The Ontario Chamber of Commerce wants the federal and provincial government to take “bold steps” to put the mining industry in a better position to succeed.
In its Digger Deeper report released Dec. 1, the chamber has nine recommendations to revive the struggling sector, which has been hampered by global commodity prices and home-grown challenges, such as regulatory uncertainty, lack of mining-related infrastructure, and rising costs.
Besides asking for investment in Northern infrastructure that aligns with both mining, Aboriginal and other regional interests, they want the province to provide miners with a list of Aboriginal communities that need to be consulted before they undertake exploration and development projects.
The chamber said the yardsticks must be moved on a resource revenue-sharing framework to allow First Nations to benefit from new mines, and Ontario’s flow-through share tax credit should be increased from five per cent to 20, to be more in line with other provinces.
Also on their wish list is a three-year extension on the availability of the federal Mining Exploration Tax Credit (METC) program, with an enhanced credit for remote projects.
The chamber wants current provincial mining tax rates to be maintained for remote, non-remote, and diamond mining operations, and asks that more funding be funnelled into mining research and innovation.
The chamber suggests government perform a “benchmarking study” to compare Ontario to other mining jurisdictions, and wants them to work with industry to better promote the province’s mining expertise abroad and leverage new global opportunities.
