10Estimation of yearly profit

10 Estimation of yearly profit

(1)  For the purpose of enabling royalty to be paid as required by regulation 11 in respect of a quarter, the Director may allow the holder of a mineral tenement to estimate yearly profit in relation to the quarter, if –

(a) the Director is satisfied that insufficient data is available to enable the holder to determine yearly profit in relation to that quarter; and

(b) the holder supplies the Director within 30 days after the end of the holder's financial year with a reconciled statement of accounts relating to the operation of the tenement during that holder's financial year; and

(c) the holder, within 30 days after the end of the holder's financial year, pays to the Director the amount, if any, of any further royalty that, based upon that statement, is payable in accordance with subregulation (4)(b) .

(2)  For the purposes of subregulation (1) , the estimate of the yearly profit in relation to a quarter is to be made by the holder of a mineral tenement –

(a) estimating, in accordance with regulation 9 , the yearly profit in relation to the quarter (the current quarter), on the basis of the data, in relation to the current quarter, that is available to the holder at the time of the estimation; and

(b) if it appears, in accordance with the data available to enable the holder to determine yearly profit for a previous quarter in relation to which an amount of royalty has been paid by the holder –

(i) the holder paid more royalty in relation to the previous quarter than the holder would have been required to pay had the data been available at the time the payment was made in relation to the previous quarter, deducting, from the amount determined in accordance with paragraph (a) in relation to the current quarter, the amount by which royalty was overpaid in relation to the previous quarter; or

(ii) the holder paid less royalty in relation to the previous quarter than the holder would have been required to pay had the data been available at the time the payment was made in relation to the previous quarter, adding, to the amount determined in accordance with in relation to the current quarter, the amount by which royalty was underpaid in relation to the previous quarter.