In my dying days as a Finance Minister and a politician, which I will talk later on today about, let me first of all give my predecessor, Mr. Pollard, full credit for in the early days, managed to convince Mr. Martin that there was a requirement for some kind of a tax window for the north. We have a 20 percent one right now. In simple language, the objective is yes, to increase the window. It should not really be that complicated, provided we can get a political acceptance of it and ensure that we do not get penalized because of it. This has all come about, to some extent, because of the enormous wealth and profitability on the diamond issue.
In recent months, of course, for myself anyway, speaking personally, I have really taken a hard look at what is going to happen up in Mr. Kakfwi's area and other areas on the oil and gas. The potential for new revenues, if we can get the right formula and agreement, are tremendous for the Northwest Territories. We need to make sure that this initiative, the momentum remains there so we can get the additional tax dollars that we require.
If I looked at the numbers, you asked the question, what kind of numbers are we talking about, if my memory serves me correct, and I have said it so many times I probably have come repetitive, if we move from a 20 percent to a 50 percent tax window, similar to what Mr. Tobin is talking about in Voisey Bay, I think the BHP mine alone, which would be no direct tax on BHP, let us get that clear, I will suffer the consequences of that statement, it would be somewhere in the region of $30 million or $40 million. You have another one rolling in, you have oil and gas, you have forestry, et cetera, you have enormous wealth out there that is simply untapped that we all talked about eloquently at the Meet the North conference last week in Edmonton. Thank you.