Harper proposes new mining industry tax credits designed to spur exploration

NORTH BAY, Ont. — Stephen Harper is pledging more support for the mining industry today in the form of tax credits designed to spur exploration.
Harper says a re-elected Conservative government would extend the existing 15 per cent mineral exploration tax credit first implemented in 2006, and also create a new one specifically for difficult-to-reach mines.
Projects like the Ring of Fire in northern Ontario or Plan Nord in Quebec would qualify for a 25 per cent tax credit, a move the Conservatives say is designed to address the challenges facing those seeking to mine in remote locations.
The total cost of the extended credit and the enhanced one would be $60 million per year beginning in 2016-2017.
Harper made the announcement at a mining products company in North Bay, Ont., where there are more than 65 businesses working in the mining support services industry, employing nearly 3,000 people.
Statistics Canada reported Tuesday that the sector saw its gross domestic product plummet in the second quarter of the year.

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