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By CKPG Today

Budget reaction

AME weighs in on federal budget

Apr 18, 2024 | 7:00 AM

VANCOUVER — The Association of Mineral Exploration (AME) has reacted to this week’s federal budget.

On a positive note, it says that the extension of the mineral exploration tax credit (METC) until March 31, 2025 encourages continued investment in the industry by providing incentives that enable the continued growth of the mining sector.

“We see the adjustments in the alternative minimum tax to accommodate 80 per cent of charitable donations as a strategic move that offsets some of the capital gains associated with the mining and exploration tax credit (METC) and the critical minerals exploration tax credit.”

Despite that, the AME urges the government “to ensure that the increased Capital Gains Inclusion Rate for corporations and trusts does adversely affect the competitiveness of Canadian companies, and disincentivize mineral exploration financing.”

The AME adds that its “pleased to see extensions of Clean Technology Manufacturing Investment Tax Credit as an impetus for new mining investments. As well we are encouraged by the setting of targets to five years or less for Impact Assessment and permitting processes, in an effort to streamline projects and building investor confidence in the industry.”

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AME commends the provision of up to $5 billion in loan guarantees for Indigenous Nations as a transformative step towards empowering Indigenous participation in major projects. This initiative furthers economic reconciliation and fosters meaningful partnerships by ensuring that Indigenous peoples have access to equity in the natural resources sector and further benefit from projects the mineral exploration and development industry advances.