Minister Rickford: Canada's Plan for Responsible Resource Development Supports British Columbia's Energy and Mineral Potential

VANCOUVER, March 31, 2015 /CNW/ - The Honourable Greg Rickford, Canada's Minister of Natural Resources, today delivered keynote remarks hosted by the Vancouver Board of Trade, where he highlighted how Canada's plan for Responsible Resource Development is supporting jobs, protecting the environment and enhancing First Nations engagement.

Minister Rickford reinforced Prime Minister Stephen Harper's recent announcement accelerating the capital cost allowance on equipment used for liquefied natural gas (LNG) development from eight percent to 30 percent. Our government is supporting the Province of British Columbia's efforts to advance LNG development, thereby creating Canadian jobs and generating revenue to support critical social programs.

The Minister also highlighted the Harper Government's recent decision extending the Mineral Exploration Tax Credit. During a challenging global economy, this incentive helps keep investment in the mining industry flowing. Since 2006, it has assisted junior mining companies in raising over $5.5 billion.

Minister Rickford also emphasized the Harper Government's announcement earlier this month expanding the definition of Canadian Exploration Expenses for tax purposes to include costs of environmental studies and community consultations that are required to obtain a permit for grassroots exploration. Companies can deduct these costs, making it easier for them to raise capital, create jobs and contribute to the economy.

These substantial announcements build on the Harper Government's low-tax plan for jobs and growth, strengthening the already robust case for resource investment in Canada.

Minister Rickford also discussed how the Harper Government is enhancing protection of the environment through its Pipeline Safety Act and improving Canada's world-class energy transportation systems, as well as undertaking new initiatives designed to enhance First Nations engagement in environmental protection and jobs. Among these tangible measures is the opening of the Major Projects Management Office – West, a new office that is building partnerships between governments, industry and First Nations. This office, established in 2014, supports responsible resource development and enhanced First Nations participation in energy projects.

While in Vancouver, Minister Rickford also held meetings with PNW Canada, LNG Canada and TransCanada and held a roundtable with local companies to discuss the new LNG capital cost allowance and other measures to encourage LNG development within British Columbia. In partnership with the Province of British Columbia, the Harper Government is supporting trade and the responsible development of LNG infrastructure.

Quick Facts

• The Conference Board of Canada estimates that potential growth in British Columbia's natural gas sector alone could attract $180 billion in new investment and create 54,000 jobs per year between 2012 and 2035.
• According to the Public Policy Forum, over 400,000 Aboriginal youth will be entering the workforce in the next decade, creating an unprecedented opportunity to address the need for new workers in the oil and gas industry.
• Enhancements to Canada's world-class pipeline and tanker safety systems include Aboriginal engagement and participation as a key component to achieving effective implementation.

Quotes

"The Harper Government is working with First Nations, governments and industry to build partnerships enhancing British Columbia's resource potential through our low-tax plan to create jobs and growth. Canadians need assurance that development will only proceed when it is done right, for the right reasons and with the right results."

Greg Rickford
Canada's Minister of Natural Resources

SOURCE Natural Resources Canada

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