9Payment of royalty

9 Payment of royalty

(1) Royalty under this Act in respect of any mineral recovered during a royalty period is payable within 1 month after the last day of that royalty period. (2) Where an amount of royalty under this Act is not paid as provided by subsection (1), there is payable to the Designated Authority by the mining licence holder an additional amount calculated at the rate of one‑third of 1% per day upon the amount of royalty from time to time remaining unpaid, to be computed from the time when the royalty became payable until it is paid. (3) An additional amount is not payable under subsection (2) in respect of any period before the expiration of: (a) if the rate of royalty payable in respect of the mineral recovered is related to the landed value of the mineral—7 days after the landed value of the mineral was agreed or determined under section 7; or (b) if the rate of royalty payable in respect of the mineral recovered is related to the quantity of the mineral—7 days after the quantity of the mineral was agreed or determined under section 8.