Ontario Budget – “little commitment to mining development”

Chamber of Commerce

Thunder Bay Chamber of Commerce President
Thunder Bay Chamber of Commerce President Charla Robinson

THUNDER BAY – The Thunder Bay Chamber of Commerce says the 2013 Ontario Budget contains some good news for business however it shows little commitment to mining development for our region. Charla Robinson, Chamber President says, “One of our key asks during the recent pre-budget consultations was for more training support to ensure that we have the skilled workers we need to meet our full potential. We are pleased to see $295 million in funding for training through the Youth Jobs Strategy, which also includes a fund to promote partnerships between business, labour, educators and youth to identify skills development issues.”

Thunder Bay Chamber gives budget mixed marks

Robinson continued, “The budget also identifies: a $300 million venture capital fund that will help entrepreneurs grow their business; an increase in the exemption for the Employer Health Tax from $400,000 to $450,000 that will reduce taxes for small businesses; and, the extension of the accelerated Capital Cost Allowance that enables manufacturers to deduct investments in new machinery and equipment from their taxes. These are all good news items for small business operators.”

The budget isn’t all good news though according to the Thunder Bay Chamber of Commerce.

“This budget document provides little to no funding to support the massive mining potential within Northwestern Ontario,” explains Robinson. “Leaders across Northwestern Ontario have been very clear on the need for committed provincial investment in roads, rail, and electricity infrastructure to facilitate development of the Ring of Fire. We are disappointed that the budget does not address this vital opportunity.”

Stock Market and Cliffs

Over the course of this week, Cliffs Natural Resources stock has fallen by 5.75%.