GERALDTON, ON, July 14, 2015 /CNW/ - The Honourable Greg Rickford, Canada's Minister of Natural Resources and Minister for the Federal Economic Development Initiative for Northern Ontario, today delivered keynote remarks at the Greenstone Mineral Exploration Forum. The Minister highlighted the Government of Canada's commitment to the mining industry, as well as the need for engagement and partnerships in the development of mining projects in and around the Ring of Fire in Northern Ontario.
Last year, the mining, minerals and metals sector accounted for close to $63 billion of Canada's GDP. With more than 200 active mines in Canada producing more than 60 minerals and metals, the sector employed nearly 380,000 Canadians, including about 10,000 Aboriginal peoples.
During his remarks, Minister Rickford discussed the Government of Canada's continued support for the mining sector, including the following measures from Economic Action Plan 2015:
- The Mineral Exploration Tax Credit was extended for another year to provide junior mining companies with improved access to the financing required for their exploration activities;
- The definition of Canadian Exploration Expenses was expanded to include costs associated with environmental studies and community consultations;
- $23 million over five years was allocated to stimulate the technological innovation needed to develop rare earth elements and chromite; and
- The Targeted Geoscience Initiative, a collaborative federal geoscience program that provides industry with the next generation of geoscience knowledge and innovative techniques to better detect buried mineral deposits, was renewed for $22 million over five years.
The Minister also highlighted the importance of collaboration and consultation in the responsible development of our natural resources. The Government of Canada will continue to work with its partners to ensure that all communities, including Aboriginal communities, have an opportunity to benefit fully from the projects in the Ring of Fire region.
- Canada is the world's top destination for nonferrous mineral exploration, attracting 14 percent of companies' global exploration budgets.
- Mining and minerals account for one-fifth of Canada's merchandise exports.
- Between 2008 and 2012, the mining and select manufacturing sectors (mining and quarrying, primary metal manufacturing and non-metallic mineral product manufacturing) have contributed annually, on average, $3.8 billion in corporate taxes and royalties.
- The Government of Canada has invested close to $56 million in the Green Mining Initiative since 2009.
"Mining is an important engine of economic growth in Northern Ontario and across Canada. Our government's enhanced support for the mining industry through Canada's Economic Action Plan will help ensure a thriving, dynamic mining sector that will provide jobs and growth for Canadians."
Canada's Minister of Natural Resources and Minister for the Federal Economic Development Initiative for Northern Ontario
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SOURCE Natural Resources Canada
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