Mr. Speaker, I would encourage all hon. members to get to understand and know the bill that they are discussing. Bill C-15 specifically provides an exclusion to the Canada--Nova Scotia Offshore Petroleum Resources Accord Implementation Act. If I am speaking about the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, it is because it is included in this particular bill. When I do that, I am speaking about the substance of the bill. So I thank you, Mr. Speaker, for reminding members of the government that when they introduce a bill, they should get to understand the bill that they are introducing before raising points of order or objections.
That is very important. There is a matter of trust that has to be brought forward to the people of Nova Scotia. Exactly what will the bill result in for them? How will this translate, because a side deal of which nobody understands the content, as in the original Atlantic accord and the changes to the equalization act, does not do anything to instill confidence in the people of Nova Scotia. But what does is when members stand up and represent their constituents, like the member from Cape Breton and the member for Sydney—Victoria. They are keeping their eyes on this sort of stuff. They are making sure that their constituents and the people of Nova Scotia, and indeed all of Atlantic Canada, are fully aware of the consequences of this. This bill is going to be supported by the Liberal Party of Canada and this caucus because of the hard work that came forward by members of our caucus to make sure that the work got done.
There will be 275 new jobs as a result, should the private company, Xstrata, decide to go full force and develop the mine, which we are all extremely confident that it will. There will be significant resource revenues that come into the province of Nova Scotia. I note that one element of this bill requires that all royalty payments should go to the Receive General for Canada first and then flow to the government of Nova Scotia second. That, quite frankly, causes me some concern, because we know the track record of this particular government. It could decide to block that particular flow of royalty revenues if the government happens to have a future disagreement with the province of Nova Scotia.
However, I have confidence that this mine will proceed because of the hard work of all interested members of Parliament, those who actually got to know the bill and the context of it, who supported it and are adding to this. But one thing has to be clear. There is a matter of confidence and trust that if people say that they will do something, they should do it. There was an absolute guarantee given to all 10 premiers and 3 territorial leaders of this country. It was broadcast to the entire country in the middle of the election campaign back in 2006 that there would be 100% exclusion of non-renewable resource revenues from the equalization formula with absolutely no caps involved.
What do we have? We do not know for a fact because we cannot actually get a copy of the briefing materials from the Minister of Finance or the Department of Finance as to exactly how he intends to amend the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act because of course they have scheduled four separate briefings and on four separate occasions they have cancelled those briefings. But one day, we will have that particular piece of legislation, I am confident, tabled in the House and we will be able to see with the rest of Canadians what exactly is entailed in this.
What we do know is that a letter was put forward by the current Prime Minister, then the leader of the opposition, stating there would be 100% exclusion of non-renewable natural resources from the equalization formula and no caps. We now know from the Parliamentary Secretary to the Minister of Finance, the former minister of national revenue and others who clearly stated in the House that that is not the intention of the current Conservative government, that it intends to impose a cap and that it is requiring an either take it or leave it position by the provinces that are so affected. They accept certain elements and abandon others because they cannot have both.
Quite frankly, it would have been very helpful to the electorate in Atlantic Canada in the last election campaign if they had known that little detail.
I thank the member from Cape Breton and the member for Sydney—Victoria for keeping their eyes on this file and making sure it happens for the people of Cape Breton and Nova Scotia.