sec.29Value of minerals

sec.29 Value of minerals

Subject to subsection (3) , the value of a mineral must be worked out by— working out the gross value of the mineral under part 5 (the gross value ); and subtracting the following amounts from the gross value— any marine cost for the mineral; if the mineral is a prescribed mineral (royalty) or a relevant mineral—the amount the revenue commissioner has decided, on reasonable grounds, is the amount that should be subtracted from the gross value to allow for the loss of metal content in the processing of the mineral; any other cost the revenue commissioner has decided, on reasonable grounds, is a cost that should be subtracted from the gross value. However, if the mineral is coal, any amount relating to an early despatch of the coal from a port must be added to the gross value before the amounts mentioned in subsection (1) (b) are subtracted from the gross value. Also, in working out the value of a mineral that is sold— any increase in value as a result of a change in the exchange rate from the time the mineral was sold to the time any payment for the sale is received must be added to the value; and any decrease in value as a result of a change in the exchange rate from the time the mineral was sold to the time any payment for the sale is received must be subtracted from the value. In this section— marine cost means— for coal— a cost relating to a late despatch of the coal from a port; or a freight or an insurance cost relating to the transport of the coal by water to a port outside the State; or for another mineral—a freight or an insurance cost relating to the transport by water, to a port outside the State, of— the mineral; or if the mineral is oil shale that has been processed—the oil processed from the oil shale. relevant mineral means any of the following— iron ore; manganese; molybdenum; tantalum; tungsten; uranium. (sec.29-ssec.1) Subject to subsection (3) , the value of a mineral must be worked out by— working out the gross value of the mineral under part 5 (the gross value ); and subtracting the following amounts from the gross value— any marine cost for the mineral; if the mineral is a prescribed mineral (royalty) or a relevant mineral—the amount the revenue commissioner has decided, on reasonable grounds, is the amount that should be subtracted from the gross value to allow for the loss of metal content in the processing of the mineral; any other cost the revenue commissioner has decided, on reasonable grounds, is a cost that should be subtracted from the gross value. (sec.29-ssec.2) However, if the mineral is coal, any amount relating to an early despatch of the coal from a port must be added to the gross value before the amounts mentioned in subsection (1) (b) are subtracted from the gross value. (sec.29-ssec.3) Also, in working out the value of a mineral that is sold— any increase in value as a result of a change in the exchange rate from the time the mineral was sold to the time any payment for the sale is received must be added to the value; and any decrease in value as a result of a change in the exchange rate from the time the mineral was sold to the time any payment for the sale is received must be subtracted from the value. (sec.29-ssec.4) In this section— marine cost means— for coal— a cost relating to a late despatch of the coal from a port; or a freight or an insurance cost relating to the transport of the coal by water to a port outside the State; or for another mineral—a freight or an insurance cost relating to the transport by water, to a port outside the State, of— the mineral; or if the mineral is oil shale that has been processed—the oil processed from the oil shale. relevant mineral means any of the following— iron ore; manganese; molybdenum; tantalum; tungsten; uranium.