Mineral Resources Amendment Regulation (No. 1) 2000 (Qld)

Queensland Subordinate Legislation 2000 No. 56 Mineral Resources Act 1989 MINERAL RESOURCES AMENDMENT REGULATION (No. 1) 2000 TABLE OF PROVISIONS Section Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Regulation amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 Amendment of sch 1 (Rate of royalties) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

s1 2 s4 Mineral Resources Amendment (No. 1) No. 56, 2000 ˙ Short title 1. This regulation may be cited as the Mineral Resources Amendment Regulation (No. 1) 2000 . ˙ Commencement 2. This regulation commences on 1 April 2000. ˙ Regulation amended 3. This regulation amends the Mineral Resources Regulation 1990 . ˙ Amendment of sch 1 (Rate of royalties) 4. Schedule 1, section 16— omit, insert— ‘ Phosphate ‘ 16.(1) The rate of royalty payable on phosphate rock is the higher of— (a) 80 cents for each tonne of phosphate rock; or (b) the rate worked out using the formula— R = $1 x G x P curr 32.3 $72.50 ‘ (2) In this section— “G” means the average P 2 O 5 content of the phosphate rock for the quarter. “P curr ” means the average price for the quarter, converted to Australian dollars at the relevant exchange rate, of Moroccan phosphate rock with 32.3% P 2 O 5 content. 1 “quarter” means a period of 3 months for which a royalty return for the phosphate rock must be given to the chief executive. 1 The price, in US dollars, of Moroccan phosphate rock with 32.3% P 2 O 5 content is published in the magazine called Fertilizer Week.

s4 3 s4 Mineral Resources Amendment (No. 1) No. 56, 2000 “R” means the royalty rate for each tonne rounded down to 2 decimal places. “relevant exchange rate” , for a quarter, means the average, calculated over the quarter, of the hedge settlement rate for each day of the quarter. Example of how to work out rate of royalty payable— If, for a particular quarter, the average price of Moroccan phosphate rock with 32.3% P 2 O 5 content is US$46, the relevant exchange rate is 0.65 cents and the average P 2 O 5 content of phosphate rock is 24%, then— R = $1 x 24.0 x $70.77 32.3 $72.50 = 72.53 cents Because 72.53 cents is less than 80 cents, the rate of royalty payable is 80 cents for each tonne.’. ENDNOTES 1. Made by the Governor in Council on 30 March 2000. 2. Notified in the gazette on 31 March 2000. 3. Laid before the Legislative Assembly on . . . 4. The administering agency is the Department of Mines and Energy. © State of Queensland 2000