sch.1-sec.10Phosphate rock

sch.1-sec.10 Phosphate rock

The royalty rate for phosphate rock is the higher of the following— 80 cents for each tonne of phosphate rock; the rate, rounded down to 2 decimal places, for each tonne of phosphate rock worked out using the following formula— where— R is the rate. G is the average P 2 O 5 content of the phosphate rock for the return period. P curr is the average price for the return period, converted to Australian dollars at the average hedge settlement rate for the return period, of Moroccan phosphate rock with 32.3% P 2 O 5 content. For a return period— the average P 2 O 5 content of phosphate rock is 24%, so that G is 24 the average price of Moroccan phosphate rock with 32.3% P 2 O 5 content is US$175 the average hedge settlement rate is 90c. The rate under subsection (1) (b) , by applying the formula, is $1.99. Therefore, the royalty rate is $1.99 for each tonne of the phosphate rock. In this section— average hedge settlement rate , for a return period, means the average, worked out for the return period, of the hedge settlement rates for each day in the return period. average price for the return period , of Moroccan phosphate rock, means the average of the benchmark prices per tonne of Moroccan phosphate rock with 32.3% P 2 O 5 content published in the data source called Fertilizer Week for the return period. (sch.1-sec.10-ssec.1) The royalty rate for phosphate rock is the higher of the following— 80 cents for each tonne of phosphate rock; the rate, rounded down to 2 decimal places, for each tonne of phosphate rock worked out using the following formula— where— R is the rate. G is the average P 2 O 5 content of the phosphate rock for the return period. P curr is the average price for the return period, converted to Australian dollars at the average hedge settlement rate for the return period, of Moroccan phosphate rock with 32.3% P 2 O 5 content. For a return period— the average P 2 O 5 content of phosphate rock is 24%, so that G is 24 the average price of Moroccan phosphate rock with 32.3% P 2 O 5 content is US$175 the average hedge settlement rate is 90c. The rate under subsection (1) (b) , by applying the formula, is $1.99. Therefore, the royalty rate is $1.99 for each tonne of the phosphate rock. (sch.1-sec.10-ssec.2) In this section— average hedge settlement rate , for a return period, means the average, worked out for the return period, of the hedge settlement rates for each day in the return period. average price for the return period , of Moroccan phosphate rock, means the average of the benchmark prices per tonne of Moroccan phosphate rock with 32.3% P 2 O 5 content published in the data source called Fertilizer Week for the return period.

• (a) 80 cents for each tonne of phosphate rock;
• (b) the rate, rounded down to 2 decimal places, for each tonne of phosphate rock worked out using the following formula— where— R is the rate. G is the average P 2 O 5 content of the phosphate rock for the return period. P curr is the average price for the return period, converted to Australian dollars at the average hedge settlement rate for the return period, of Moroccan phosphate rock with 32.3% P 2 O 5 content.