6Calculation of royalties

6 Calculation of royalties

(1) For the purposes of section 12(1)(b) of the Act, royalties for any mineral, other than gold or lignite, are payable by the holder of a mining licence or the holder of a prospecting licence at the rate of 2·75 per cent of the net market value of the mineral produced under the licence.

Reg. 6(1A) inserted by S.R. No. 138/2019 reg. 5.

(1A) For the purposes of section 12(1)(b) of the Act, royalties for gold are payable by the holder of a mining licence at the rate of 2·75 per cent of the net market value of the gold produced under the licence.

Reg. 6(1B) inserted by S.R. No. 138/2019 reg. 5.

(1B) Despite subregulation (1A), no royalties for gold are payable in respect of the first 2500 ounces of gold produced under a mining licence during—

(a) the period beginning on 1 January 2020 and ending on 30 June 2020; or

(b) any relevant period beginning on or after 1 July 2020.

(2) For the purposes of section 12(2) of the Act, royalties are payable at the rate of $1.43 per cubic metre for tailings resulting from work under a licence over Crown land disposed of by the holder of––

(a) a mining licence under section 14(2)(b) of the Act; or

(b) a prospecting licence under section 14B(2A) of the Act.