9Calculation of yearly profit

9 Calculation of yearly profit

(1)  In this regulation –

delineation drilling costs means the lessee's or licensee's costs of drilling for specified resources in the lease area, or licence area, and the costs of developing access routes for such drilling;

exploration expenditure means non-capitalised expenditure incurred by the lessee, or licensee, in prospecting or searching for minerals –

(a) inside or outside the lease area or licence area; and

(b) outside an area of specified resources;

head office expenses means those costs incurred by the lessee, or licensee, in the administration and management of the mining operations referred to in subregulation (2) from that lessee's or licensee's head office, whether located in the State, in another State or a Territory in Australia or overseas, in so far as those costs –

(a) relate to mining and sale of minerals from that mining operation; and

(b) have not already been included in the calculation or determination of the lessee's or licensee's yearly profit for that mining operation; and

(c) do not include costs as set out in subregulation (2)(a) ;

JORC Code means the code for the reporting of mineral resources and ore reserves, published by the Australasian Joint Ore Reserves Committee, as updated from time to time;

mining operations rehabilitation interest expense means the lessee's or licensee's interest expense associated with a discounted rehabilitation provision, within the meaning of the Australian Accounting Standards, for the mining operations;

pellet premium means the amount received from the sale of an iron ore pellet that is in excess of the value of the iron ore, or iron ore concentrate, contained within the pellet;

prescribed yearly profit means the yearly earnings before interest, and taxation, as shown in an income statement prepared in accordance with the Australian Accounting Standards;