Nunavut Mining Regulations — 69
 during the fiscal year; I is the total of the deductions and allowances claimed under subsection 70 (1); and J is the total of (a) the amount by which the sum of the amounts referred to in paragraphs 70 (8)(d) and (9)(e) exceeds the undeducted balance of the depreciable assets eligible for a depreciation allowance at the end of the fiscal year, and (b) the amount by which the sum of the amounts referred to in paragraphs 70 (9)(c) and (d) exceeds the undeducted balance of the development allowance at the end of the fiscal year. Joint venture — determination of value of A (5) For the purpose of determining the value of A in subsection (4), if a mine is operated as a joint venture whose members deliver separate mining royalty returns under subsection 74 (1), (a) a diversion of any or all of the production of the mine from one member of the joint venture to another does not constitute a sale or transfer for the purposes of subsection 77 (2), even if consideration is paid for the diversion; and (b) any consideration paid to the member from whom the production was diverted must be included by that member as proceeds of sale of minerals or processed minerals produced from the mine. Certain costs and values excluded (6) Costs related to the production of or value for minerals or processed minerals from lands other than lands to which these Regulations apply must not be taken into account for the purposes of determining the values of A to D, G and I in subsection (4). Last year of production — option for calculation (7) In the case of a mining royalty return for the last fiscal year of production of a mine, the operator may, for the purpose of determining the value of B in subsection (4), elect to use the actual proceeds from the sale to a party not related to the operator of minerals or processed minerals in inventory at the end of the fiscal year, if proof of that sale is provided, rather than the market value of the inventory of minerals or processed minerals at the end of that fiscal year as required under subsection (4). Election is irrevocable (8) An election made under subsection (7) is irrevocable. Market value of precious stones (9) If the minerals or processed minerals referred to in paragraphs (b) and (c) of the description of A, and in the descriptions of B and C, in subsection (4) are precious stones, the market value of the precious stones is as follows: (a) if the mining royalty valuer and the operator agree on a value for the stones, that value; or (b) if the mining royalty valuer and the operator cannot agree on a value for the stones, the maximum amount that could be realized from the sale of the stones on the open market after they are sorted into market assortments. Timing of market value of precious stones (10) For the purpose of subsection (9), the market value must be determined (a) when the value is calculated for inventory purposes, at the beginning or end of the fiscal year; and (b) when the value is calculated for any other purpose, as of the last time the precious stones were valued by the mining royalty valuer. Market value of other minerals (11) If the minerals or processed minerals referred to in paragraphs (b) and (c) of the description of A, and in the descriptions of B and C, in subsection (4) are not precious stones, their market value is the price that could be obtained from their sale to a person who is not related to the operator. Timing of market value of other minerals (12) For the purpose of subsection (11), the market value must be determined (a) when the value is calculated for inventory purposes, at the beginning or end of the fiscal year; and (b) when the value is calculated for any other purpose, at the time the minerals or processed minerals are shipped from the mine. Exclusion respecting hedging transactions (13) Gains and losses from hedging transactions must not be included in calculating the value of the mine’s output. Exchange rate (14) For the purpose of these Regulations, the Bank