CBC News Reveals Ontario Govt 2014 Diamond Royalties (De Beers' Victor Mine) Totalled Only $226

Mining and Exploration
12/05/2015 15:07

According to CBC News, Ontario's only diamond mine, De Beers' owned Victor Mine, is known for its exceptional quality stones, but according to official documents, the provincial government made more money on salt royalties in 2013-14 than diamonds. De Beers Canada, which owns the only diamond mine in the province, paid $226 in royalties, while salt netted the province $3.89 million in royalties.

Studying the public documents reveals that De Beers paid little or nothing for most of the seven years its Victor mine has been in production in Northern Ontario, about 90 kilometres west of Attawapiskat. CBC News adds that De Beers does not dispute the $226 figure for the last fiscal year. Tom Ormsby, De Beers vice-president of external and corporate affairs, says the company started to pay millions in 2014. He also noted that the company is "surprised" that the province has revealed information that is supposed to be confidential.