sec.32Meaning of market value mineral

sec.32 Meaning of market value mineral

A mineral mined by the holder for the mineral is a market value mineral if— the mineral is sold at a listed price or an average listed price; or the mineral is disposed of or used and a market value for the mineral may be established by reference to a listed price, or an average listed price, for the mineral; or neither paragraph (a) nor (b) applies to the mineral and— the mineral is sold in an arms-length transaction to a person other than a relevant entity for the holder; and the holder has sold a mineral of the same kind in an arms-length transaction in the previous 2-year period to a person other than a relevant entity for the holder; or paragraphs (a) to (c) do not apply to the mineral and the holder entered into an agreement, before or as soon as practicable after the mineral was mined, to sell the mineral in an arms-length transaction to a person other than a relevant entity for the holder. However, a mineral mined by the holder for the mineral is not a market value mineral if— the mineral is sold or disposed of to, or used by, a relevant entity for the holder and the relevant entity is involved in the marketing or reselling of the mineral or in the production of a commodity using the mineral; or The holder mines coal and the coal is sold to a related body corporate for the holder, which sells the coal to another person in an arms-length transaction. The holder mines coal and the coal is used by a related body corporate for the holder to produce electricity in a power station. the mineral is sold or disposed of to, or used by, a person and the holder receives a non-financial benefit from the sale, disposal or use (whether or not the holder also receives a financial benefit from the sale, disposal or use). The holder sells coal to another person for a price but also receives goods from the other person in return for the coal. (sec.32-ssec.1) A mineral mined by the holder for the mineral is a market value mineral if— the mineral is sold at a listed price or an average listed price; or the mineral is disposed of or used and a market value for the mineral may be established by reference to a listed price, or an average listed price, for the mineral; or neither paragraph (a) nor (b) applies to the mineral and— the mineral is sold in an arms-length transaction to a person other than a relevant entity for the holder; and the holder has sold a mineral of the same kind in an arms-length transaction in the previous 2-year period to a person other than a relevant entity for the holder; or paragraphs (a) to (c) do not apply to the mineral and the holder entered into an agreement, before or as soon as practicable after the mineral was mined, to sell the mineral in an arms-length transaction to a person other than a relevant entity for the holder. (sec.32-ssec.2) However, a mineral mined by the holder for the mineral is not a market value mineral if— the mineral is sold or disposed of to, or used by, a relevant entity for the holder and the relevant entity is involved in the marketing or reselling of the mineral or in the production of a commodity using the mineral; or The holder mines coal and the coal is sold to a related body corporate for the holder, which sells the coal to another person in an arms-length transaction. The holder mines coal and the coal is used by a related body corporate for the holder to produce electricity in a power station. the mineral is sold or disposed of to, or used by, a person and the holder receives a non-financial benefit from the sale, disposal or use (whether or not the holder also receives a financial benefit from the sale, disposal or use). The holder sells coal to another person for a price but also receives goods from the other person in return for the coal.