Gold-Mining Industry Assistance Act 1965 (Cth)

Gold-Mining Industry Assistance

No. 34 of 1965

An Act to amend the Gold-Mining Industry Assistance Act 1954-1962.

[Assented to 2 June, 1965]

BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of” the Commonwealth of Australia, as follows:—

Short title and citation.

1.—(1.) This Act may be cited as the Gold-Mining Industry Assistance Act 1965.

(2.) The Gold-Mining Industry Assistance Act 1954-1962 is in this Act referred to as the Principal Act.

(3.) The Principal Act, as amended by this Act, may be cited as the Gold-Mining Industry Assistance Act 1954-1965.

Commencement.

2.—(1.) This Act shall come into operation on the first day of July, One thousand nine hundred and sixty-five.

(2.) The amendments made by this Act do not apply in relation to subsidy payable in respect of a year that ended before the commencement of this Act.

 

Years to which Act applies.

3. Section 6 of the Principal Act is amended by omitting the word “ten” and inserting in its stead the word “fifteen”.

Rate of subsidy.

4. Section 9 of the Principal Act is amended—

(a) by omitting from paragraph (b) of sub-section (2.) the words “Three pounds five shillings” and inserting in their stead the words “Four pounds”;

(b) by omitting from sub-section (3.) the words “Two pounds eight shillings” and inserting in their stead the words “Three pounds”; and

(c) by omitting sub-section (4.) and inserting in its stead the following sub-section:—

“(4.) In the application of the last preceding sub-section in relation to bullion produced in a year by a person who is a small producer in relation to that year by virtue of an election under section four a of this Act, the amount of Three pounds referred to in that sub-section shall be reduced by One and one-fifth pence for each ounce by which the number of ounces of fine gold referred to in that sub-section exceeds five hundred.”.

Ascertainment of cost of production.

5. Section 10 of the Principal Act is amended—

(a) by omitting sub-sections (1.) to (5.) (inclusive) and inserting in their stead the following sub-sections:—

“(1.) For the purposes of the application of sub-section (1.) of the last preceding section in relation to bullion produced in a year by a large producer from minerals obtained by him from a mining property, the cost of production, for each ounce of fine gold contained in the refined gold produced from the bullion, is the sum of the amounts determined by the Treasurer to be—

(a) the cost of mining the minerals and producing the bullion from the minerals;

(b) the cost of producing the refined gold from the bullion;

(c) the cost in respect of that year of development of the mining property; and

(d) one-half of the net cost, in respect of that year, of approved diamond drilling carried out by the producer elsewhere than on the mining property,

divided by the number of ounces of the fine gold.

 

“(2.) For the purposes of the last preceding sub-section—

(a) the Treasurer may determine which items of expenditure incurred by a producer (including expenditure incurred before the date of commencement of the Gold-Mining Industry Assistance Act 1965) shall be treated as capital expenditure and which such items shall be treated as current expenditure; and

(b) in respect of items of expenditure that the Treasurer determines shall be treated as capital expenditure, the Treasurer may determine the part (if any) of that expenditure that is to be taken into account in respect of a specified year.”; and

(b) by adding at the end thereof the following sub-section:—

“(10.) In this section—

‘approved diamond drilling’ means diamond drilling approved by the Treasurer as being diamond drilling that would, if it resulted in the discovery of gold-bearing minerals of payable grade, contribute to the continued production of gold-bearing minerals in, or in the vicinity of, an existing gold-mining area;

‘net cost’, in relation to approved diamond drilling by a producer, means the cost of the drilling, less any amount paid or payable to the producer by the Commonwealth, a State or the Administration of a Territory in respect of that drilling.”.

Reduction of subsidy where profits exceed ten per centum per annum.

6. Section 12 of the Principal Act is repealed.

Recovery rate to be maintained.

7. Section 13 of the Principal Act is repealed.

Treasurer may adjust subsidy in certain circumstances.

8. Section 14 of the Principal Act is amended by adding at the end thereof the following sub-section:—

“(3.) Where, in the opinion of the Treasurer, a mining operation by a large producer in a year, being an operation the cost of which is to be taken into account in relation to subsidy in respect of bullion produced in that year, is not conducted in accordance with good mining practice, the Treasurer may make such adjustment in the amount of that subsidy as he thinks proper in the circumstances.”.