Proposed Amendments to Ontario Regulation 323/07 (Royalty on Diamonds)
Bill or Act:
Summary of Decision:
Amendments to Ontario Regulation 323/07 were approved for the purpose of providing further clarity on the calculation of the Royalty on Diamonds.
The amendment to Ontario Regulation 323/07 came into force on May 30, 2016.
March 1, 2016
Summary of Proposal:
The Ministry of Northern Development and Mines ("Ministry") is proposing to make a clarification to the regulation. In particular, the Ministry is concerned that the calculation of the royalty amount payable under the regulation has been misinterpreted. While the Ministry views the current language as being clear on the issue, the amendment would provide further clarity on the calculation. The clarification does not change existing rules. The clarification will benefit all stakeholders and the Ministry.
Ministry of Northern Development and Mines
Mineral Sector Analysis and Diamond Unit
Willet Green Miller Centre
933 Ramsey Lake Rd
Sudbury ON P3E 6B5
May 30, 2016