Govt extending support for mineral exploration in Canada

eAwazLocal News

Ottawa – Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced that the federal government will extend the 15-per-cent Mineral Exploration Tax Credit for investors in flow-through shares for an additional year, until March 31, 2025.

The Mineral Exploration Tax Credit, which was scheduled to expire on March 31, 2024, provides important support to junior mineral exploration companies working to unlock Canada’s tremendous mineral wealth, creating jobs, and growing the economy. This extension is expected to provide $65 million to support mineral exploration investment.

Canada’s abundant minerals and metals are a key driver of our economy. Canada has the talented workers, infrastructure, innovation, and environmental stewardship necessary to sustainably develop our natural resources, creating good-paying jobs that grow the economy. By investing in the exploration and mining sector, the government’s economic plan is enabling sustainable natural resource development, creating good jobs, growing the economy, and advancing Indigenous economic participation.

From building more homes, faster, stabilizing prices and helping Canadians keep more of their money, to ensuring Canada’s businesses have the support they need to grow, the government’s economic plan is focused on creating more jobs and building an economy that works for everyone.

“Canada has an abundance of the minerals needed to build our net-zero economy. Supporting exploration efforts to find mineral deposits is a key part of creating the next generation of good-paying mining jobs across the country, including in northern and remote communities. Our economic plan is investing in good opportunities for workers and the supports businesses need to grow, to build an economy that works for everyone.” – Chrystia Freeland, Deputy Prime Minister and Minister of Finance

“Canada is a mining nation, and the responsible and sustainable management of our mineral resources has provided good jobs and wealth creation for generations of Canadians. Today’s announcement shows Canada’s commitment to continue to support this key sector while building out mineral value chains, especially for critical minerals. Critical minerals are not just the building blocks of clean technology like solar panels and electric vehicle batteries—they are a key ingredient for creating significant and sustainable economic opportunities for Canadian workers and Canadian businesses.” – Jonathan Wilkinson, Minister of Energy and Natural Resources