Billions earmarked in the federal budget to develop an industry crucial to the world\u0027s energy transition
Chrystia Freeland’s second budget as finance minister proposes billions of dollars in new spending to incentivize more mining of critical minerals through investments in infrastructure, tax credits for exploration, and funding to help attract the downstream industries that turn those minerals into products such as electric vehicles and battery cells.
“Critical mineral mining projects are expensive and come with a unique set of challenges that can often include remote locations, changing prices, and lengthy regulatory processes,” the budget said. “Making these projects a less risky undertaking for companies will help grow both Canada’s critical mineral industry and secure the good resource jobs of the future.
“The tax credit would apply to certain exploration expenditures targeted at nickel, lithium, cobalt, graphite, copper, rare earths elements, vanadium, tellurium, gallium, scandium, titanium, magnesium, zinc, platinum group metals, or uranium,” the budget states.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. senator to visit Alberta oil sands in bid to pressure BidenA key Democratic senator will tour Canada's oil sands next week to pressure U.S. President Joe Biden to revive a critical pipeline project he scrapped on his first day in office.
Read more »
Opinion: How many more people will become the ‘Ghosts of Afghanistan’?Canada’s bureaucratic and hypocritical refugee program makes a mockery of respecting all human rights
Read more »
Russia-Ukraine conflict amplifies the need to protect Canada's critical infrastructure from cyberattacksIn the past few decades, operational technologies of infrastructure systems have become more connected to the internet to increase automation, facilitate remote monitoring, and drive efficiency.
Read more »
CIBC CEO says proposed bank tax could hurt Canada's competitivenessCIBC's chief executive officer says a tax hike targeting major financial institutions expected in today's federal budget could send the wrong signal to the world about investing in Canada.
Read more »
Katie Davey: Canada's proposed Online News Act isn't perfect, but it's a startMore transparency is necessary on dealings between online giants and news media. Canada also needs a renewed business model for local news.
Read more »
Trudeau hesitant to expel Russian diplomats due to likely cost of retaliation from MoscowMr. Trudeau said Canada is reluctant because it fears this would undermine the ability of the Canadian diplomatic mission to act as Ottawa’s eyes and ears in Moscow
Read more »