Over the last three years, the Provincial Government has maintained a
record-high investment of $2.5 million into the Mineral Incentive
Program. Each dollar invested leverages $3 in private investment in the
industry. This year�s $500,000 increase provides important financial
assistance to companies and will be part of a restructuring of the
program to respond to the current needs of the industry.
The increased funding for mineral promotion will enable the province
to implement a promotions plan targeted around attracting increased
investment and raising the profile of opportunities within the
provincial industry. The total budget this year is $200,000.
"Our government is willing to work with industry through these
challenging times," said Minister Dunderdale. "We recognize the
importance of exploration and promotion if we are to have a continuous
supply of mining projects in the pipeline. We are absolutely committed
to helping sustain exploration activities through this difficult time."
2008 was a record year in the province�s mining industry. The value
of gross mineral shipments was nearly $4.7 billion and exploration
spending was $138 million. These figures are expected to drop sharply
this year, as is the case with most other jurisdictions, given the
decline in commodity prices and markets globally.
At the same time, the province is gearing up for the start of
construction on Vale Inco�s commercial hydromet facility at Long
Harbour. The formal documents for the amended development agreement
between Vale Inco and the province have now been signed and site
clearing is expected to start in April. When completed in February 2013,
the facility will process nickel concentrate from Voisey�s Bay and
employ about 400 people.
The annual Prospectors� and Developers� Association of Canada
conference brings together the key players in the global mining
industry. The Newfoundland and Labrador contingent includes officials
from the Department of Natural Resources, the Chamber of Mineral
Resources, companies, geologists and prospectors.
- 30 -
