November 19, 2013
New Incentives for Mineral Exploration Designed to Create More Jobs, Boost Economy
– – –Manitoba Best Province for Mineral Exploration: Chomiak
The Manitoba government is increasing support for mining companies and prospectors to stimulate mineral exploration, create more jobs and boost the economy, Mineral Resources Minister Dave Chomiak said today.
“Increasing exploration assistance for mining companies and prospectors will reinforce Manitoba’s position as a mining-friendly jurisdiction,” Minister Chomiak said. “The mining industry is a major employer and a key driver of the economy, so this will have a positive impact for the entire province.”
The Mineral Exploration Assistance Program (MEAP), which delivers financial assistance for companies carrying out mineral exploration in Manitoba, will provide new funding of $3 million in 2014-15, double the 2013-14 levels. MEAP provides assistance in the form of a partial refund of approved exploration expenditures.
The Manitoba Prospectors Assistance Program (MPAP), which offers incentives annually to encourage mineral prospecting, will provide new funding of $125,000 in 2014-15. MPAP provides grants to prospectors exploring on their own properties or on Crown land.
In addition to MEAP and MPAP, the province is introducing double work assessment credits for all eligible exploration expenses incurred in calendars years 2014 and 2015.
“The doubling of work assessment credits will help companies continue exploring during these challenging economic times,” said the minister. “Our government’s comprehensive package of programs and initiatives, including a 30 per cent Manitoba mineral exploration tax credit, strengthens mineral exploration and contributes to our economic future.”
This complements other initiatives designed to support mineral exploration and development in Manitoba, such as the recently launched Mining Advisory Council, composed of representation from industry and aboriginal communities interested in advancing opportunities in the mining sector, he added.
Manitoba’s mining and petroleum industries are experiencing continued growth and remain two of the province’s key economic drivers. In 2012, it is estimated mining and petroleum provided jobs for more than 5,700 people, with another 18,000 employed in spinoff businesses.
In the same year, the value of mineral and petroleum production totalled more than $3.13 billion. In 2012, capital expenditures on mining and petroleum development totalled an estimated $1.3 billion and the industries accounted for approximately seven per cent of provincial gross domestic product and about 8.7 per cent of total exports.
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