Reuters reports the Canadian Government has extended its mineral exploration tax credit for a further two years to support investment in exploration, energy and natural resources.
Natural Resources Minister Jonathan Wilkinson announced the tax credit, which offers a 15% incentive for investment in smaller mining companies’ flow-through shares, would be extended past the March 31 expiration date.
The extension could provide up to US$76 million in subsidies with the goal of reducing reliance on Chinese minerals – namely gallium and germanium – many of which are now under trade restrictions.