The B.C. government is aiming to reverse a slide in mineral exploration investment that has come after world metal prices peaked and then declined to a 10-year average level in the past two years.
Premier Christy Clark and Energy and Mines Minister Bill Bennett helped open the annual Association for Mineral Exploration B.C.’s conference in Vancouver Monday with a pair of announcements.
Clark told delegates the province’s mining exploration tax credit will be extended for another year in the B.C. budget to be tabled in February. That is expected to provide $10 million for exploration.
Geoscience BC, an industry research organization started by the province in 2005, also released results of its latest aerial survey to identify new mineral potential in the B.C. Interior.
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BC mineral and coal exploration spend up 28% in 2020 despite turbulent year
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Exploration spend across the province reached $422m in 2020
Grassroots and early-stage exploration accounted for 35% of total exploration
The Northwest Region contributed 53% of total expenditure for the province
TORONTO, March 4, 2021 The latest annual
British Columbia Mineral and Coal Exploration Survey finds that exploration spend across the province increased by 28% year-over-year to $422m just short of the highs experienced in 2011 and 2013. Though the impacts of the COVID-19 pandemic initially caused numerous delays, projects were able to capitalize on favorable commodity prices and available venture capital, attracting additional investment and strengthening budgets in the latter half 2020, says Iain Thompson, EY Canada Mining & Metals Consulting Leader. These factors helped to support an increase in exploration in BC and kept Canada third in global
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