The first budget from Prime Minister Mark Carney’s government is getting a thumbs-up from the Yukon Chamber of Mines, for its investments in mining.
“I am quite happy with the focus on resource development, particularly of critical and precious minerals,” said Jonas Smith, the chamber’s executive director.
“There’s a lot of talk here, but I hope the government backs it up with trying to get these projects permitted and built quicker.”
The 406-page budget document tabled on Tuesday includes $2 billion over five years, starting next year, to create a critical minerals sovereign fund and invest in critical mineral projects and companies.
The Mining Association of Canada also applauded the Liberals’ budget in a statement on Tuesday, highlighting that it was expanding a number of tax credits being offered to spur critical mineral production.
Smith called the critical mineral sovereign fund “a very, very serious investment,” and also pointed to the $371-million First and Last Mile Fund, which is intended to support bringing critical minerals projects into production.
“There’s a lot of things here that my read would suggest the Yukon is eligible for, but I haven’t got into the details yet,” Smith said.
Smith said he was disappointed, however, that there was no mention in the budget of the B.C.-Yukon grid connection project.
“There is lots of talk about northern corridors and energy and sovereignty. I’d like to think that those programs would lend themselves maybe in future years to that initiative,” Smith said.
Smith said he also welcomed new investments in housing, and for a new convention centre in Whitehorse.
“We’re on the eve of our geoscience forum and trade show here in a couple of weeks and it’s sold out,” Smith said. “We would certainly benefit from a larger convention space. “
Marcos Costillio, chair of the Whitehorse Chamber of Commerce, is also pleased with the money for the convention centre, saying it will be “huge for tourism operators in town.”
“I see this as very positive,” he said.
Costillio said he would have liked to see more for small businesses in the budget.
“There is not a lot of specifics for small businesses,” he said. “First impression is they are not being focused on this budget.”
The budget also includes $51 billion over 10 years for local infrastructure such as housing, roads, water/wastewater and health facilities. The government said this will create thousands of jobs.
Lauren Hanchar, president of the Yukon Association of Communities, said she’s pleased that the budget “does kind of recognize that municipal infrastructure is important.
“But we’re concerned about the long term investment,” she said.