The Ontario Mining Association (OMA) is singing the praises of Premier Mike Harris and Finance Minister Ernie Eves for giving a boost to mining in their recently tabled provincial budget.
The government’s Ontario Small Town & Rural Development (OSTAR) initiative proposes the following:
– a reduction in the Ontario Mining Tax to 10% from 20% over five years;
– a 10-year Ontario Mining Tax exemption for new remote mines;
– tax incentives for investors in flow-through shares, designed to encourage exploration; and
– new investments in geo-scientific information and advanced technologies.
“These initiatives put the spotlight on Ontario,” says OMA President Patrick Reid. “These constructive changes help enhance the competitive position of Ontario’s modern high-technology mineral producing sector. They go a long way towards improving the attractiveness of Ontario as a destination for investment dollars.”
Reid praised the government for living up to its commitment to reduce taxes once the provincial budget was balanced. “Tim Hudak, minister of northern development and mines, has been a strong, reasoned and supportive voice at the cabinet table in helping to earn those innovative measures a space in the budget,” Reid said.
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