Hudbay plans to significantly expand its operations in Snow Lake over the next few years. The New Britannia expansion will include the refurbishing of the gold plant and adding a new copper flotation facility, ensuring increased production at the Snow Lake operations.
Under Manitoba’s Mining Tax Act, mining companies are entitled to deduct processing allowances from profits when calculating taxes owing. Hudbay’s expansion is supported by the provincial government incentives including an additional processing allowance in recognition of this investment by Hudbay in Manitoba.
“Providing incentives for mining companies to develop operations in the province helps reinforce Manitoba’s position as a mining-friendly jurisdiction,” said Finance Minister Scott Fielding. “Since the mining sector is a major employer, especially in northern Manitoba communities, and a key driver of the economy, stimulating industry development ultimately benefits the entire province.”
For more information about Manitoba’s mineral industry, visit: www.gov.mb.ca/iem/industry/index.html.