TORONTO (miningweekly.com) – The Mining Association of Canada (MAC) on Wednesday said the country’s mining industry supported the federal government’s continued progress towards a balanced budget, with a larger-than-expected surplus expected for 2015/16.

The association cited Canada's long-standing fiscal discipline as having helped the country to weather the global economic crisis better than other industrialised nations, keeping interest rates and unemployment low.

A return to balanced budgets is critical to Canada preserving its long-term economic advantage.

The Canadian mining industry lauded the federal government's extension of the 15% mineral exploration tax credit for another year, an important tax incentive for the junior exploration sector. Its renewal is critical at this time, given the continued challenging economic environment faced by Canada's junior mining sector.

The Canadian mining industry was also encouraged by the budget's focus on improving the education outcomes of Aboriginal youth through an agreement with the Assembly of First Nations to reform the First Nations K-12 education system through the First Nations Control of First Nations Education Act.

This announcement represented a financial commitment of more than $1.9-billion over three years starting in 2016 to support the Act, which aims to give First Nations youth greater access to quality education and enable them to participate fully in Canada's workforce in the future.

"The Canadian mining industry is one of the largest employers of Aboriginal people across the country and the potential to increase employment is strong given the proximity of nearly 1 200 Aboriginal communities to producing and potential mining operations.

Getting the education system right for Aboriginal Canadians is critical as it provides the necessary foundation for them to become full participants in Canada's workforce,” MAC president and CEO Pierre Gratton said.

Canada’s mining industry is the top-paying industrial sector in the country, and the largest private-sector employer of Aboriginal people in the country.