The Mining Tax applies to all operators engaged in mining and/or processing minerals in Manitoba, but excluding oil and gas, and, rock, gravel, peat, clay and gypsum. The tax is applied at graduated rates on mining "profit", as opposed to a royalty basis that would apply a rate to the quantity of minerals extracted from the ground. In addition, there is a 0.5% special tax on mining "profit" and in most cases, based on certain income tax calculations, it is fully refundable.

The tax applies at the following rates, where mining profit is:

When ‘new mine tax holiday’ is in effect, no Mining Tax is payable on new mines until the mining operator has recovered its initial investment.