Ottawa proposes a recoverable tax exemption for investments in clean technology manufacturing and processing, and for the extraction and processing of critical minerals such as copper.

The AERIS project, which specifically includes the complete redesign of the foundry’s copper conversion processes, is valued by the Company at approximately US$500 million and could meet Ottawa’s criteria. That way, Glencore could get a $150 million federal tax credit.

According to Canadian Heritage Minister and Quebec Lieutenant Pablo Rodriguez, this type of project fits the Trudeau government’s vision for the economy of the future.

If the Horne Foundry wants to make its activities cleaner and more environmentally friendly, it is certain that this is the type of project that the programs we propose are aimed at, he points out. We want to invest strategically in the future.

Bloc member for Abitibi-Témiscamingue, Sébastien Lemire, also believes a tax credit could benefit Glencore’s plant.

” Everything indicates that Glencore will be entitled to do so. If a tax credit can allow him to keep growing his investments, why not? »

The clean technology investment tax credit would apply to goods purchased and completed on or after January 1, 2024.

Although the Horne Foundry has already invested to reduce its emissions, this money was mainly spent on the VELOX project, a pilot project not included in the AERIS project.

Minister Rodriguez also indicated that representatives of the Trudeau government could soon travel to Abitibi-Témiscamingue to present certain key measures of the new federal budget.

Keep in mind that the Horne Foundry could also benefit from a provincial tax credit of between $75 million and $125 million, according to Quebec’s recent budget.