Mineral Exploration

S pring 20 17 11 Their Leaders Speak Leaders of the three main political parties contesting the May 2017 provincial election discuss their positions on mineral exploration and project development By PETER CAULFIELD B ritish Columbia voters are going to the polls for the 41st time on May 9, 2017, with three parties contesting the election: today's BC Liberals, who are the incumbents; the BC New Democratic Party; and the Green Party of BC. Mineral Exploration magazine asked each of the three parties to explain its respective plans for the mineral exploration industry in particular. All of the parties replied by email. Below is a summary of the parties' answers to our questions. ANDREW WEAVER Leader, BC Green Party As the leader of the BC Greens, I welcome the opportunity to provide you with a summary of our policies regarding mineral exploration. For the past 25 years, I have been a professor in the School of Earth and Ocean Sciences at the University of Victoria. I suspect I have taught quite a number of your members during this time. The BC Greens are proud to be strong supporters of British Columbia's mining and mineral exploration industry. We support the continuation of the mining flow-through share (MFTS) tax credit that encourages investment in our province. While the B.C. MFTS tax credit expired on December 31, 2016, a BC Green government would continue this program for the duration of our term. The BC Greens believe that British Columbia's environmental assessment process (EAP) is structurally broken. Fundamentally, we believe that this is because the professional reliance model needs to be replaced. First Nations and the general public no longer trust the government's EAP. As a result, exploration and development in British Columbia has ground to a halt. In particular, beneficial projects are needlessly delayed as a few bad apples have sullied the mining and mineral exploration industry's reputation. This is incredibly unfortunate, as B.C. has historically been a global leader in this area. A BC Green government would reinvest in the BC Geological Survey that has been decimated by cuts over the last two decades. The provincial government has an important role to play in protecting British Columbia's natural resources and in ensuring that knowledge of our geology is broadly available to the general public. Finally, the recent Tsilhqot'in Nation v. British Columbia Supreme Court of Canada decision is a game-changer for resource development in B.C. While First Nations across the rest of Canada have largely signed treaties, this is not the case in B.C. As a result, in B.C. it is critical that resource development occur through a bottom-up process of community engagement. Ultimately, in so doing, the communities engaged become the strongest proponents of individual projects. BILL BENNETT Minister of Energy and Mines, BC Liberal Party BC Liberal Government Mineral Exploration Policies Government policy for mineral exploration requires the recognition of four principles: 1. Government policy matters, because capital flows to jurisdictions that welcome investment; 2. British Columbia is competitive because we have reasonable turnaround times for permit applications, modest taxes, fair tax incentives and a balanced approach to environmental assessment; 3. The first rule of engagement with First Nations in B.C. is to recognize they have a legal right to expect to know what is happening on their traditional territory; and 4. Certainty on the land base is key to successful mineral exploration. Flow-Through Financing and Tax Policy Because mineral exploration often does not lead to a revenue-generating mine, tax incentives are required to encourage this high-risk investment. We renewed the mining exploration tax credit until the end of 2019 and have also advocated to the federal government that the flow-through [share tax credit] program be made permanent. These programs should be enhanced over time to increase mineral exploration investment and jobs. British Columbians working in the exploration industry pay less income tax than anywhere else in Canada on the first $120,000 of income. Public Geoscience The BC Liberal Government created Geoscience BC in 2005, the only such geoscience organization in the country, because public geoscience leads to investment and job creation.

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