On the heels of a scathing report by the province’s auditor general in recent weeks, the Ministry of Northern Development and Mines says it’s making some changes.
The province has released a renewed mineral development strategy that aims to grow the exploration industry over the next decade — and has announced an investment of $5 million towards exploration work by junior mining companies.
The investment is needed, says the executive director of the Ontario Prospector’s Association. “The main thing with the exploration industry’s needs is that we need to be able to raise money,” Garry Clark said.
“The province can’t force people or they can’t regulate people to put money, risk money, into our business. That’s one of the biggest things we need is risk money.”
However the NDP’s Northern Development and Mines critic, Michael Mantha, says $5 million isn’t enough to help the exploration industry.
But Clark says it’s a good start, and is confident this could bring investors back to Ontario.
“They go to other provinces because they can get a rebate on their exploration. Now they can get the same rebate here or more.”
Bruce Jago of Laurentian University’s Goodman School of Mines said the province’s plan is good — in principle.
For the rest of this article, click here: http://www.cbc.ca/news/canada/sudbury/ontario-mining-industry-funding-1.3364774