This Mineral Exploration Tax Credit (METC) is a measure designed to assist junior mining companies in raising new equity through the issuance of flow-through shares. This additional financing should help exploration companies to maintain, or increase, their level of exploration activities in Canada.
An information video explaining the mining sequence in six modules, from geological mapping and early exploration through to mine closure and site reclamation.
A positive transformation of Newfoundland and Labrador’s economy is now well underway, largely due to offshore oil development. In its latest Atlantic Report, the Atlantic Provinces Economic Council examines the impact of the oil and mining sector on the province and discusses the outlook for Newfoundland and Labrador's economy in the coming years.
The mining industry in Atlantic Canada is experiencing a revival after several years of stagnant output and declining employment. Strong demand and high commodity prices have led companies to redevelop mothballed projects, expand existing operations such as the potash mine in New Brunswick, and proceed with the development of newly found resources such as the Voisey’s Bay and Duck Pond mines in Newfoundland and Labrador. As a result, the value of metallic minerals produced in the Atlantic region has almost quadrupled since 2003 to reach $4.6 billion in 2006.
Atlantic Canada made sizeable gains in exports over the past decade due to higher exports of energy and mining products, but its non-mineral exports dropped by 20% between 2000 and 2010. Although all four Atlantic provinces experienced an increase in non-mineral exports to non-US markets between 2000 and 2010, only in Prince Edward Island was this sufficient to outweigh the loss of export revenues in the principal US market.
This report examines recent developments in Atlantic Canadian mining and energy sectors, the economic potential of these reserves, and projections regarding market development.
The 19th edition of APEC’s Major Projects Inventory identifies 241 projects in various stages of development across Atlantic Canada valued at $44.4 billion, up 19% over last year’s Inventory. Energy and mining investments continue to dominate the list, accounting for about 78% of all Inventory projects. While the overall Inventory is up over last year, activity in 2002 is more muted. Construction is scheduled to begin on three major energy developments in 2003-04, which should make the Atlantic provinces among the economic growth leaders in the country once again.
