The siren at the Toronto Stock Exchange has been rung in honour of National Mining Week. The Minister for FEDNOR, Greg Rickford, did the honours Thursday morning. National Mining week celebrates Canada’s leadership and expertise in the industry.

The Harper government announced last month that the 2015 Economic Action Plan will protect mining opportunities. Rickford says it will contribute new and ongoing support for the development of the Ring of Fire.

The industry creates around $60 billion for Canada’s GDP and employs almost 400, 000.

2015 Economic Action Plan details:

  • The Mineral Exploration Tax Credit was extended for another year to provide junior mining companies with improved access to the venture capital they need to finance their exploration activities;
  • The definition of Canadian Exploration Expenses was expanded to include costs associated with environmental studies and community consultations;
  • $23 million over five years was allocated to stimulate the technological innovation needed to separate and develop rare earth elements and chromite;
  • The Targeted Geoscience Initiative, a collaborative federal geoscience program that provides industry with the next generation of geoscience knowledge and innovative techniques to better detect buried mineral deposits, was renewed for $22 million over five years; and
  • $135 million over five years was allocated to the Major Projects Management Office Initiative to provide management and accountability for major resource projects.

Top Photo: Minister Greg Rickford in Timmins

Bottom Photo: Minister Greg Rickford opens TSE

Rickford - TSE