Mr. Speaker, thanks to the member for Saskatoon--Humboldt, we learn more about the background of members of Parliament in the House. The hon. gentleman has worked in the mining sector in northern Quebec, Yukon and the Northwest Territories. The House has a diverse group of people who come here to represent Canadians in the House of Commons.
He made a comment about the need to encourage and support continuous exploration for our mining industry, and I totally agree with him, because mines are eventually worked out. To keep the mining industry going and miners employed, we need new mines and new ways of supporting and encouraging that sector.
It was our government that I think a couple of years ago brought out a whole new taxation regime for natural resource companies, particularly the mining industry. A package removed what used to be called the resource allowance and replaced it with what the mining companies were actually paying to provinces and territories in terms of royalties. There had been a formula-driven resource rent allowance, which was replaced with the actual royalties paid by the mining companies to the jurisdictions in which they operated. Most of the mining industry benefited from that.
There were also other initiatives in that package, including an exploration mining tax credit of 10%. The member for Saskatoon—Humboldt also talked about flowthrough shares and how they have been rolled over a number of times. These are important instruments to support the mining industry so that it will have an incentive to explore and find new deposits.
The member is absolutely right. He speaks with more experience than I. I once flew over Voisey's Bay. That deposit was missed by the big companies two or three times. An entrepreneur, a chap who was looking for this type of thing, came across it and recognized that there was something very valuable there. He staked a claim and Voisey's Bay was born. I think he became a multi-multi-millionaire. More important, that area has grown and is growing and will be a huge source of nickel and other minerals for many years to come.
I am wondering if the member is familiar with the package that the government brought out. I think he indicated that these tax credits and the flowthroughs are working well. From his experience, how does it change the behaviour of the people who are exploring and looking for new deposits?