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ARTICLE · 28 JUNE 2023

Criminal Rates Of Interest –  Upcoming Changes That May Impact The Mining Sector

In Canada, like many jurisdictions, there are a number of longstanding provisions in contracts that are not regularly redrafted. After all, things do not change that often in the mining business.

CanadaEnergy and Natural Resources

In Canada, like many jurisdictions, there are a number of longstanding provisions in contracts that are not regularly redrafted. After all, things do not change that often in the mining business. An example of this is the force majeure clause, which is a standard practice to include in contracts. However, prior to the pandemic, this clause was not widely used. As a result of those events, a large percentage of the legal population learned the difference between epidemic and pandemic. For an industry like the mining sector, which cannot simply switch to working from home or remote arrangements overnight, breaches of contracts suddenly became a reality.

Another one of those provisions, to do with what constitutes a "criminal rate of interest," is on the verge of changing as well. On April 20, 2023, as part of a consultative process, the Government of Canada tabled Bill C-47, the Budget Implementation Act (the Bill C-47). Bill C-47 includes amendments to the criminal

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