B.C. government mine inspectors at work. Major changes to industry regulation are in the works. (Black Press files)

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.

BC legislaturemining

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Nuns of Mother Teresa’s Missionaries of Charity, carry some of her relics during a vigil of prayer in preparation for the canonization of Mother Teresa in the St. John in Latheran Basilica at the Vatican, Friday, Sept. 2, 2016. In which city did she do much of her charitable work? (AP Photo/Gregorio Borgia)
QUIZ: How much do you know about these motherhood issues?

In honour of Mother’s Day, take this 10-question quiz

Younger Princeton residents are now being urged to register for a vaccination notification. (Black Press Media photo)
Princeton lags behind in vaccination rates

Approximately 24 per cent of residents here have received their first dose

Memorials have been set up to honour those who died during the Second World War. (Pixabay.com)
COLUMN: It’s time to stop making comparisons to Hitler

The deadliest, most destructive war in human history should not become a metaphor

A medical worker prepares vials of the COVID-19 vaccines, Chinese Sinopharm, left, Sputnik V, center, and Pfizer at a vaccine centre, in the Usce shopping mall in Belgrade, Serbia, Thursday, May 6, 2021. Serbian authorities are looking for incentives for people to boost vaccination that has slowed down in recent weeks amid widespread anti-vaccination and conspiracy theories in the Balkan nation. The government has also promised a payment of around 25 euros to everyone who gets vaccinated by the end of May. (AP Photo/Darko Vojinovic)
38 new COVID-19 cases, more than 335k vaccines administered in Interior Health

Interior Health also to start targeted vaccinations in high transmission neighbourhoods

A bullet hole is seen in the windshield of an RCMP vehicle approximately 4 km from Vancouver International Airport after a one person was killed during a shooting outside the international departures terminal at the airport, in Richmond, B.C., Sunday, May 9, 2021. THE CANADIAN PRESS/Darryl Dyck
Homicide team IDs man in fatal YVR shooting as police grapple with spate of gang violence

Man, 20, charged in separate fatal shooting Burnaby over the weekend

(Westside Road Community Road Reports/Facebook)
Fire near West Kelowna resort now under control

According to BC Wildfire Service, the fire is nearly out

Shuswap North Okanagan Rail Trail ownership partners were awarded a grant for $250,000 to support construction of a pilot section of trail. (Shuswap Trail Alliance photo)
Shuswap North Okanagan Rail Trail pilot project to start this year

Grant funding received for section of trail in Enderby, Splatsin territory

Police watchdog find Salmon Arm RCMP have no involvement in head-on collision. (File photo)
Police watchdog finds Salmon Arm RCMP not involved in Highway 1 crash

Woman seriously injured on April 22 after head-on collision

The Canadian Forces Snowbirds are in the Comox Valley for their annual spring training. Photo by Erin Haluschak
Suspected bird strike on Snowbirds plane during training in B.C.

Pilot followed protocols and landed the aircraft on the ground without any problems

(Kelowna RCMP/Contributed)
Replica guns, drugs seized from Kelowna home

Three people arrested, later released without charges

The Vernon Vipers congratulate goalie James Porter Jr. in picking up the win in his final Junior A game Sunday, May 9, as the Snakes edged the West Kelowna Warriors 4-3 in the final B.C. Hockey League pod game at Kal Tire Place. Tyler Carpendale (21) and Hunter Donahoe (4) also played their final games. (Lisa Mazurek - Vernon Vipers Photography)
Vernon Vipers edge West Kelowna to close out BCHL pod

Vipers hold on for 4-3 victory at Kal Tire Place as 20-game season comes to a close

BCIT. (Wikimedia Commons)
BCIT apologizes after employee’s ‘offensive and hurtful’ email leaked to Métis Nation

BCIT says employee’s conduct has been investigated and addressed

Most Read