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TORONTO, ON --(Marketwired - March 22, 2016) - The Prospectors & Developers Association of Canada (PDAC) applauds the Government of Canada for taking steps to support the sustainable development of Canada's mineral resources, as announced in today's federal budget.
"PDAC is pleased with a number of initiatives included in Budget 2016 that will support Canada's mineral exploration and development sector," says PDAC President Bob Schafer. "The budget adopts a holistic approach to resource development, with support for innovation, financing, Aboriginal and community consultation and northern economic development."
In particular, PDAC is pleased with the renewal of the Mineral Exploration Tax Credit (METC) until March 2017.
"Renewal of the METC sends an important signal to investors that the government understands the importance of Canada's junior mining sector," says PDAC Executive Director Andrew Cheatle. "The METC helps to fund exploration activities that lead to the discoveries that could become the mines of the future."
PDAC welcomes the commitment to proceed with measures to ensure that costs associated with environmental studies and community consultations will be considered as Canadian Exploration Expenses; something the PDAC has advocated for since 2013.
The budget also includes $1 billion over four years to support clean technology development in industries including mining, as well as $120 billion dollars over 10 years for infrastructure investment.
"Innovation is central to strengthening the environmental performance of the industry and preparing for a low-carbon economy," adds Mr. Schafer. "Key investments in infrastructure can unlock the mineral potential of Canada's northern and remote regions and PDAC looks forward to working together with the government on their innovation and infrastructure development agenda."
PDAC applauds the Government of Canada's commitment to invest in Aboriginal communities, particularly in the areas of education and skills development, as well as funding for participation in project reviews. These efforts will help build capacity and support more active, meaningful participation by Aboriginal Peoples in the economic opportunities generated by mineral exploration and development.
About the PDAC
The Prospectors & Developers Association of Canada (PDAC) is the national voice of Canada's mineral exploration and development industry. With a membership of over 8,000, the PDAC's mission is to promote a responsible, vibrant and sustainable Canadian mineral exploration and development sector. The PDAC encourages leading practices in technical, environmental, safety and social performance in Canada and internationally. PDAC is known worldwide for its annual PDAC Convention, regarded as the premier event for mineral industry professionals. The PDAC Convention has attracted over 25,000 people from 125 countries in recent years and will next be held March 5-8, 2017, in Toronto. Please visit www.pdac.ca.
Coordinator of Communications, PDAC