British Columbia government loses round two in tax fight with Teck over Galore Creek mining.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mining.com Daily Mail and Mail on Sunday newspapers.
Exploration tax victory for Teck in British Columbia
Image from Galore Creek Mining.
Teck Resources (TSX:TECK.B) is entitled to claim 100% of its exploration expenses on the Galore Creek mine development project and apply it to another one of its mines for tax purposes, the British Columbia Supreme Court has ruled.
The dispute over how much of its exploration expenses Teck could claim arose when the BC Ministry of Finance determined Teck was eligible to claim only 50% of its exploration expenses on Galore Creek because it was not the sole owner.
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Teck Metals Ltd. wins major tax ruling against B.C. Ministry of Finance It enables the company to deduct millions of dollars in production costs at the giant Highland Valley mine near Kamloops by Charlie Smith on December 27th, 2020 at 8:48 AM 1 of 1 2 of 1
B.C. s largest mining company may have significantly more money to either reinvest or return to its shareholders in the form of dividends.
That s because Teck Metals Ltd., a subsidiary of Vancouver-based Teck Resources, has won a tax ruling against the B.C. Ministry of Finance in B.C. Supreme Court.
The provincial tax collector previously ruled that Teck could only write off 50 percent of its exploration costs on the Galore Creek Mine on its 2011 and 2012 tax returns.