The BudgetAt least in Reuter's point of view: OTTAWA, April 8 (Reuters) - Canadian miners say Ottawa's plan to spend C$3.8 billion ($3.02 billion) to boost domestic production of lithium, copper and other strategic minerals should help propel the country's efforts to become a key part of the global electric vehicle supply chain.
The spending, announced during Canada's federal budget unveiling on Thursday, promises grants for mineral surveying, processing and recycling, as well as tax credits for digging new mines and subsidies for infrastructure, though it would not reduce regulatory oversight.
The budget foresees doubling of the exploration tax credit to 30% for a range of EV metals, including nickel, lithium, cobalt, graphite, copper, rare earths elements, vanadium, tellurium, gallium, scandium, titanium, magnesium, zinc, platinum group metals and uranium.
THE GREAT NORTH
Miners also said the budget should help to further develop Northern Canada, which is sparsely populated but contains much of the nation's minerals wealth.
"The only way you develop the Great North is by having programs that encourage prospectors, geologists and others to explore there," said Stan Bharti, CEO of Toronto-based bank Forbes & Manhattan, which has invested in several Canadian lithium and graphite projects.
Ottawa says the budget aims to make critical mineral projects less risky for companies, in part by supporting infrastructure investments with C$1.5 billion over seven years, backing processing with C$1.5 billion over six years, and investing almost C$79 million over five years in detailed surveying.
The budget also includes C$25 million for "early engagement and Indigenous communities' capacity building to support their participation in the critical minerals strategy."