Creation of the Mining Heritage Fund
The Act to establish the Mining Heritage Fund (bill no. 87) was finally assented to on June 20, 2008. The gouvernement du Québec had announced the creation of this fund in its last budget. The Mining Heritage Fund will provide sustained and stable funding for Géologie Québec's geoscientific survey work and for R&D initiatives, while also facilitating multiyear planning.
The Mining Heritage Fund will be fully funded by mining duties paid by mining companies operating in Québec in accordance with the Mining Duties Act. Each year, from 2008–2009 to 2010–2011, $20 million will be earmarked for the Fund, followed by $10 million in subsequent years.
The fund will be devoted to financing activities that promote the development of Québec's mineral potential. Its goals are to
Fund resources could also be allocated to fund specific programs to promote innovation in the mining sector and to provide financial assistance for government organizations such as COREM and Société de recherche et de développement minier (SOREDEM).