Royalty based on value of mineral other than royalty value: royalty rate
16 Royalty based on value of mineral other than royalty value: royalty rate
The royalty payable for a mineral referred to in the Table to Schedule 1 Division 3 is the percentage, specified opposite the mineral in the Table, of the value of the mineral worked out under subregulation (2).
The value of the mineral is worked out by —
multiplying —
the quantity of the mineral in the form in which it is first sold; by
the price for the mineral as if the mineral were sold in the specified form;
and
subtracting the total of the allowable deductions for the sale of the mineral.
In subregulation (2) —
price, of a mineral, means —
the price for the mineral specified in an invoice for the sale of the mineral; or
the price listed for the mineral at the time the mineral is sold —
on a recognised international mineral exchange or market; or
in a publication recognised for quoting or publishing prices for minerals in an international market;
or
another price for the mineral accepted by the Commissioner.
Examples for this definition:
1. For the purposes of paragraph (b)(i), examples include the London Metal Exchange and the London Bullion Market.
2. For the purposes of paragraph (b)(ii), an example is the Metal Bulletin.
specified form, of a mineral, means the form of the mineral specified opposite the mineral in the Table to Schedule 1 Division 3.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.