Federal budget proposal brings optimism for NL's mining sector
The latest federal budget has brought renewed optimism to Newfoundland and Labrador’s mining industry.
Among the proposed measures is an expansion of the Critical Mineral Exploration Tax Credit, which adds 12 new minerals to the eligibility list (including manganese and fluorspar).
At Tacora Resources, we welcome this proposal and see it as an important step toward strengthening Canada’s position in the global critical minerals market. The expanded credit will help drive investment, create jobs, and support continued innovation across the sector.
Tacora produces high-purity iron ore and manganese, both recognized as critical minerals. We are also testing our manganese byproduct at a facility in China to determine if it can be refined into a high-quality concentrate. Success in this process could create a second revenue stream for our operation.
“Any help we can get through federal or provincial support would be very helpful in reaching that point,” Letto added.
“It could become a saleable product and a second source of revenue.”
The demand for critical minerals continues to grow worldwide, driven by their essential role in electric vehicle production and clean technology manufacturing. With its rich mineral resources, Newfoundland and Labrador is well-positioned to play a key role in meeting that demand.
“Labrador can become a very important player in this industry if everything is done right and the support is there,” Letto said.
We share the optimism expressed by Mining Industry N.L., which has also welcomed the federal proposal. The creation of a critical minerals sovereign fund and the expansion of the tax credit are positive steps that will help strengthen the province’s mining sector and attract further investment.
Mining continues to be one of Newfoundland and Labrador’s most important economic drivers, contributing 9.3% of the province’s GDP and supporting thousands of jobs. Exploration spending is forecasted to reach $258 million in 2025, representing direct investment that benefits local suppliers, contractors, and communities.
With growing global demand, new investment tools, and continued government collaboration, we believe Newfoundland and Labrador is well-positioned to help power the next generation of clean technologies and secure Canada’s critical mineral future.
Source: Based on reporting by CBC News
Federal budget proposal brings optimism for NL’s mining sector
a new commitment to advancing the mining industry
As a member of the Board, Graham will contribute his knowledge and perspective to support sustainable development, build strong industry partnerships, and champion opportunities that benefit local communities and the provincial economy.
The latest federal budget has brought renewed optimism to Newfoundland and Labrador’s mining industry.
Among the proposed measures is an expansion of the Critical Mineral Exploration Tax Credit, which adds 12 new minerals to the eligibility list (including manganese and fluorspar).
At Tacora Resources, we welcome this proposal and see it as an important step toward strengthening Canada’s position in the global critical minerals market. The expanded credit will help drive investment, create jobs, and support continued innovation across the sector.
Tacora produces high-purity iron ore and manganese, both recognized as critical minerals.
We are also testing our manganese byproduct at a facility in China to determine if it can be refined into a high-quality concentrate. Success in this process could create a second revenue stream for our operation.
“Any help we can get through federal or provincial support would be very helpful in reaching that point,” Letto added.
“It could become a saleable product and a second source of revenue.”
The demand for critical minerals continues to grow worldwide, driven by their essential role in electric vehicle production and clean technology manufacturing. With its rich mineral resources, Newfoundland and Labrador is well-positioned to play a key role in meeting that demand.
“Labrador can become a very important player in this industry if everything is done right and the support is there,” Letto said.
We share the optimism expressed by Mining Industry N.L., which has also welcomed the federal proposal. The creation of a critical minerals sovereign fund and the expansion of the tax credit are positive steps that will help strengthen the province’s mining sector and attract further investment.
Mining continues to be one of Newfoundland and Labrador’s most important economic drivers, contributing 9.3% of the province’s GDP and supporting thousands of jobs. Exploration spending is forecasted to reach $258 million in 2025, representing direct investment that benefits local suppliers, contractors, and communities.
With growing global demand, new investment tools, and continued government collaboration, we believe Newfoundland and Labrador is well-positioned to help power the next generation of clean technologies and secure Canada’s critical mineral future.
Source: Based on reporting by CBC News