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BUDGET 2022 FEDERAL GOVERNMENT BUDGET: $3.8 BILLION TO IMPLEMENT THE CANADIAN CRITICAL MINERALS STRATEGY

08/04/2022

Press Releases

Québec City, April 8, 2022 – The Québec Mining Association (QMA) welcomes the federal government’s 2022 budget and its commitment to implement a Canadian critical minerals strategy. Several measures in the budget will help position the mining industry in Canada and Québec as an attractive destination for investment in the field of critical and strategic minerals (CSMs).

The measures and programs announced in the budget will help develop and strengthen global supply chains for critical minerals and promote sustainable extraction and processing. Québec’s mining industry will benefit from the measures, which will also support exploration, research and development, the modernization of infrastructures and the processing of metals and minerals, including recycling.

The QMA also welcomes the government’s commitment to simplify regulatory processes and introduce a new 30% tax credit for mineral exploration that will have a beneficial effect on CSM development in Québec.

As Québec hopes to become a world leader in CSM development, the budget provides support for the mining industry’s goal of becoming a key player in the fight against climate change.

Quotes
“These federal budget measures, added to the efforts and commitments made by the Québec government, will give our industry a prominent position worldwide in terms of new investment in the critical and strategic minerals sector. The QMA is delighted to see that the federal government plans to invest in an industry with promise for the future, such as mining. Québec’s mining industry is ready to contribute to the collective effort being made to ensure a worldwide energy transition.”

- Josée Méthot, Quebec Mining Association President and CEO

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.