431Reduction of royalty in certain cases

431 Reduction of royalty in certain cases

431 Reduction of royalty in certain cases

(1) The Minister may determine a rate of royalty that is lower than the rate prescribed under section 430 for:

(a) a particular kind of mineral, or

(b) all minerals recovered under a particular mining licence.

(2) A determination is to be made by instrument in writing and is to specify the period for which the lower rate is to be in force.

(3) A determination 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 prescribed under section 430.

(4) A determination under this section takes effect on the day on which the instrument of determination is published in the Gazette.

(5) The Chief Commissioner is to be advised of any determination made under this section.

s 431: Am 2014 No 37, Sch 4.3 [4].