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.
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