Brad Wall Says 'NO' To Potash Royalty Review ... And The Ripoff Is Worse Than You Know
-In 2009, (the so-called bad year for potash) PotashCorp made a profit of $988 Million (third highest in their history) and ultimately paid NO ROYALTIES! (Note: the $29 Million initially paid to the province was later calculated as an overpayment).
-In 2010, (a good year for potash) PotashCorp made a profit of $1.8 BILLION and paid $76.8 Million in royalties to the province.
So let's do the math: ($988 Million plus $1.8 Billion = $2.788 Billion clear profit). With a Royalty stipend of $76.8 Million paid. What that means is that over a two year period, the People of Saskatchewan earned 2.7 Cents on every Dollar of profit that went to PotashCorp.
Brad Wall thinks that this is 'fair'.
He is refusing to even take a look at the Royalty structure. Why? Is it simply his adherence to Right Wing ideology or are pockets being lined? ... just asking!
-Photo courtesy Richard Marjan, The StarPhoenix
-Thanks to Mr. Erin Weir for correcting my figures ...