$3.8B to mining projects helps industry reach net-zero, Mining Association of Canada
by CM Staff
$1.5 billion will go towards new critical mineral projects, with a priority focus on mineral processing, materials manufacturing and recycling for mineral and metal products in the battery and rare-earths supply chain.
OTTAWA — The Mining Association of Canada says it welcomes the government’s proposed support for the mining sector in the 2022 federal budget.
MAC says the additional funding will boost supply chain resiliency, specifically with battery and advanced manufacturing materials. It also says that this will help the industry achieve its goals for a “greener future.”
Specifically, the budget commits $80 million to public geoscience and exploration programs to find more critical minerals deposits.
The budget has also doubled the mineral exploration tax credit for targeted critical minerals like nickel, copper, cobalt, rare earths and uranium. Another $1.5 billion has been allocated to new infrastructure investments for new mineral projects in regions like the Ring of Fire.
$1.5 billion will go towards new critical mineral projects, with a priority focus on mineral processing, materials manufacturing and recycling for mineral and metal products in the battery and rare-earths supply chain.
The government also plans to give $144 million to critical minerals research and development and another $40 million to support northern regulatory processes in reviewing and permitting critical minerals projects.
“The government of Canada has positioned Canada in a leading competitive position for new investments up and down the minerals and metals sector and beyond. Doubtless, these measures will give Canada a lock on the top spot for global exploration investment and spur new investments across the value chain,” stated Pierre Gratton, MAC’s president and CEO in a statement.
