Parti Quebecois government raises mining royalties, slightly

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Quebec Finance minister Nicolas Marceau, left and Quebec Natural Resources minister Martine Ouellet, present a plan to raise the mining royalties , Monday May 6, 2013 at Quebec legislature. THE CANADIAN PRESS/Clement Allard

MONTREAL – The Parti Quebecois government plans to raise mining royalty rates by only a fraction of the levels set out in last year’s election platform.

The PQ was elected last September on a platform that included a call for resource revenues to more than double, with a new royalty formula that would bring provincial coffers another $388 million per year.

Its election messaging promised big changes and accused the previous Liberal government of selling out Quebec’s resources.

But with only a minority government, and in the face of concerns from the business community, the PQ has toned down its aspirations.

The new plan, announced today, would increase royalties by 15 per cent — to a total of $370 million.

Mining companies will be required to pay a minimum annual tax, based on extraction amounts, and a royalty on profits ranging between 16 and 23 per cent.

The plan also calls for more transparency and will make public the annual sums raised from each individual company.

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