Mr. Speaker, the Association de l'exploration minière du Québec is asking the federal finance minister to extend by five years the investment tax credit for exploration in Canada and to make five minor changes to the eligibility criteria for the temporary flow-through share program.
Eleven of the fifteen mines currently operating in the Abitibi—Témiscamingue and Chibougamau regions will shut down by 2006, leading to the loss of 2,300 direct jobs and approximately 4,700 indirect jobs.
The five minor changes being proposed are as follows: extend the investment period from December 31 to the end of February; allow the use of up to 15% of the funds obtained to pay management-related costs; make the big Canadian mining companies eligible to participate in the program and maintain the look-back rule at 365 days; increase the non-refundable tax credit to 25% in 2004, decrease it to 20% in 2005 and then to 15% for the three following years.
Columbia