Mineral Resources Act 1989

Rental for the first year of the term of a mineral development licence (its first rental period) is payable before the granting of the licence under section 186.

The amount of the rental payable in respect of the first rental period shall be an amount that bears to the rental payable for a rental year prescribed pursuant to subsection (4) for the rental year in which the first rental period falls the same proportion that the number of whole calendar months of the first rental period bears to 12.

In respect of each rental year or part thereof of the term of a mineral development licence (other than the first rental period) a full rental year’s rental shall be payable in advance not later than 31 August of the previous rental year.

If the full rental payable for a rental year is paid in advance as prescribed by subsection (3), the amount of the rental shall be the amount prescribed under a regulation for that rental year.

If, for a particular rental year, rental is not paid in advance as prescribed by subsection (3)—

the Minister shall, prior to 30 September of that rental year, notify the holder of and any person holding a recorded interest in the mineral development licence (other than an associated agreement recorded in the register under the Common Provisions Act) that the rental has not been paid as prescribed by subsection (3) and of the amount of rental as prescribed by paragraph (b); and

the amount of the full rental payable for the rental year shall be payable before 1 December of that rental year and shall be an amount equal to the amount prescribed under a regulation for that rental year plus an amount equal to 15% of that prescribed amount.

Upon the renewal of a mineral development licence, no further rental shall be payable in respect of the period that, if the renewal was a grant of a mineral development licence, would be the first rental period, except where that period commences on 1 September.

Except as provided in subsection (8), where in any rental year a mineral development licence is surrendered or terminated through effluxion of time and is not renewed there shall be refundable to the last holder of the mineral development licence an amount that bears to the amount of the rental that was paid in respect of that rental year the same proportion that the number of whole calendar months from—

the date of surrender or termination; or

the date of rejection of the application for renewal;

No amount shall be refunded pursuant to subsection (7) where a mineral development licence is surrendered within its first rental period after its original grant.