Quebec elections. It appears the Plan Nord might be headed for a major downsizing. There is an increasing likelihood that the Quebec Government may change in September casting doubt that the Premier Jean Charest's ambitious plan may never be a deal.
The separist PQ party leads in the polls and although Charest Government has already increased the tax rate on mining profits to 16% from 12% the PQ is proposing to replace all of that with a flat 5% on the value of all minerals extracted, as you can see that could be a real damper like a big time royalty.
PQ opposition member said a new PQ Government would redo the Plan Nord with higher royalties and more regulations on the environment and in house processing while spending less to help private companies. More specifically they would look to Australia's new mining tax as a model, and is proposing a mining tax of 30 % on all profits over 8% and axing some of the 2 billion in current northern infrastructure spending that will help private companies.
Not to be a downer but there is a very strong likelihood that this will be the new Quebec Government. Much less mining friendly then Charest.
Good Luck