CTHRepealedAct
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.