Feds invest $98M for the minerals and metals sector

OTTAWA — On July 29, the federal government announced it will invest $98 million over five years to renew two flagship geoscience programs led by the Geological Survey of Canada: the Geo-mapping for Energy and Minerals program and the Targeted Geoscience Initiative.

“The Canadian mining sector has faced unprecedented challenges as a result of the COVID-19 pandemic. Ensuring the competitiveness of this critical industry is more important than ever, as the sector looks to recover and move toward a prosperous future,” said Seamus O’Regan, minister of Natural Resources, in a prepared statement. “The government will continue to support Canada’s mining and exploration companies — and the Canadian Minerals and Metals Plan is the vehicle that will drive the sector forward.”

The government also introduced what it calls concrete actions to support the minerals and metals sector, including the Canadian Emergency Wage Subsidy and critical bridge financing for larger companies, as well as flow-through share flexibility for junior exploration companies.

The Geo-mapping for Energy and Minerals program provides geoscientific knowledge of the immense untapped resources in Canada’s North and informs mineral resource opportunities in the context of a changing climate.

The Targeted Geoscience Initiative provides next-generation geological knowledge and innovative techniques to target deeply buried mineral deposits.