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Wednesday, 26th September 2007 (4175 views)

Canada's mining industry is to benefit from a recent federal government announcement regarding income tax legislation, the Ontario Mining Association (OMA) has stated.

In a letter to the Prospectors and Developers Association of Canada (PDAC), the Canada Revenue Agency (CRA) responded to proposals that consultation and environmental expenses should be included as deductible costs of carrying out member business.

The CRA asserted that junior exploration companies may have faced difficulties due to the expenses of community consultation and baseline environmental studies not being treated as Canadian Exploration Expenses (CEE).

New guidelines mean that such processes are to qualify as CEE, a development which the OMA describes as "significant".

"Consulting with local communities and conducting baseline environmental studies are integral to exploration programmes today," said Patricia Dillon, president of the PDAC and director of the OMA.

Meanwhile, ministers recently pledged their commitment to sustainability in the mining of gold and other resources at the Annual Mines Ministers' Conference in Whistler.

 

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