Yellowknife — October 20, 2020
The Department of Industry, Tourism and Investment has released a comparison of the NWT’s mining regime against 21 Canadian and international jurisdictions.
The PricewaterhouseCoopers report Tax and royalty benchmark - Mining in the Northwest Territories marks the first post-Devolution review of the Northwest Territories (NWT) tax and royalty system and provides an up-to-date reference point on its ranking.
It highlights where the NWT’s industry is positioned in comparison to a decade ago.
The report provides a benchmark for the GNWT’s promised review of the NWT’s mining regime. The review, which is part of the GNWT’s work to develop regulations for its new Mineral Resources Act, will support the GNWT mandate to: Adopt a Benefit Retention Approach to Economic Development.
The last significant review and benchmarking of the NWT regime was completed in 2007-2008 by the Government of Canada. The PricewaterhouseCoopers report used a consistent methodology to allow the GNWT to assess and compare data from both reviews.
Quote
“The re-imagining of our government’s fiscal framework around royalties is one that deserves a comprehensive, collaborative, and multi-phased approach – and that’s what we will give it. This document is an initial step. The upcoming review of the NWTs mining regime will be founded on a variety of inputs including an extended and extensive period of consultation with Indigenous governments, communities, industry and members of the public.”
- Caroline Wawzonek, Minister of Industry, Tourism and Investment
Quick facts
· The report provides no recommendations for amendments to the royalty regulations.
· Based on the parameters provided, it concludes that the NWT is receiving a fair return in line with the other Canadian jurisdictions.
· A peer review of The PricewaterhouseCoopers report was conducted by Michael Doggett and Associates, a mineral economics consultancy team based in Vancouver.
Related links
· Tax and royalty benchmark - Mining in the Northwest Territories
Media Requests:
Drew Williams
Department of Industry, Tourism and Investment
Government of the Northwest Territories