BC mulls deferring power costs for mining firms until prices rebound

Premier Clark also extends 20% mining exploration credit to 30% in regions affected by the destructive mountain pine beetle.

January 26, 2016   by The Canadian Press

VANCOUVER — BC’s premier has good news for the province’s mining industry, as the sector flounders amid ailing global commodity prices.

Christy Clark announced her government will extend two tax-credit programs while delivering the keynote address at the annual conference into BC mineral exploration.

The mining-exploration tax credit is a 20% refundable credit, which increases to 30% for exploration happening in regions affected by the destructive mountain pine beetle.

Also being extended is the mining flow-through tax credit, which is a non-refundable credit of 20%.

Both announcements were met with applause by the several-hundred industry representatives attending the event in Vancouver.

Clark also announced the government was working on a policy to allow mining companies to defer electricity costs until mineral prices rebound.

© 2016 The Canadian Press

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