OTTAWA – “The Canadian mining sector has faced unprecedented challenges as a result of the COVID-19 pandemic. Ensuring the competiveness of this critical industry is more important than ever, as the sector looks to recover and move toward a prosperous future. The government will continue to support Canada’s mining and exploration companies — and the Canadian Minerals and Metals Plan is the vehicle that will drive the sector forward,” states Seamus O’Regan, Minister of Natural Resources.
The Minister adds, “As Canada emerges from the COVID-19 crisis, our world-leading minerals and metals industry will play an important role in the country’s economic recovery. This key industry is primed to supply the crucial elements for the global transition to a clean and digital economy, and the Government of Canada is committed to ensuring it remains competitive.”
The Government has invested extensively in the mining industry, including through the Canadian Minerals and Metals Plan (CMMP). Released in 2019 as a pan-Canadian initiative by federal, provincial, and territorial mines ministers with extensive engagement with Indigenous partners, and informed by industry, innovation organizations, and other stakeholders, this plan will serve as a framework for success in the mining sector for years to come.
In response to the COVID-19 pandemic, the government also introduced concrete actions to support the minerals and metals sector, including the Canadian Emergency Wage Subsidy and critical bridge financing for larger companies, as well as flow-through share flexibility for junior exploration companies.
Building on this support, O’Regan announced the government will invest $98 million over five years to renew two flagship geoscience programs led by the Geological Survey of Canada: the Geo-mapping for Energy and Minerals program and the Targeted Geoscience Initiative.
The Geo-mapping for Energy and Minerals program provides geoscientific knowledge of the immense untapped resources in Canada’s North and informs mineral resource opportunities in the context of a changing climate.
The Targeted Geoscience Initiative provides next-generation geological knowledge and innovative techniques to target deeply buried mineral deposits.
Together, these programs provide junior exploration companies with valuable knowledge to identify and develop future mines across the country while supporting deeper northern, remote, and Indigenous community engagement in land-use planning, contributing to the sustainable development of our resources and building Canada’s reputation as a destination for exploration investment.
This proposed investment will anchor the Pan-Canadian Geoscience Strategy under the CMMP, enabling Canada to present world-leading geoscience to meet the growing global demand for responsibly-sourced minerals and metals.