Matters related to working out royalty value for nickel and cobalt and copper sold as nickel by‑products
39 Matters related to working out royalty value for nickel and cobalt and copper sold as nickel by‑products
In this regulation —
list price, in relation to a mineral for a particular day, means the following price for the mineral, in Australian currency —
for nickel — the price listed on the London Metal Exchange for nickel for the day;
for cobalt or copper sold as a nickel by‑product — the price listed on the London Metal Exchange or the Metal Bulletin for cobalt or copper for the day;
London Metal Exchange means the international mineral exchange known as the London Metal Exchange;
Metal Bulletin means the international market prices for metals published by the commodity price reporting agency known as Fastmarkets (previously known as Metal Bulletin);
Nickel, or cobalt or copper sold as a nickel by‑product, (the metal) is sold for a contracted list price if an invoice for the sale of the metal specifies that it is sold at —
the listed price for the metal on a specified day; or
the average of the listed price for the metal for a specified period.
The contracted list price for the metal is the list price for the metal for the day, or the average of the list price for the metal for the period, specified in the invoice.
Paragraph (a)(i) of the definition of allowable deduction in regulation 3 applies as if the first sale of the metal is made when the metal is delivered onto, or from, a ship exporting the metal from Australia (as evidenced by a bill of lading).
The reference price for nickel, or cobalt or copper sold as a nickel by‑product, is the price or an average price fixed on the London Metal Exchange or the Metal Bulletin —
for the particular type or classification of the metal; and
for a particular day, or over a particular period, nominated by the Commissioner.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.