2021-2022 BUDGET: MEASURES TO SUPPORT THE MINING INDUSTRY

Québec City, March 25, 2021 – The Québec Mining Association (QMA) welcomes the budget measures tabled today by the Minister of Finance to support the mining industry, and reiterates the willingness of its members to help revive Québec’s economy.

 

Although not all of its demands have been met, the QMA commends the effort made by the government in a situation where budgetary choices had to be made.

 

Development of critical and strategic minerals

 

The incentive for the development of critical and strategic minerals (CSMs), totalling $22 million over five years, will help support a costly and decisive stage of the mineral development process which also involves high risk. During this phase, mining companies will be able to decide whether or not to invest in bringing a deposit into production on a cost-effective basis.

 

Given that Québec is seeking to become a world leader in CSM development, this assistance comes at an ideal time. The QMA would have liked to see it apply across the industry, but it welcomes it very positively.

 

Towards sustainable mining development

 

The QMA is also pleased to see the creation of a program to provide financial support for responsible development in the mining sector, with a budget of $1.7 million over two years. The measure will help mining companies acquire certification and apply continuous improvement in the move towards sustainable development. In the past, the QMA had requested assistance to help members implement the Towards Sustainable Mining (TSM) initiative.

 

Since 2018, all mining companies applying to join the QMA must show that their operations take account of the initiative, which is designed to stimulate yields while ensuring that the main risks of mining activities are managed in a responsible way in their facilities.

 

Other positive measures

 

Among the other measures tabled, the QMA notes the investment of $2 million to facilitate the implementation of Wallbridge’s Fenelon Gold project, thanks to the access road to the west of Matagami and the initiatives to provide natural gas supplies for regions currently without service.

 

Quotes

 

“The mining industry has been targeted by the government as a key industry in Québec’s post-pandemic economic recovery. The mining companies active in Québec have responded to this call and the measures announced in the 2021-2022 budget are a mark of confidence in the mining industry.”

 

“Our Association had made other demands to make the mining sector more competitive worldwide, but in the current context, the QMA understands that difficult choices had to be made. This is why it welcomes the assistance provided and reiterates its willingness to work with the government to continue its work to make Québec one of the best places in the world to invest in mining projects.”

 

- Josée Méthot, President and CEO of the QMA

 

About the Québec Mining Association

 

The Québec Mining Association (QMA) was founded in 1936 and speaks proactively for mining companies involved in exploration, extraction and processing, mining contractors and junior mining companies, along with suppliers, institutions, non-profit organizations and other mining sector partners. It is proud of the 48,006 jobs and total expenditure of $9.9 billion generated by Québec's mining industry in 2018, based on the most recent data. The QMA’s mission is to promote, support and proactively develop a responsible, committed and innovative mining industry in Québec.