Vanadium Corp Resource Inc. (TSX-V "VRB") has announced it has received $556,117.00 CDN from the Province of Quebec on a positive decision regarding files dating back to 2002. The Company will use the funds to further develop its mining assets and the VanadiumCorp Electrochem Process Technology (VEPT), said a news release on August 8.
The government of Quebec supports mineral exploration within its borders with a tax credit system that refunds expenses for eligible companies. Société Plan Nord and other branches of the Quebec government have also played an integral role in advancing the adjacent vanadium, titanium, magnetite mining project in the region, said the release.
A statement from the province said Québec has significant mining potential that accounts for one-fifth of Canada's mineral production. The province produces and beneficiates 15 metals and 14 non-metallic minerals, making it the most diverse resource base in Canada. This diversification is set to increase with the arrival of tantalum, vanadium, and apatite mining projects, said the release.
Québec is strategically located above the Northeastern United States. It is close to major population and industrial centers and has easy access to Europe and Asia thanks to its deepwater ports. Québec also works closely with associations that represent the mining sector and with host communities. The latter are natural project partners and work with the government to develop the mining sector and promote it while respecting the principles of sustainable development. The results of the Fraser Institute's most recent survey are indicative of the interest Québec has generated among mining investors. The province was ranked the 6th most attractive region in the world according to the mining and exploration companies surveyed.