Victoria, B.C., Canada – February 22, 2024
The B.C. Budget 2024 includes support for the mineral exploration industry through additional investments in the province’s critical minerals strategy and efforts to streamline permitting. Budget 2024 delivers $435 million in investment for CleanBC and advancing the clean economy, including laying the foundation for a Critical Minerals Strategy in alignment with the Declaration on the Rights of Indigenous Peoples Act (DRIPA).
Budget 2024 adds $24 million in funding over three years to provide adequate resources for regional and major mines permitting and to support the Mineral Tenure Act modernization process in collaboration with First Nations, industry, local governments and the public.
This additional investment complements the $6 million over three years provided in Budget 2023 that enabled the government to build its first phase of the made-in-BC critical minerals strategy based on geoscience, economic analysis and engagement, and the participation of a Critical Minerals Advisory Committee.
Budget 2024 also includes legislation to establish a First Nations Equity Financing Framework, with a $10 million inaugural balance. This framework will help support immediate capacity needs for those First Nations actively considering equity participation in priority projects, including participation in mineral exploration projects.
Association for Mineral Exploration’s (AME) President and CEO, Keerit Jutla, noted:
“Through Budget 2024, we were pleased to see Minister Conroy reinforce the BC government and Minister Osborne’s recognition at AME Roundup 2024 that critical minerals are important to B.C.’s economy, reconciliation goals, and low carbon future. This support from government is essential for B.C. to maintain its globally competitive destination for investment in mineral exploration and development.
We are appreciative of the province’s investment of $435 million in CleanBC and, in particular, the $24 million to further improve the timeliness of the permitting system in this province. Over the past two years, we have been collaborating with the government to make significant progress on reducing Notice of Work permitting timelines and introduce Indigenous Advisors who engage First Nations directly on proposed mineral exploration projects to reduce delays while advancing reconciliation. We are hopeful this additional funding will help the government meet its target of a 90-day turnaround for Notice of Work Permits and a backlog of no more than 20 permits. Certainty regarding mineral tenure, permitting and environmental assessment is the foundation of confidence in our sector.”
About AME
AME is the lead association for the mineral exploration and development industry based in British Columbia. Established in 1912, AME represents, advocates and promotes the interests of 5,000 members who are engaged in mineral exploration and development in B.C. and globally. AME encourages a safe, economically strong and environmentally responsible industry by providing clear initiatives, policies, events and tools to support its membership in delivering responsible projects that advance reconciliation and provide benefit to all British Columbians.
AME Contact:
Keerit Jutla
President & CEO, Association for Mineral Exploration
778.772.4410