9ARoyalty payable

9A Royalty payable (1) The royalty payable under section 9 is the greater of: (a) 20% of the net value from a production unit in a royalty year, less $10 000; and (b) the percentage of the gross production revenue, from the production unit in a royalty year, that applies to the royalty year as follows: (i) 1% for the royalty payer's first royalty year that begins on or after 1 July 2019;

Part II Imposition and assessment, &c., of royalty Mineral Royalty Act 1982 26 (ii) 2% for the royalty year that follows the royalty year mentioned in subparagraph (i); (iii) 2.5% for each royalty year that follows the royalty year mentioned in subparagraph (ii). Examples for subsection (1)(b) 1 For a mine that commenced production in 2010 with a royalty year beginning every 1 July, the rate under subsection (1)(b) is 1% for the royalty year starting on 1 July 2019, 2% for the royalty year starting 1 July 2020 and 2.5% for each royalty year afterwards. 2 For a mine commencing production on 1 January 2020 with a royalty year beginning every 1 January, the rate under subsection (1)(b) is 1% for the royalty year starting on 1 January 2020, 2% for the royalty year starting 1 January 2021 and 2.5% for each royalty year afterwards. (2) The royalty payable under section 9 in a royalty year is nil if the gross production revenue from the production unit in the royalty year is $500 000 or less.