Deferral of initial rent for particular mining leases
291 Deferral of initial rent for particular mining leases
This section applies in relation to a mining lease if, on the grant of the lease, the Minister is satisfied the holder of the lease—
proposes to mine a critical mineral under the lease; and
proposes to spend an amount that is at least equivalent to the initial rent for the lease on start-up and development costs payable in order to start mining operations under the lease; and
requests that payment of the initial rent for the lease be deferred.
On the grant of the mining lease, the Minister must defer payment of the initial rent for the mining lease.
It is a condition of the mining lease that the holder must pay the initial rent in instalments as provided for by regulation.
If the lease is cancelled or is terminated through effluxion of time and is not renewed before the initial rent is paid in full, the unpaid portion is a debt due to the State.
Note—
In relation to a mining lease that is surrendered, see section 309.
This section applies despite section 290(1), (3) and (5).
In this section—
critical mineral means a mineral prescribed by regulation to be a critical mineral.
initial rent, for a mining lease, means the rental payable for the mining lease for—
the first rental period within the meaning of section 290(1); and
the rental year that starts immediately after the end of the first rental period.
Example—
For a mining lease granted on 1 January 2024, the initial rent would be the rental payable for—
1 January 2024 to 31 August 2024; and
1 September 2024 to 31 August 2025.
This provision refers to the regulations (prescribed by regulation
). Made under this Act:
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