Prescription of royalty
120C Prescription of royalty
The regulations may deal with the royalties payable for a mineral, including by dealing with the following matters —
prescribing how, when and by whom a royalty for a mineral is payable;
prescribing the rate of royalty, or basis for calculating the royalty, payable for a mineral or class of mineral;
prescribing different rates of royalty, or different bases for calculating a royalty, for different minerals or classes of mineral;
for the purposes of calculating the rate of royalty payable, authorising the Minister to decide the method for valuing a mineral or class of mineral;
authorising the Minister to decide the rate of royalty, or basis for calculating the royalty, for a mineral that applies in prescribed circumstances;
exempting a person, or class of persons, from paying a royalty for a mineral —
subject to conditions or unconditionally; or
generally or in a specified case or class of case; or
wholly or to a specified extent;
providing that contravention of a regulation relating to royalties, or providing information relevant to the assessment and calculation of a royalty, is an offence.
Example for this section:
For the purposes of paragraph (d), a method for valuing a mineral is to value the mineral using the fair market price of the mineral in the form in which it is first sold.
[Section 120C inserted: No. 7 of 2025 s. 11.]
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