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The provincial government has announced new funding from the 2015 budget to supporting the mining industry in BC.
Premier Christy Clark made the announcement Monday morning saying the funding will mean increased staff to conduct more inspections and permit reviews. The government says the budget for mines will be increased by $6 million and a portion will go towards making current contingency funding permanent.
"Up to 10 new mines are expected to proceed in the next few years and this new funding will make sure we are ready to support these projects and ensure the safety of this important industry as it continues to grow," said Premier Christy Clark. "B.C.'s mineral exploration and mining industry is a great comeback story and today we have a significant opportunity to create thousands of jobs by opening new mines and expanding existing ones."
New permit fees for mines in B.C. are expected to raise an additional $3 million per year. The new fees will not be charged to exploration companies. The premier also announced that the government will extend the $10 million mining flow through share tax credit program to the end of 2015 to support investment in mining exploration.
This will increase overall spending authority for the Mines and Mineral Resources division to $20.1 million. Fees for placer mines, gravel pits and quarries will range from $4,000 to $32,000 depending on the size of the operation. Fees for mineral and coal mines will range from $10,000 for a simple permit application to $125,000 for a complex application that requires the establishment of a Mine Review Committee.
To further encourage exploration in the province, Clark also said the government would be extending the Province's New Mine Allowance to 2020. The tax credit combines with other mineral tax provisions to support new mines and major expansions by allowing them to deduct 133 per cent of their capital costs.
Since June 2011, five new mines have opened in BC and seven major mine expansions have been approved. BC’s mining industry employs 30,000 workers with an average annual salary of $144,000.
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