AME report sees $23B economic boost from new Canadian mines

Federal govt's commitment to expand eligible activities under CEE will create as many as 34,000 full time jobs, report found.

The Association for Mineral Exploration (AME) released Wednesday an economic impact assessment on the federal government’s commitment to expand eligible activities under the Canadian Exploration Expense (CEE) and broaden the critical Mineral Exploration Tax Credit (METC).

Changes to CEE eligibility will cover engineering, feasibility, and technical costs.

The Carney government changed the METC in Budget 2025, and AME said it is optimistic the government will follow through on its CEE commitment when Budget 2026 is introduced later this year.

Prime Minister Carney has said Canada has to cut back on obstacles to growth, in particular streamlining a complex approval process for major projects that can drag on for a decade or more.

In September, he unveiled draft legislation that would speed up the approval process for major natural resource projects.

The EY report found that the government’s commitment would result in a significant return on investment.

According to the report, the commitment will create as many as 34,000 full time jobs over the next ten years and $1.6 billion in additional annual mineral exploration spending.

The report projects up to C$33 billion (23.1 billion) in total economic growth from bringing into production at least three to five mines, plus higher mineral exploration spending.

It also forecasts a 5x return in Gross Domestic Product (GDP) for every dollar the government invests.

The Association for Mineral Exploration (AME) released Wednesday an economic impact assessment on the federal government’s commitment to expand eligible activities under the Canadian Exploration Expense (CEE) and broaden the critical Mineral Exploration Tax Credit (METC).

Changes to CEE eligibility will cover engineering, feasibility, and technical costs.

The Carney government changed the METC in Budget 2025, and AME said it is optimistic the government will follow through on its CEE commitment when Budget 2026 is introduced later this year.