Vancouver, B.C., Canada – The Association for Mineral Exploration (AME) expresses its support for Budget 2018 as tabled by Canada Finance Minister Bill Morneau today in Ottawa.
“Today’s budget provides the fiscal platform necessary for Canada to maintain its position as the top global destination for mineral exploration,” says Ms. Edie Thome, President & CEO of AME. “We welcome the one-year extension of the Mineral Exploration Tax Credit that was announced today by Minister Morneau. We believe that the extension of METC, together with continued investment in scientific innovation, will facilitate mineral exploration throughout Canada, and provide opportunities for community development.”
The 15% Mineral Exploration Tax Credit (METC), extended through March 31, 2019, complements the B.C. Mining Flow-Through Share Tax Credit, which results in a combined investment tax credit for an individual resident of B.C. of approximately 32%. Finance Canada has estimated that the flow-through share system stimulates $3 in exploration spending for every $1 in foregone tax revenue. Such incentives are critical in the globally competitive mineral exploration industry. S&P Global Market Intelligence notes that Canada attracted 13.8% or US$1.10 billion in non-ferrous mineral exploration in 2017, slightly ahead of Australia, which attracted 13.6% or US$1.08 billion.
Budget 2018 also provides continued support for innovation, and the federal government previously announced five supercluster recipients on February 15 including the Digital Technology Supercluster. One function of the B.C.-based supercluster is the Earth Data Store. This initiative will facilitate and improve data collection, sharing and visualization in the resource sector – enhancing how information about resource projects is shared between project proponents, Indigenous Peoples, governments and communities.
“Canada is regarded as a leader in scientific innovation in the resource sector,” notes Dr. ‘Lyn Anglin, Chair of the Board of Directors of AME. “We applaud the federal government’s commitment to research and innovation. We hope to see increased investment in resource-related science and technology, particularly in geoscience and mineral exploration, in support of the discovery of new mineral resources and their responsible development. New technologies for exploration and new mineral discoveries are critical to the future of Canada’s mining sector.”
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 thousands of members who are engaged in mineral exploration and development in B.C. and throughout the world. AME encourages a safe, economically strong and environmentally responsible industry by providing clear initiatives, policies, events and tools to support its membership.
Director, Corporate Affairs, AME