MAC: Mines and Communities

Mining Association "digs" Bc Budget 2007

Published by MAC on 2007-02-15
Source: CCN

Mining Association "Digs" BC Budget 2007

VICTORIA, BRITISH COLUMBIA--(CCNMatthews - 20 February 2007)

The Mining Association of BC (MABC) today applauds BC Budget 2007.

"We appreciate the government recognizes that the strength of the BC economy continues to come from land-based industries such as mining and oil & gas," said MABC President & CEO Michael McPhie.

Specifically, the MABC welcomes:

- Extension of the New Mines Allowance to January 1, 2016 from January 1, 2010. The allowance encourages new mine development and expansion in the province.

- The increase of the mining exploration tax credit for areas impacted by the Mountain Pine Beetle.

- Increased staff capacity in the Mining & Minerals Branch of the Ministry of Energy, Mines & Petroleum Resources.

- Increased funding and capacity for the Environmental Assessment Office. With nearly half of all major mine development projects in Canada located in BC, this capacity is critical to the future development of the mining industry.

- Increased funding for trades' training and apprenticeships, particularly for aboriginal people.

"Combined, these initiatives will contribute towards ensuring our province remains one of the world's most competitive and advanced mining jurisdictions," added McPhie.

"Despite this good news, more work needs to be done," concluded McPhie, "Encouraging exploration will only bring long term benefits, if new mines come on-stream while prices are high."

The government is projecting diminished revenues from the mining sector over the next few years as commodity prices fluctuate. If mining is to remain a key component of the provincial economy and a critical provider of high paying jobs in all regions, then new mine approval is essential. The challenge before government and industry is to translate the more than 25 major mining projects in BC currently under review into operating mines that contribute to this province's economic engine.


The Mining Association of BC
Michael McPhie
President & CEO
(604) 681-4321 ext. 120 or Cell: (778) 772-0528

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