Minerals Resource Rent Tax Act 2012
70‑25 Meaning of pre‑mining project inte70‑25 Meaning of pre‑mining project interest etc.
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70‑25 Meaning of pre‑mining project interest etc.
(1) A pre‑mining project interest is an interest in an *exploration right. (2) However, if the *exploration right relates both to iron ore and to other kinds of *taxable resources, treat the *pre‑mining project interest as: (a) a pre‑mining project interest relating to iron ore; and (b) another pre‑mining project interest relating to those other kinds of taxable resources. (3) An exploration right is an authority or right (however described) under an *Australian law for a purpose (other than an incidental purpose) of *exploration or prospecting for *taxable resources in a particular area in *Australia.
Note: Examples: The following are some examples of an exploration right:
(a) a mineral development licence;
(b) a retention lease;
(c) an exploration permit.
(4) The project area for a *pre‑mining project interest is the area in *Australia covered by the *exploration right to which the pre‑mining project interest relates.