...The Right Choice for Thunder Creek
Reports from the Leader Post and Star-Phoenix have noted that University of Calgary economist Jack Mintz described the current provincial potash royalty structure as “just wrong”. Sylvain Charlebois, Associate Dean of the University of Guelph’s College of Management and Economics and former University of Regina business professor, said that given the increasing worldwide demand for potash, a royalty review is “dearly needed.” Erin Weir, a Saskatchewan expatriate working as senior economist with the International Trade Union Confederation in Brussels, Belgium said that, "The royalty regime is broken. Potash Corp's last quarterly report indicates that it paid only a nickel in provincial royalties for every dollar of gross profit generated in 2010."
Here are the facts:
* In 2010 Potash Corporation netted $1.8 billion off Sask potash and paid Sask people $77 million in royalties.
* In 2009 Potash Corporation headquartered in Chicago made $988 million and the Province of Sask (the taxpayers) paid $100 million back to Potash Corp because the Wall Government overestimated potash royalties and took a cash advance.
The additional funds that would come from potash could be invested for people in our province with:
* Recruitment of doctors in rural Saskatchewan
* Adequate funding for the health regions so they don't have to run deficits
* Development of more affordable housing projects
* Skills training programs could be reinstated to assist the 30,000 unemployed people in Saskatchewan find employment
* Additional support for agricultural producers
Brad Wall refuses to see these royalty rates changed. NDP Leader Dwain Lingenfelter is calling for a review of the royalty rates and is fighting for Saskatchewan people to get there fare share. I'm with Link.
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