Noront Resources

High-grade Ni-Cu-Pt-Pd-Au-Ag-Rh-Cr-V discoveries in the "Ring of Fire" NI 43-101 Update (March 2011): 11.0 Mt @ 1.78% Ni, 0.98% Cu, 0.99 gpt Pt and 3.41 gpt Pd and 0.20 gpt Au (M&I) / 9.0 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inf.)

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Re: Budget-ROF. page 248 ( Yes I'm goin thru it all ) Mining sector review

Noront Resources

over 12 years ago

5

in response to 96klite's message

Mining Sector Review

Ontario has the highest value of mineral production of any province or

territory in Canada. In 2011, the value of metallic and non-metallic

mineral production in the province was estimated to be almost

$10.7 billion.

The

Mining Tax Act levies a tax on profits from the extraction of minerals

(except diamonds) in Ontario. The primary purpose of the mining tax is

to ensure that Ontario receives fair compensation for its non-renewable

resources. Ontario collected approximately $140 million in mining tax

in 2010–11.

Ontario has introduced several mining tax incentives over the years that

were designed to encourage investment at a time when Corporate Income

Tax rates were high. Since Ontario mining operations have benefited

from the recent steps taken by the Province to create an internationally

competitive tax regime, the government is proposing to work with

stakeholders in reviewing the current system to ensure Ontario receives

fair compensation for its non-renewable resources.

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96klite

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