The tax credit aims to help junior exploration companies attract investments and make discoveries of resources within the province.
In a release Premier Christy Clark says “B.C.’s mineral exploration and mining industry is a great comeback story. It’s a vital part of our strong economy, supporting good paying, secure jobs across the province and the best is yet to come.”
Meanwhile Minister of Energy and Mines Bill Bennett says “Resource development is the backbone of our way of life in B.C. We’re extending the tax credit because junior exploration companies are on the front lines. It’s their discoveries that expand the mining sector and the province’s economy by finding new opportunities which create jobs not just in our rural communities, but in the downtowns of urban centres like Vancouver as well.
Exploration expenditures for 2013 are estimated to be at $476 million. That total is the second highest on record.
Over the last ten years approximately $3.5 billion has been spent on mineral exploration in British Columbia.