102Royalty

102 Royalty

(1)  [Section 102 Subsection (1) substituted by No. 74 of 2001, s. 26, Applied:30 Oct 2001] Subject to subsection (1B), a lessee must pay royalty at a prescribed rate in respect of a mineral sold under a lease.

(1A)  [Section 102 Subsection (1A) amended by No. 24 of 2013, s. 98, Applied:28 Jun 2013] [Section 102 Subsection (1A) inserted by No. 74 of 2001, s. 26, Applied:30 Oct 2001] Subject to subsection (1B), a licensee must pay royalty at a prescribed rate in respect of a mineral sold under a licence other than a geothermal production licence.

(1B)  [Section 102 Subsection (1B) inserted by No. 74 of 2001, s. 26, Applied:30 Oct 2001] A lessee or a licensee must pay royalty calculated at a prescribed rate in respect of a mineral sold under a lease or licence for –

(a) the years commencing 1 July 1996, 1 July 1997 and 1 July 1998; and

(b) any year commencing on or after 1 July 1999.

(1C)  [Section 102 Subsection (1C) inserted by No. 74 of 2001, s. 26, Applied:30 Oct 2001] The maximum rate of royalty payable under subsection (1B) is the prescribed maximum rate.

(1D)  [Section 102 Subsection (1D) inserted by No. 24 of 2013, s. 98, Applied:28 Jun 2013] The holder of a geothermal production licence must pay a royalty at a prescribed rate in respect of geothermal energy produced under the licence.

(2)  [Section 102 Subsection (2) substituted by No. 74 of 2001, s. 26, Applied:30 Oct 2001] Royalty is payable –

(a) [Section 102 Subsection (2) amended by No. 24 of 2013, s. 98, Applied:28 Jun 2013] in the case of –