New Québec Mining Tax Regime

After nearly eight months of uncertainty, the Québec government finally unveiled its new mining tax regime during a press conference held on May 6, 2013. The new regime will come into force in January 2014.

A preliminary review of the new regime demonstrates that the government has proven receptive to the concerns expressed by the mining industry, which has been suffering from a decrease in metal prices and a drop in investments over the last two years. In fact, stakeholders in the Québec mining industry have been leading an active campaign to raise public awareness regarding the negative impacts that a significant hike in mining royalties would have on the industry and on Québec’s economy.