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

Okanagan Water Board opens floodgates with call for grant applications

Water Conservation and Quality Improvement program open from Armstrong to Osoyoos

Free public transit in Revelstoke this New Year’s Eve

City council approved the budget to cover the cost

Grizzlies’ goalie name KIJHL star of the week

Noah Desouza had an amazing game on Dec. 6

Snowfall warning issued for Coquihalla Highway

Up to 25 cm of snow is expected to fall in the region by Thursday

Revelstoke schools graffitied

Revelstoke Secondary School and Begbie View Elementary were defaced last weekend

VIDEO: Octopus, bald eagle battle after bird ‘bites off more than it can chew’ in B.C. waters

B.C. crew films fight between the two feisty animals in Quatsino off north Vancouver Island

Raptors fans show Kawhi the love in his return to Toronto

Leonard receives championship ring, leads new club to win

Process to identify those killed in Gabriola plane crash could take days

Canadian flight museum suggests Alex Bahlsen of Mill Bay died in Tuesday’s crash

Disturbing find: Shuswap family seeking Christmas tree locates several animal carcasses

Black bear, a coyote and five deer found dumped in gravel pit west of Salmon Arm

RCMP uncover meth in arrest of Sicamous woman linked to alleged pellet gun shooting

Police say methamphetamine and other drugs found in car driven by suspect

Pawsative Pups: Help your dog love their crate

Lisa Davies is a new columnist for Black Press who writes about dog training

Spark Joy: The art of giving and receiving

Barb and Wendy at Simply Spark Joy help you to create a clutter free home on the Black Press Media

Coldstream surf shop welcomes winter with paddle

Winter Chill event Saturday, Dec. 21, on Kal Lake is ‘food’-raiser for food bank

‘Honest mistake:’ RCMP says B.C. cannabis shop can keep image of infamous Mountie

Sam Steele wearing military, not RCMP uniform in image depicted in Jimmy’s Cannabis window

Most Read