Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
November 28, 1989
Dear Sirs:
Re: Diamond Deposits - Mineral Resource
We are writing in reply to your letter dated October 19, 1989, in which you requested certification that any diamond deposits discovered in kimberlite pipes as a result of the 24(1) would qualify as a mineral resource as defined in subsection 248(1) of the Income Tax Act (the "Act").
The Minister of Energy, Mines and Resources has certified with respect to such diamond deposits that the principal mineral that would be extracted therefrom, diamonds, would be an industrial mineral contained in a non-bedded deposit.
Consequently, we are of the opinion that the diamond deposits would qualify as a mineral resource under subparagraph (d)(i) of the definition in subsection 248(1) of the Act.
Yours truly,
Section Chief Resource Industries Section Bilingual Services and Resource Industries Division Rulings Directorate
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© Her Majesty the Queen in Right of Canada, 1989
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© Sa Majesté la Reine du Chef du Canada, 1989
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