Health is related to the outbreak in three Vancouver schools.

National Energy Board approves Trans Mountain pipeline again

Next step includes cabinet voting on the controversial expansion

VIDEO: Giants earn 40th victory in a 4-0 triumph over Victoria

G-Men move within a point of clinching the B.C. division banner at Friday’s at-home game in Langley

Girl heard saying ‘Help my Dad’ in suspicious radio message on Vancouver Island

Police asking for help following mysterious signals from somewhere between Comox and Sayward

Reports of rashes prompt closure of all Harrison Hot Springs pools

Public pool available after Fraser Health shut down all five mineral pools until further notice

Man sentenced to 7 years for smuggling drugs and shooting at border guards in Sumas

Nathan Hall was arrested in Abbotsford in 2013 after day-long manhunt

No treatment for highly infectious measles, says doctor

10 cases of measles confirmed in Vancouver as of Friday

Two more measles cases confirmed in Vancouver

It brings the number of total cases within the city connected to the outbreak to ten

B.C. Special Olympics officially underway in Vernon

Athlete’s Oath: “Let me win. But if I cannot win, let me be brave in the attempt.”

Vancouver Aquarium wants your help to name a baby killer whale

The public helped name Springer’s first calf, Spirit, and is being asked to help with the second

Most Read