The Mining Association of Canada (MAC) released its annual report on the level of payments made by the mining industry to Canadian governments.
The report, prepared by ENTRANS Policy Research Group, details the direct revenues that accrue to government from the industry in the form of corporate taxes, royalties and employee income taxes.
"The mining industry makes a significant contribution to Canada's economy each year," noted MAC's President and CEO Pierre Gratton, "ranging from capital investment, stock market activity, Aboriginal community jobs and training, and northern development.
The level of payments made to governments detailed in this study is another useful measure of this contribution, particularly valuable because these revenues are used to support health care, education and other critical government services."
Highlights from the report include:
$8.4 billion paid to Canada's federal, provincial and territorial governments in 2010, a significant increase from $5.1 billion the preceding year
another $1.8 billion paid by companies in the downstream fabricated metal products sector
"The mining industry is critically important to Canada's positioning in the global economy as the country's future success is inherently linked to the continued growth of a competitive and responsible resource industry," added Mining Association Vice President of Economic Affairs, Paul Stothart.
Over the next five years, MAC has estimated that well over $116 billion could be invested in existing and new projects, creating thousands of high-paying jobs in every region of the country and further bolstering government revenues from the sector.
