In renewing the Mineral Exploration Tax Credit for an unprecedented five years, Ottawa has shown significant, and much needed support for the minerals industry, says the NWT & Nunavut Chamber of Mines.
“This extension to 2024 is a major and much-needed boost for the exploration industry. A five year program will help companies develop longer term exploration plans, something the one-year renewals didn’t provide,” said NWT & Nunavut Chamber of Mines President Gary Vivian. “The METC extension is the type of support our industry needs to help strengthen generally declining mineral exploration investment. Maybe more importantly, Ottawa’s supportive approach should signal to northern and Indigenous governments that they, too, can take innovative actions to help their exploration industries.”
The Government of Canada made
the METC announcement in its Fall Economic Statement. The credit is designed to assist exploration companies raise equity funds by passing tax credits to investors. The METC is a 15% non-refundable tax credit. This is the first-ever multi-year METC renewal since the credit was created in 2000.