Rate of royalty
5 Rate of royalty
Subject to the succeeding provisions of this section, the Joint Authority may, by instrument in writing, determine the rate of royalty payable in respect of a mineral of a kind specified in the instrument.
Without limiting the generality of subsection (1), the rates of royalty determined under that subsection may include a rate that is related to the landed value, or to the quantity, of the mineral of the relevant kind.
A rate of royalty determined under subsection (1) applies in relation to any mineral of the relevant kind recovered under a mining licence during the period when the rate is in force.
A determination under subsection (1) takes effect on the day on which a copy of the determination is published in the Gazette.
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