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Victor Mine's Royalties Total $226 for 2013-2014

May 12, 2015 8:13 AM   By Ronen Shnidman
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RAPAPORT... De Beers Canada paid $226 in royalties to the Canadian province of Ontario between 2013 and 2014 from the sale of production at the Victor diamond mine, according to the CBC. The amount was determined by the CBC, based on the province's  budget and correspondence with government officials.

A De Beers Canada spokesperson responded to the report, acknowledging that  the royalty figure was likely correct and  the miner is only now recouping its $1 billion investment in developing the Victor mine.  De Beers anticipates eventually paying tens of millions of dollars in royalties from the project during the life of the mine, which currently extends to 2018. The Victor mine opened in 2007.

The Ontario Ministry of Northern Development and Mines is bound by law to  the terms of its royalty agreement with De Beers Canada confidential. However, the CBC determined that the province's finance department reported the revenue from salt and diamond royalties together, as a single line item, in the provincial budget. When asked to provide clarifications, the province's finance department revealed that size of the diamond royalty, according to the news company.
 
Tags: De Beers, De Beers Canada, Ontario, Ronen Shnidman, royalty, victor
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