Offshore Minerals Act 1998
sec.431Reduction of royalty in certain cases
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sec.431 Reduction of royalty in certain cases
The Minister may decide a rate of royalty that is lower than the rate decided under section 430 for— a particular kind of mineral; or all minerals recovered under a particular mining lease. A decision is be made by instrument in writing and specify the period for which the lower rate is to be in force. A decision may only be made under this section if the Minister is satisfied that recovery of the kind of mineral to which it applies would be uneconomic at the rate decided under section 430 . (sec.431-ssec.1) The Minister may decide a rate of royalty that is lower than the rate decided under section 430 for— a particular kind of mineral; or all minerals recovered under a particular mining lease. (sec.431-ssec.2) A decision is be made by instrument in writing and specify the period for which the lower rate is to be in force. (sec.431-ssec.3) A decision may only be made under this section if the Minister is satisfied that recovery of the kind of mineral to which it applies would be uneconomic at the rate decided under section 430 .
- (a) a particular kind of mineral; or
- (b) all minerals recovered under a particular mining lease.