Mining development fund receives additional $ 1 million from province
The Manitoba Mining Development Fund’s financial reserve increases by $ 1 million with an addition from provincial mining tax revenues, the government announced on June 11.
A successor program to the Mining Community Reserve Fund (MCRF), which aimed to help mining communities affected by shutdowns due to ore depletion as well as to support mineral exploration in Manitoba, the MMDF was created with an initial contribution $ 20 million from the provincial government, which also pledged to add up to six percent of annual revenues under the Mining Tax Act to the fund.
“Our additional investment in the fund will help jump-start mining development and other economic development initiatives in northern Manitoba communities where there is untapped potential,” said Economic Development and Employment Minister Ralph Eichler, in a statement.
The fund, which is administered by the Manitoba Chambers of Commerce (MCC), has provided $ 2.6 million to 19 projects since July of last year. These contributions include assisting the Norway House Cree Nation with the purchase of mining camp equipment and facilities for rent from mining exploration companies working in the area and $ 115,000 to the Thompson Community Development Corporation. to hire a consultant and carry out a business plan to pursue income-generating projects that contribute to its long-term financial sustainability.
“The additional funds from mining tax revenues will allow the Manitoba Mining Development Fund to continue to support northern communities and the mining industry,” said Chuck Davidson, CEO of MCC. “We look forward to a landmark year in 2021 and funding for strategic projects that create partnerships and economic development opportunities in northern Manitoba. “
At the end of 2020, the MMDF had assets of just over $ 20 million in cash and fixed income investments, stocks and mutual funds.
Communities, businesses and organizations, including indigenous groups, municipalities and non-profit entities, can apply for funding and assistance can include one-time grants for activities aimed at advancing new mining opportunities and to sensitize the First Nations for the collaborative development of resources. The fund aligns with the priorities of the Look North Task Force and the provincial government‘s action plan for the economy of northern Manitoba, which identified mining development as important to the province’s long-term economic prosperity. and stressed the importance of building stronger partnerships in the north. foster economic growth and development.
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