PDAC Applauds Federal Budget 2022 and Its Significant Investment in Canada’s Mineral Exploration and Development Industry
TORONTO, April 08, 2022 (GLOBE NEWSWIRE) — The Prospectors and Developers Association of Canada (PDAC) is pleased to see the Government of Canada highlight the mining industry in the 2022 federal budget by announcing measures that capitalize on Canada’s potential to become the world’s leading sustainable source of critical minerals needed to transition to a low-carbon future.
Budget 2022 provides up to $3.8 billion in funding over the next eight years to support the implementation of Canada’s Critical Minerals Strategy, including the key PDAC recommendation to improve the flow-through share mechanism by doubling the Mineral Exploration Tax Credit (METC) to 30% for essential minerals. mineral prospecting.
Availability of the expanded METC for critical minerals will be extended to 2027, three years beyond the current 2024 deadline.
“The Federal Government has heard our call to increase the METC from 15% to 30% for exploration of critical minerals in Canada and this decision reflects the PDAC’s continued advocacy on behalf of its members and the mining industry at large. says Alex Christopher, President of the PDAC.
“While the shift in focus from governments towards critical minerals has been rapid, this is an opportunity that the PDAC and industry have recognized for many years, and we are pleased to see that Canada is well positioned to benefit from it in the long term.
Budget recognizes PDAC’s call to increase funding to Natural Resources Canada (NRCan) and public geoscience by committing nearly $80 million over the next five years to expand and improve access to datasets to inform essential mineral exploration and development.
Our call to increase support for the capacity of Indigenous communities to participate in resource development is reflected in Budget 2022, with approximately $103 million allocated over the next five years to create a national resource benefit-sharing framework. resources as well as support for indigenous natural resources. Partnerships program.
“Mineral exploration and mining contributes more than $106 billion annually to the Canadian economy, employs more than 392,000 people, including Indigenous people who make up 12% of the workforce, and generates significant social benefits for communities from coast to coast. adds Mr. Christopher. “The measures outlined in Budget 2022 recognize the importance of our sector and are applauded by the PDAC on behalf of its members and the industry at large.
The PDAC looks forward to working with the federal government in implementing these and other budget commitments to ensure they have a positive impact on Canada’s mineral exploration and development industry.
About the PDAC
The PDAC is the leading voice for the mining exploration and development community, an industry that supports 719,000 people in direct and indirect employment and contributes $106 billion to Canada’s GDP each year. Representing over 4,400 members worldwide, the work of the PDAC is focused on supporting a competitive, responsible and sustainable mining sector. Please visit www.pdac.ca.
Kristy Kenny, Senior Communications Manager
416-362-1969 ext. 233