Stornoway Welcomes Clarity on Future Quebec Mining Taxation

(IDEX Online News) – Stornoway Diamond Corporation says the new system of mining taxation legislation being proposed by the government of Quebec is a reasonable balance between maximizing taxation revenue and the type of returns expected by investors.”

The company said the announcement will help to alleviate the uncertainty around taxation that has been prevalent in the Quebec mining sector for several months.

"We welcome the confirmation given by the government of Madame Pauline Marois today that it recognizes the important place of mining in the Quebec economy,” said Stornoway’s president and CEO Matt Manson. “The new system of mining taxation that is being proposed is a reasonable balance between maximizing both taxation revenue and the type of returns that are expected by investors and lenders in an increasingly competitive world for mining capital allocation.”

Manson added that over the past few weeks, Stornoway has participated fully in the public consultation process for the new legislation, and presented the perspective of a major project developer actively engaged in mine project financing. “With this review behind us, we look forward to advancing the development of Quebec’s first diamond mine,” he said.

Stornoway, a Toronto Stock Exchange- listed diamond exploration is developing the Renard Diamond Project, which is on track to become Québec’s first diamond mine.