Québec mineral exploration support program latest in funding for the mining industry

In March 2021, Canada released its list of 31 critical Canadian minerals central to the growth of the country’s economy. The selection criteria included the minerals’ potential contribution to Canada’s GDP, their role in helping Canada achieve its low-carbon goals and the demand generated by allies such as the United States, The European Union, the United Kingdom, Australia, Japan and South Korea.

With a growing demand for these minerals, Canada is now focused on developing the sector both domestically and internationally. This includes improving its infrastructure, forming international agreements, and investing in exploration, mineral extraction and overall growth.

The Canada Minerals and Metals Plan, a milestone for Canadian mining, proposes strategies for driving competitiveness and long-term success.

Fundingportal’s AI-drive data indicates that since the start of the year, 135 mining projects have received a total of $444.3 million in funding.

In addition to funding available in the form of grants, the federal Mineral Exploration Tax Credit (METC) is a 15 per cent non-refundable tax credit that can be applied on eligible exploration expenses. It can be carried back three years and carried forward 20 years. A taxpayer claiming the METC is also eligible to claim the Canadian Exploration Expense (CEE) deduction on both their federal and provincial income taxes.

Provincial funding is also available for the sector across several regions, with the latest program being launched in Québec.  

In 2020, Québec launched The Québec Plan for the Development of Critical and Strategic Minerals 2020-2025. The $90 million plan aims to invest in developing the province’s rich natural resources, strengthening its self-sufficiency and sustainability.

As part of this plan, the Mineral Exploration Support Program for Critical and Strategic Minerals 2021-2024 opened its application intake period on August 10, 2021.