12Payments by instalment in relation to minerals

12 Payments by instalment in relation to minerals

If the Director so determines, a lessee or licensee may pay royalty in respect of a mineral in instalments of any amount that the Director determines, having regard to –

(a) the net sales of that mineral in the quarter in relation to which royalty is payable; and

(b) any profit or loss in respect of that mineral for that quarter and any previous quarter or quarters of the year to which that quarter relates; and

(c) the amount of any instalment of royalty paid in that year.