Commonwealth legislation

Offshore Minerals (Retention Licence Fees) Regulations

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

50 of 1994

Collection

legislative instrument

Plain English Summary

1/10 complexity

What this does: These regulations set the annual fee that mining companies must pay to keep (retain) an offshore minerals licence in Australia.

How the fee works:

The fee is calculated as $200 multiplied by the number of blocks (geographic areas) covered by the licence at the start of each year.
For example, if your licence covers 10 blocks, you pay $2,000 for that year.

Who it affects: Companies holding retention licences for offshore minerals exploration. A retention licence allows a company to maintain rights to an area without actively exploring it, giving them time to assess whether to proceed to mining.

Why it matters: It establishes the cost of holding onto exploration rights in Australian offshore waters without the financial burden being so high as to force companies to surrender licences prematurely, or so low as to encourage land-banking.

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Current sections

Direct links to the current provisions in Offshore Minerals (Retention Licence Fees) Regulations.

Offshore Minerals (Retention Licence Fees) Regulations

Statutory Rules 1994 No. 501

__________________

Offshore Minerals (Retention Licence Fees) Regulations

I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Offshore Minerals (Retention Licence Fees) Act 1994.

Dated 4 March 1994.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

D. BEDDALL

Minister for Resources

____________

Citation

These Regulations may be cited as the Offshore Minerals (Retention Licence Fees) Regulations.

Note: [NOTE: These Regulations commence on gazettal: see Acts Interpretation Act 1901, s. 48.]

Interpretation

In these Regulations, unless the contrary intention appears:

“the Act” means the Offshore Minerals (Retention Licence Fees) Act 1994.

Amount of retention licence fee

For the purposes of subsection 4 (1) of the Act, the amount of a retention licence fee for a year of the term of the licence is calculated by multiplying $200 by the number of blocks covered by the licence at the beginning of that year.

_________________________________________________

NOTE

Note: 1. Notified in the Commonwealth of Australia Gazette on 11 March 1994.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Offshore Minerals (Retention Licence Fees) Regulations

Statutory Rules 1994 No. 501

__________________

Offshore Minerals (Retention Licence Fees) Regulations

Dated 4 March 1994.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

D. BEDDALL

Minister for Resources

____________

Citation

These Regulations may be cited as the Offshore Minerals (Retention Licence Fees) Regulations.

Note: [NOTE: These Regulations commence on gazettal: see Acts Interpretation Act 1901, s. 48.]

Interpretation

In these Regulations, unless the contrary intention appears:

“the Act” means the Offshore Minerals (Retention Licence Fees) Act 1994.

Amount of retention licence fee

For the purposes of subsection 4 (1) of the Act, the amount of a retention licence fee for a year of the term of the licence is calculated by multiplying $200 by the number of blocks covered by the licence at the beginning of that year.

_________________________________________________

NOTE

Note: 1. Notified in the Commonwealth of Australia Gazette on 11 March 1994.