De Beers paid only $226 in royalties for its Ontario mine last year— report – Mining.com

May 12, 2015

De Beers Canada paid $226 in mining royalties to the Canadian province of Ontario between 2013 and 2014, related to its world-famous Victor diamond mine, a special report by Canadian Broadcast Corporation (CBC) shows.

The amount was determined by CBC reporter Rita Celli, based on the province’s budget and correspondence with government officials, despite both the current and a former provincial mines ministers told her that the diamond royalty was supposed to be kept confidential, she reports.

The thrifty amount compares to the almost $3.9 billion the government of Ontario received from the salt sector in the same period.

A De Beers Canada spokesperson responded to the CBC report, acknowledging that while the royalty figure was likely correct, the company is only now recouping its $1 billion investment in developing Victor mine.

Read More: http://www.mining.com/de-beers-paid-only-226-in-royalties-for-its-ontario-mine-last-year-report/