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Industry welcomes exploration tax credit extension and new skills programs
The Mining Association of Canada (MAC) congratulates the federal government for its continued progress towards a balanced budget, with a larger than expected surplus projected for 2015-2016. Canada’s longstanding fiscal discipline has helped Canada weather the global economic crisis better than other industrialized nations, keeping interest rates and unemployment low. A return to balanced budgets is essential to Canada preserving its long-term economic advantage.
The Canadian mining industry applauds the federal government’s extension of the 15 per cent Mineral Exploration Tax Credit (METC) for an additional year, an important tax incentive for the junior exploration sector. Its renewal is critical at this time, given the continued challenging economic environment faced by Canada’s junior mining sector.
The Canadian mining industry is also encouraged by the budget’s focus on improving the education outcomes of Aboriginal youth through an agreement with the Assembly of First Nations to reform the First Nations K-12 education system through the First Nations Control of First Nations Education Act. This announcement represents a financial commitment of more than $1.9 billion over three years starting in 2016 to support the Act, which aims to give First Nations youth greater access to quality education and enable them to participate fully in Canada’s workforce in the future.
“The Canadian mining industry is one of the largest employers of Aboriginal people across the country and the potential to increase employment is strong given the proximity of nearly 1,200 Aboriginal communities to producing and potential mining operations,” said Pierre Gratton, MAC’s President and CEO. “Getting the education system right for Aboriginal Canadians is critical as it provides the necessary foundation for them to become full participants in Canada’s workforce.”
The Mining Association of Canada is the national organization for the Canadian mining industry. Its members account for most of Canada’s production of base and precious metals, uranium, diamonds, metallurgical coal, mined oil sands and industrial minerals and are actively engaged in mineral exploration, mining, smelting, refining and semi-fabrication. Please visit www.mining.ca.