4Variation of Agreement to alter rates of royalty

4. Variation of Agreement to alter rates of royalty

(1) In this section —

Agreement means the agreement referred to in section 2 as varied from time to time in accordance with its provisions.

(2) Section 21.01 of the Agreement is varied —

(a) in paragraph (b) by deleting “seven and one half percentum (7½%)” and inserting —

5.625%

(b) in paragraph (c) by deleting “fifteen cents ($0.15) per ton.” and inserting —

5% of the FOB revenue (computed as aforesaid).

(c) in paragraph (d)(ii) by deleting “fifteen cents ($0.15) per ton.” and inserting —

5% of the FOB revenue (computed as aforesaid).

(3) Section 21.01(b), (c) and (d)(ii) of the Agreement as varied by subsection (2) operate and take effect despite —

(a) any other provision of the Agreement; and

(b) any other agreement or instrument; and

(c) any other Act or law.

(4) Nothing in this section affects the amount of royalty payable under section 21.01 of the Agreement in respect of any period before the commencement of the Iron Ore Agreements Legislation Amendment Act 2010 Part 9.

[Section 4 inserted: No. 34 of 2010 s. 21.]

(5) Nothing in this section affects the amount of royalty payable under section 21.01 of the current Agreement in respect of any period after the commencement of the Iron Ore Agreements Legislation Amendment Act 2024 Part 2.

[Section 4 amended: No. 38 of 2024 s. 6.]