QUEBEC – The Quebec Mining Exploration Association (AEMQ) of Rouyn-Noranda, QC, has both praise and criticism for the provincial government’s 2012-13 budget unveiled on March 26.
Most of the budget initiatives favour mineral exploration in the province, said the AEMQ. The creation of Resources Quebec, $100 million in funding for SOQUEM, implementation of Plan Nord elements, and the formation of a mining cluster will all benefit the mineral industry in the province,
However, the AEMQ is “disappointed” that Quebec has reduced the amount of expenses eligible for tax credits by 10%.
“This move,” said AEMQ president Jean-Marc Lulin, “could result in a decrease of private investments in exploration, which in turn will minimize incentives for exploration, and chip away at Quebec’s competitive edge.”
The association is further concerned about how the proposed 25% jump in claim registration and renewal fees will be spent, and the impact of Bill 14 giving the 1,200 municipalities in the province management power for exploration in their territories.
Visit AEMQ.org for more information.