Sunday, July 16, 2006
Voisey's Bay Royalties percentile 90 Federal 10 Provincial
This is a tid bit from The Independant about the royalties coming from Voisey's bay and how they are divied up.
I wonder did they take into account the clawing back of Non-Renewable resource revenues through the D-equalization formula?
90/10
In light of the recently announced
merger between Inco, Falconbridge
Ltd. and Phelps Dodge, Premier
Danny Williams wrote Prime Minister
Stephen Harper urging Ottawa to
ensure Inco lives up to expectations
they created in the province, including
the building of a hydomet processing
facility for the nickel ore coming out of Voisey’s Bay.
But let’s not leave the feds out of this. In a February, 2005 address to
the Empire Club of Canada, the premier had this to say: “Just recently, we
were pleased to announce the development of one of the richest nickel
cobalt copper discoveries in the world by Inco. The construction is ahead
of schedule and on budget — a testament to the company and the many
Newfoundlanders and Labradorians employed there. However, when the
ore is processed, our province will receive less that 10 per cent of the royalties
while the federal government will receive close to 90 per cent.”
Sounds about right …
ryan.cleary@theindependent.ca
I wonder did they take into account the clawing back of Non-Renewable resource revenues through the D-equalization formula?
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you might want to ask yourself how that works given two things:
1. The federal government collects NO royalties from mining activity.
2. On the offshore, the 90/10, 85/15 splits that were claimed turned out to be completely false.
1. The federal government collects NO royalties from mining activity.
2. On the offshore, the 90/10, 85/15 splits that were claimed turned out to be completely false.
Ed, this needs to be stated OVER AND OVER AND OVER AGAIN for the benefit of people like NL-Expat:
THE. FEDERAL. GOVERNMENT. DOES. NOT. COLLECT. MINERAL. ROYALTIES. IN. ANY. PROVINCE.
THE. FEDERAL. GOVERNMENT. DOES. NOT. COLLECT. MINERAL. ROYALTIES. IN. ANY. PROVINCE.
In a February, 2005 address to the Empire Club of Canada, the premier had this to say: “However, when the ore is processed, our province will receive less that 10 per cent of the royalties while the federal government will receive close to 90 per cent.”
In other words, in a February 2005 speech, the Premier proved once again that he is a lying sack of shit who is given over to demagoguery.
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In other words, in a February 2005 speech, the Premier proved once again that he is a lying sack of shit who is given over to demagoguery.
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