Quebec's 2010-11 Mining Royalties More than Past 10 Years Combined
Source: Mining.com, Gouvernement du Quebec (9/15/11)
"Aside from changes in the royalties, boosted revenue is attributable to an increase in the volumes and higher prices for resources mined."
Minister Bachand indicated that the mining royalties the government collected reached $304 million in 2010-2011, more than double the $133 million originally forecast in the 2011-2012 Budget.
The difference stems from the payment by mining companies of additional amounts during the last two months of the 2010-2011 fiscal year. Several factors account for the additional revenues: aside from changes in the royalty regime, i.e. an increase from 12% to 14% for part of the 2010-2011 fiscal year and the application of he mineby-mine principle, they are also attributable to an increase in the volume of resources mined and higher prices for the resources. . .View full article