18Calculation of compensation in respect of claims under clause 10 or 11

18 Calculation of compensation in respect of claims under clause 10 or 11

18 Calculation of compensation in respect of claims under clause 10 or 11

(1) The Board is to determine a claim under clause 10 or 11 by calculating the amount of compensation payable on the claim in accordance with the following steps:

Step 1 (Calculation of total base compensation amount by calculating and totalling amounts of compensation for each relevant period)

Calculate an amount of compensation in respect of each relevant period during the period beginning with the base date and ending with the last day of the relevant period within which the colliery holding to which the claim relates was or will (in the Board’s opinion) be removed from the register of colliery holdings kept under section 163 of the Mining Act 1992. The calculation of compensation for each relevant period is to be in accordance with whichever of the following formulas is appropriate for the relevant period concerned:

A Relevant periods occurring before the date on which the Board determines the claim:

B Relevant periods occurring after the date on which the Board determines the claim:

C The relevant period during which the Board determines the claim:

The formula to be used is the formula in B if the determination is made before 1 January in the relevant period or the formula in A if the determination is made on or after 1 January in the relevant period.

Then add together each of the amounts calculated under this step in respect of the claim to obtain a total base compensation amount for the claim.

Step 2 (Allowing for any interim payments already made on the claim after adjusting those payments according to when they were made)

Subtract from the total base compensation amount calculated under step 1 an amount calculated as follows (being the total of adjusted interim payments):

Adjust any interim payments made in respect of the claim by multiplying each such payment by the relevant incremental factor and then add together each of those adjusted interim payments. The relevant incremental factor for an interim payment is a number equivalent to the amount of money that would be accumulated on and from the date on which the interim payment is made up to and including the day before the date on which the Board determines the claim if $1 were invested on the terms determined by the Treasurer under clause 19.