5Rate of royalty

5 Rate of royalty

(1) Subject to the succeeding provisions of this section, the Joint Authority may, by instrument in writing, determine the rate of royalty payable in respect of a mineral of a kind specified in the instrument. (2) Without limiting the generality of subsection (1), the rates of royalty determined under that subsection may include a rate that is related to the landed value, or to the quantity, of the mineral of the relevant kind. (3) A rate of royalty determined under subsection (1) applies in relation to any mineral of the relevant kind recovered under a mining licence during the period when the rate is in force. (4) A determination under subsection (1) takes effect on the day on which a copy of the determination is published in the Gazette.