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New Economic Task Force for Mining
Team Members
Brian Abraham, partner, Fraser Milner Casgrain, LLP
Lena Brommeland, vice-chair, AMEBC; manager of lands and technical services, Hunter Dickinson Inc.
Robin Curry, director, Smithers Exploration Group
Russ Hallbauer, president & CEO, Taseko Mines Ltd.
Douglas Horswill, senior vice president, sustainability and external affairs, Teck
Jim Jones, vice president, human resources and legal Affairs, Teck Coal
Terry Lyons, chairman, Northgate Minerals Corporation
Jim O’Rourke, president & CEO, Copper Mountain Mining Corporation
Rob Pease, president, CEO and director, Terrane Metals Corporation
Walter Segsworth, board of directors, Mining Association of BC
The task force is also supported by representatives from the Ministry of Energy, Mines and Petroleum Resources.
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B.C. Mining Flow-Through Share Tax Credit to be Extended
Mining is an incredibly important industry for British Columbia families, workers and communities, and the B.C. Government is dedicated to making sure it remains a strong part of our economy. In this time of economic uncertainty it’s imperative that we do what we can to encourage business and mining in B.C.
On December 5, the Premier announced the intention to introduce legislation which, subject to the approval of the legislature, will extend the B.C. Mining Flow-Through Share Tax Credit program to the end of 2009.
The policies surrounding the flow through shares remain the same:
• Provides a non-refundable 20 per cent tax credit on specific mineral exploration expenditures in British Columbia.
• Flow-through shares allow exploration companies to pass eligible expenses incurred and renounced on to investors.
• Although the tax credits are not additive, 2007 analysis indicated they can reduce the after-tax cost of $1,000 of eligible B.C. mineral exploration to less than $383.
The B.C. Mining Flow-Through Share Tax Credit was introduced in 2001, paralleling a federal program. Since the B.C. program was introduced, investment in mining exploration spending in B.C. has increased by 1,300 per cent from $29 million in 2001 to a record high of nearly $416 million in 2007.
[News Release]
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Upcoming Events
Mineral Exploration Expenditure Announcement – Mid-January.
Mineral Exploration Roundup 2009 – January 26 - 30.
More on Roundup
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Honourable Gordon Hogg, Minister of State for Mining
Message From The Minister
The mining industry is an integral part of the B.C. Advantage and it plays a prominent role in why B.C. is such an attractive place to invest. However, recent volatility in the global financial markets has affected all sectors, including the mining industry.
While we know that British Columbia is not immune to the effects of this global economic situation, we also believe that the foundation we have laid through the BC Mining Plan and other measures will help us weather this storm.
In November, I joined industry, First Nations and government representatives on the third Asia Pacific Investment Mission, where we continue to nurture partnerships and relationships that will bear fruit in future. We know that China will continue to urbanize and that the demand for minerals will grow. B.C. has 12,000 occurrences not yet exploited and more than 20 projects in development. When the global economy rebounds, B.C. will be ready.
At the December meeting of the Minister’s Council on Mineral Exploration and Mining, the Premier announced formation of an Economic Task Force for Mining that will bring together key industry leaders to monitor the economic situation and recommend measures to mitigate the effects of the global downturn on the mining industry. The Task Force has already convened, and is expected to bring recommendations to government and industry in the coming weeks and months.
The Premier also announced the Province intends to extend the B.C. Mining Flow-Through Share Tax Credit to the end of 2009, to help encourage continued interest and investment in B.C.
In the coming year, government will continue to work on initiatives and policies to strengthen the mining sector, including implementing the resource revenue sharing framework with First Nations, developing an infrastructure and human resources plan that addresses future industry needs, and working with the federal government to harmonize our permitting processes.
The mining industry in B.C. is resilient. British Columbia is resilient. Together we can make a difference as we look ahead to 2009. Therefore, I invite you to bring forward your priorities and ideas so government can help the mining industry hold its competitive advantage during these challenging economic times.
www.gov.bc.ca/empr/mining
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Minister Hogg and delegates, B.C. Pavilion, China Mining Congress, left to right: Dale McClanaghan, director, president & CEO, BCM Resources; 'Lyn Anglin, president & CEO, Geoscience BC; Minister Gordon Hogg
Asia-Pacific Investment Mission Strengthens Investor Confidence
A delegation of representatives from B.C. mining companies, First Nations and government, led by Minister Hogg, visited China, Japan and South Korea in mid-November as part of the 2008 Asia-Pacific Investment Mission. The purpose of the trip was to build on relationships begun in 2006 with the first Asia-Pacific trip, and stimulate interest and investment in the B.C. mining industry.
Six major events were attended during the two week tour, including the 10th China Mining Congress, one of the top four mining exhibitions in the world, which attracts over 3,000 delegates from 45 different countries.
In Beijing, the delegation participated in the Canada Mineral Forum Day. A number of Chinese companies attended the day’s events, which featured investment seminars conducted by six Canadian provinces and territories. The event was organized in cooperation with the Ministry of Lands and Resources, a Chinese federal ministry.
While in China, Minister Hogg also participated in the signing of the joint venture agreement between Goldbrook Ventures Inc. and Jilin Jien Nickel Industry Co. at an investment forum hosted by the Chinese Government’s National Development and Reform Commission (NDRC).
In South Korea, the delegates met with a number of major company and government corporation officials, developing new contacts and building on existing relationships. The team was pleased with the level of interest, in particular an investment seminar which was organized by the provincial government in cooperation with the Canadian Embassy in Korea and with the Korean Trade-Investment Promotion Agency (KOTRA).
In Tokyo the red carpet was rolled out to welcome Minister Hogg and the delegates to a well attended investment seminar and for a tour of the Tokyo Stock Exchange.
Developing positive, long-term relationships with Asian investors is crucial for the continued development and prosperity of B.C.’s minerals sector. The annual investment missions play an important role in building confidence for B.C.’s mining industry within the Asian investment community.
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