The Honourable Joe Oliver, Canada’s Minister of Natural Resources, today highlighted the extension of the Mineral Exploration Tax Credit for an additional year under Economic Action Plan 2013 while visiting a former mine site on the Podolsky Property.
“Mining workers and communities across Canada can count on our Government’s support of this vital engine of economic growth,” said Minister Oliver. “That is why, in our latest federal budget, we extended the Mineral Exploration Tax Credit to continue to provide junior mining companies access to the venture capital they need to finance their exploration activities.”
With more than 200 active mines in Canada producing more than 60 different metals and minerals, the sector is a key economic driver in dozens of rural, remote and Aboriginal communities across the country.
“Mining continues to be a cornerstone of the Canadian economy, providing employment and benefits to communities across the country,” added Minister Oliver. “Mining is directly responsible for 330,000 Canadian jobs. These are first-rate jobs in a growing global industry.”
Prior to the announcement, Minister Oliver toured the mine site with some of Canada’s top geosciences students. These students were selected from post-secondary institutions across the country to take part in the Prospectors and Developers Association of Canada’s annual Student-Industry Mineral Exploration Workshop.
Students participating in this workshop had a rare opportunity to take a first-hand look at the many facets of the mineral exploration industry by touring the McCreedy West Mine, one of Canada’s largest nickel mines, as well as the former mine site on the Podolsky Property.
Mining has been the bedrock of the Greater Sudbury region’s economy for more than a century. For over 130 years, literally billions of dollars’ worth of nickel, copper, gold, platinum and other metals have been mined, milled, smelted and refined in this area.
In 2011 alone, operations in the Greater Sudbury area produced 106,000 tons of nickel, 164,000 tons of copper, more than 3,000 tons of cobalt and over 73,000 ounces of precious metals.
May 13 through May 19 is National Mining Week in Canada, an annual celebration of Canada’s international leadership and expertise in mining.
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We acknowledge the [financial] support of the Government of Canada.