NLIS 6
December 13, 2002
(Finance)

 

Earlier position confirmed, says Minister

Finance Minister Joan Marie Aylward says last night�s debate in the legislature on amendments to the Mining and Mineral Rights Tax Act confirms for her that the Official Opposition is clearly not siding with the people of the province so that they get a share of revenue from non-renewable resources.

"Now we finally know what the Opposition policy is with respect to what benefits this province should get from development of our natural resources," she said.

"It is crystal clear to me that the Opposition is opposed to giving Newfoundlanders and Labradorians their fair share of return from the commercial development of non-renewable resources that are owned by the people. They are opposed to having a tax on the significant royalties that individuals will receive from the Voisey�s Bay development. They are opposed to compensating residents of this province for the privilege of making enormous profits from their resources."

Minister Aylward said she concludes from statements made by Opposition MHAs in the legislature last night that in the case of Voisey�s Bay development, the Opposition wants Archean to keep more than 80 per cent of the royalties the company will receive from Voisey�s Bay nickel.

"They�re opposed to the very legislation they themselves put in place in 1975 that guarantees that Newfoundlanders and Labradorians share in the returns from development of non-renewable resources. What would they like to give away next? Our fish resources? Our offshore petroleum resources?"

Minister Aylward said government makes no apologies for continuing to keep in place the 20 per cent tax on royalties that individuals receive from mining operators, regardless of whether or not they choose to live in our province.

"This government�s policy is to create opportunities for our people. It is our position that those who reap profits from our non-renewable resources should return at least a portion of those profits to the people who own the resource," she said. "After all, how often have we been told that we are giving away our resources and not collecting sufficient royalties. That is not the case today for the people of our province."

Media contact: Josephine Cheeseman, Communications (709) 729-0329.

2002 12 13                                       4:15 p.m. 


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