Miners Pressure Carney to Unlock Tax Credits for Critical Mineral Projects

Todd Stone, president of the Association for Mineral Exploration of British Columbia, warned Finance Minister François-Philippe Champagne that current capital markets are failing to bridge the divide between discovery and construction. Backed by major producers including Newmont and Agnico Eagle, the coalition argues that Canada is squandering its geological potential by failing to incentivize investment. The proposed fix centers on expanding eligibility for a 100% tax deduction transferable to investors via flow-through shares, a measure Carney explicitly promised during his 2025 election campaign.

Despite the government’s stated ambition to reduce reliance on foreign supply chains and compete with China’s dominance in high-tech materials, progress remains glacial. Since the 2022 launch of the federal critical-minerals strategy, only one mine has reached commercial production and a single project has secured environmental approval. Stone’s letter highlights the urgency of this disconnect, noting that without structural tax reform, Canada’s critical mineral supply chain will remain largely theoretical rather than operational.