29Rent on a licence

29 Rent on a licence

(1) For the purposes of section 26(4) of the Act, the prescribed time is—

Reg. 29(1)(a) substituted by S.R. No. 56/2020 reg. 4.

(a) subject to paragraph (ab), within 28 days after 30 June of each year; or

Reg. 29(1)(ab) inserted by S.R. No. 56/2020 reg. 4.

(ab) in relation to 30 June 2020, by 28 January 2021; or

(b) if the Minister has extended the period under subregulation (4) for a year, within the extended period.

(2) For the purposes of section 26(4) of the Act, the prescribed rate of rent for a licence held at 30 June in a year is—

(a) for an exploration licence—6·9 fee units per 10 graticules or part thereof of the land covered by the licence as at 30 June of that year;

(b) for a mining licence—14·3 fee units per 10 hectares or part thereof of the land covered by the licence as at 30 June of that year;

(c) for a prospecting licence—7·1 fee units;

(d) for a retention licence—2·4 fee units per 10 hectares or part thereof of the land covered by the licence as at 30 June of that year.

(3) The holder of a licence is not required to pay rent in relation to any land covered by the licence once a notice of surrender is submitted to the Minister in relation to the land.

(4) The Minister may extend the period for payment of rent if there are special circumstances preventing the payment of rent by the time prescribed under subregulation (1)(a).