239. Every owner of land granted before the 24th of July 1880 whose mining rights have been revoked shall receive, by way of compensation, an annual royalty of five per cent of the profits resulting from the exercise of such rights.
In computing such royalty, the profits shall be established in the same manner as for the computation of mining duties but without deducting allowances for development and for the treatment of ore.
Such royalty shall be payable by the operator, but shall be collected by the Minister at the same time as the duties payable to the Crown for the same fiscal year.
1965 (1st sess.), c. 34, s. 211.