Minister marks mining week at TSX 0
Natural Resources and FedNor Minister Greg Rickford initiated the siren at the Toronto Stock Exchange on Thursday, with a few friends — a who's who of movers and shakers from Northern Ontario.
Anyone who says the federal government isn't doing anything to advance development of the Ring of Fire hasn't been paying attention, says Natural Resources Minister Greg Rickford.
Rickford initiated the siren at the opening of business Thursday at the Toronto Stock Exchange to mark National Mining Week, a celebration of Canada's leadership and expertise in the industry.
The minister hand-picked a who's who of "movers and shakers" from Northern Ontario to accompany him at the ceremony and they met in a round-table session afterward to discuss mining in the Ring of Fire
Among those invited were Frank Smeenk, president and chief executive officer of KWG Resources, and Alan Coutts, president and CEO of Noront Resources. Noront recently purchased the assets of Cliffs Natural Resources in the Ring of Fire, making it the biggest player in the Ring.
Rickford took the opportunity when addressing the stock exchange to list the ways in which the Conservative government of Prime Minister Stephen Harper has been working to get ready for mining the rich chromite deposits in the James Bay lowlands.
In an interview, Rickford lashed out at critics, especially Opposition New Democrats, for accusing his government of being disinterested in what's being touted as the mining project of the century.
Whether it's sanctioning flow-through shares that offer an incentive for financing exploration or having mining royalties that are profit-based, meaning you don't pay if you don't make money, the Harper government has had mining's back, Rickford said.
His government proved its commitment to mining in its recent budget by extending the Mineral Exploration Tax Credit for another year and expanding the definition of Canadian Exploration Expenses to include costs associated with environmental studies and community consultations.
"Together, these low-tax measures will help companies raise much-needed financing, boost exploration and create jobs," Rickford told an audience at the TSX.
Rickford, who is also minister of the Federal Economic Development Initiative for Northern Ontario, said the theme of mining week this year is "Innovation in Canada's Mineral Development Model."
"In today's world, innovation is the price of admission, the prerequisite for success," said Rickford.
That's why the Conservatives' Economic Action Plan 2015 pledged $23 million over five years for the technology required to develop rare earth elements and chromite.
"This will be critical as the Ring of Fire moves forward," he said.
Rare earth elements are critical to many clean technologies and to advanced manufacturing in the automotive and aerospace industries.
The budget also allocated $22 million over five years to renew the Targeted Geoscience Initiative, to stimulate innovation in mineral exploration.
Before the budget was presented, his government committed $100 million to the Geo-mapping for Energy and Minerals program. It will provide industry with better geological data to inform land use and resource management.
"These measures will go a long way to ensure the well-being of the mining industry in Northern Ontario, and will be crucial in developing the Ring of Fire," said Rickford.
He praised his government for sharing the cost of a $785,000 joint study of an all-weather road to the Ring of Fire.
The study will look at a transportation corridor that would connect potential mineral deposits in the Ring of Fire and four remote First Nations (Webequie, Eabametoong, Neskantaga and Nibinamik) to Pickle Lake, about 500 km northwest of Thunder Bay.
He said his government has done a lot of good work in the Ring of Fire, "but sadly, New Democrats have voted against all developments."
Rickford said he and Northern Development and Mines Minister Michael Gravelle work well together when Premier Kathleen Wynne is out of the picture. Rickford represents the riding of Kenora and Gravelle is MPP for neighbouringThunder Bay-Superior North.
His government has also consulted with first nations in the Ring and undertaken training programs for people in the area.
carol.mulligan@sunmedia.ca