Thunder Bay Chamber garners national support for Mining and Biotechnology Funding Tools

Press Releases

THUNDER BAY – Representatives of the Thunder Bay Chamber of Commerce garnered national support for creation and expansion of flow through shares to help the biotechnology and mining sectors raise much needed capital. The resolutions were adopted by delegates at the Canadian Chamber of Commerce (CCC) in Ottawa, Ontario this past weekend.

These successful resolutions call on the Government of Canada to: make the current 15% Mining Exploration Tax Credit (METC) permanent; expand the METC to 25% for mining projects in remote areas; and, extend flow through shares incentives to the biotechnology industry.

Chamber President Charla Robinson says, “The Mineral Exploration Tax Credit has allowed mining companies to raise over $5.5 billion for exploration and development since 2006. These investments provide vital funds for continued mining exploration, and expansion of the credit for remote area exploration would help to address the increased costs of these undertakings.”

Robinson continues, “Studies also show that extending these flow through shares to support research and development for biotechnology companies, such as those that spin off from the Thunder Bay Regional Research Institute, would support the creation of thousands of new biotech jobs and the continued growth and success of the industry.”

The Thunder Bay Chamber will be requesting a meeting with our newly elected local Members of Parliament, and the Canadian Chamber will work with Federal Government Ministers and Departments to make the case for these tax measures that support the growth of both the mining and biotechnology sectors in Canada.

Watch the video: http://www.ccv.adobe.com/v1/player/RN7WJXA2kVu/embed

Contact:
Charla Robinson, President
Thunder Bay Chamber of Commerce
(807) 624-2626

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