The Mining Association of British Columbia

The Mining Association of British Columbia

March 19, 2007 19:27 ET

Mining Association of British Columbia Applauds 2007 Federal Budget

Streamlining the review of large natural resource projects, retention of flow-through shares and other measures welcome

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 19, 2007) - The Mining Association of British Columbia (MABC) applauds the foresight of Minister Flaherty and the Federal Government in today's budget. New resources to streamline environmental assessment and permitting, the retention of flow through shares and improved capital cost allowances will all contribute to ensuring Canada remains a world leader in mining.

"With over half of the proposed mining projects in Canada based in British Columbia, timely review of major projects is critical to the health of our industry," said MABC President Michael McPhie. "The creation and funding of a Major Projects Management Office and a commitment to halve the regulatory review period is a huge boost to British Columbia."

"We also welcome the retention of the Mineral Exploration Tax Credit. Mineral reserves are at a twenty-five year low. Until significant new mineral reserves are discovered, and until much needed new mines are permitted, it is imperative that a high level of exploration in Canada be sustained," added McPhie.

Further measures such as improved capital cost allowances, temporary incentive for manufacturing and processing machinery and equipment and commitments to aboriginal training strategies are also welcomed by the mining industry.

"We commend Finance Minister Flaherty and Natural Resources Minister Gary Lunn for this budget and the $60 million commitment to regulatory streamlining in particular. We look forward to its quick implementation," added McPhie.

Contact Information

  • The Mining Association of British Columbia
    Michael McPhie
    President
    (604) 681-4321 ext 120
    Mobile: (778) 772-0528
    or
    The Mining Association of British Columbia
    Byng Giraud
    Senior Director, Policy & Communications
    (604) 681-4321 ext 110
    Mobile: (778) 233-6449
    Website: www.mining.bc.ca