Miners welcome Trudeau's re-election in Canada

MAC welcomes pro-mining promises

Staff reporter
 Canada PM Justin Trudeau

Canada PM Justin Trudeau

Trudeau won a third term this week but has fallen short of winning enough votes to form a majority government.

MAC said Trudeau's Liberals had promised measures to position the mining industry to maximise opportunities in the green energy transition and it welcomed the party's commitment to infrastructure investments, particularly in the north.

It said the proposed doubling of the Mineral Exploration Tax Credit for materials on the Canadian list of critical minerals and commitments to reinforce the Mines to Mobility strategy, to build "an end-to-end, sustainable battery supply chain, creating opportunities for Canadian workers from mineral extraction through to processing and manufacturing", were positive for the mining sector.

"Canada's mining industry is well placed to provide the materials, specifically critical minerals, essential to healthcare, communications and low carbon technologies and our sector would benefit from strategic government supports to ensure we are able to seize the opportunity before us," MAC president and CEO Pierre Gratton said.

He said the question wasn't whether minerals and metals were required to reach climate goals, but if Canada would become the supplier the world needed.

"We look forward to working with all elected officials in support of the mining sector to ensure it is well positioned for future success," he said.

Canada's mining industry contributes C$107 billion to the country's total nominal GDP and accounts for one in every 26 jobs across the country, according to MAC.

Meanwhile the banking sector could be among the clearest losers from Trudeau's win, with Bloomberg citing his planned increased tax rate on bank and insurer profits, plus a temporary Canada Recovery Dividend to be levied on banks because they had bounced back faster than other industries.

Trudeau yesterday thanked Canadians for casting their vote and putting their trust in the Liberal team.

"We're going to finish the fight against COVID. And we're going to move Canada forward. For everyone," he said.

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