Records

In force

(1)

This regulation applies to the holder of, or applicant for, a mining tenement in relation to a mineral obtained or produced from the mining tenement.

(2)

The holder or applicant must keep, for the period required under subregulation (3) —

(a)

complete and accurate records about —

(i)

the quantity of the mineral obtained or produced from the mining tenement; and

(ii)

each sale of the mineral, including the time, destination, value and quantity of the sale;

and

(b)

records that are sufficient to substantiate the details and calculations on —

(i)

each royalty return for the mineral lodged under section 120D of the Act; and

(ii)

if the mineral is iron ore — each additional rent return lodged under section 120E(4) of the Act for the iron ore.

Penalty for this subregulation:

(a)

a fine of $10 000;

(b)

a daily penalty of a fine of $1 000 for each day or part of a day during which the offence continues.

(3)

The period for which a record about a mineral must be kept is 7 years after the later of the following days —

(a)

the day on which the sale of the mineral is completed;

(b)

the day on which the royalty or additional rent for the mineral is paid.

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