sch.1-sec.2Royalty rate for prescribed mineral (royalty)

sch.1-sec.2 Royalty rate for prescribed mineral (royalty)

The royalty rate for a prescribed mineral (royalty) is— if the average market price for the mineral is equal to or lower than reference price 1 for the mineral—2.5% of the value of the prescribed mineral (royalty); or if the average market price for the mineral is higher than reference price 1 for the mineral but lower than reference price 2 for the mineral—the prescribed percentage of the value of the prescribed mineral (royalty); or if the average market price for the mineral is equal to or higher than reference price 2 for the mineral—5% of the value of the prescribed mineral (royalty). In this section— prescribed percentage means the amount, expressed as a percentage, rounded down to the nearest increment of 0.02%, worked out by using the following formula— where— PP is the prescribed percentage. PD is the difference between the average market price and reference price 1 for the prescribed mineral (royalty). RFD is the difference between reference price 2 and reference price 1 for the prescribed mineral (royalty). If, for a return period, the average market price for copper is $8,300 for each tonne of copper, the royalty rate for copper for the return period must be worked out under subsection (1) (b) , given the average market price is higher than reference price 1 for copper ($3,600) but lower than reference price 2 for copper ($9,200). The royalty rate would be 4.58%, being the amount (4.598214%) worked out by using the formula in subsection (2) , definition prescribed percentage , rounded down to the nearest increment of 0.02%. (sch.1-sec.2-ssec.1) The royalty rate for a prescribed mineral (royalty) is— if the average market price for the mineral is equal to or lower than reference price 1 for the mineral—2.5% of the value of the prescribed mineral (royalty); or if the average market price for the mineral is higher than reference price 1 for the mineral but lower than reference price 2 for the mineral—the prescribed percentage of the value of the prescribed mineral (royalty); or if the average market price for the mineral is equal to or higher than reference price 2 for the mineral—5% of the value of the prescribed mineral (royalty). (sch.1-sec.2-ssec.2) In this section— prescribed percentage means the amount, expressed as a percentage, rounded down to the nearest increment of 0.02%, worked out by using the following formula— where— PP is the prescribed percentage. PD is the difference between the average market price and reference price 1 for the prescribed mineral (royalty). RFD is the difference between reference price 2 and reference price 1 for the prescribed mineral (royalty). If, for a return period, the average market price for copper is $8,300 for each tonne of copper, the royalty rate for copper for the return period must be worked out under subsection (1) (b) , given the average market price is higher than reference price 1 for copper ($3,600) but lower than reference price 2 for copper ($9,200). The royalty rate would be 4.58%, being the amount (4.598214%) worked out by using the formula in subsection (2) , definition prescribed percentage , rounded down to the nearest increment of 0.02%.