Mineral Resources Amendment Regulation (No. 1) 2010 (Qld)

Queensland Mineral Resources Amendment Regulation (No. 1) 2010 Subordinate Legislation 2010 No. 201 made under the MineralResourcesAct1989 Contents Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Regulation amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 Amendment of s 34 (Threshold exemption for particular minerals) .................................... 2 5 Amendment of sch 4 (Royalty payable for minerals) . . . . . . . . . . 2

Mineral Resources Amendment Regulation (No. 1) 2010 [s 1] 1 Short title This regulation may be cited as the Mineral Resources Amendment Regulation (No. 1) 2010 . 2 Commencement This regulation commences on 1 October 2010. 3 Regulation amended This regulation amends the MineralResourcesRegulation 2003 . 4 Amendment of s 34 (Threshold exemption for particular minerals) (1) Section 34(1)(c)— omit. (2) Section 34(1)(d) to (f)— renumber as section 34(1)(c) to (e). 5 Amendment of sch 4 (Royalty payable for minerals) Schedule 4, part 2, section 9— omit, insert— ‘9 Iron ore ‘(1) The royalty rate for iron ore is— (a) if the average price for each tonne of iron ore is $100 or less—$1.25 for each tonne; or (b) if the average price for each tonne of iron ore is more than $100—the rate worked out using the following formula, rounded down to 2 decimal places— R = 1. 25% +  --- A ------ – - A --- 1 --- 0 --- 0 ----   1.25%  Page 2 2010 SL No. 201

Mineral Resources Amendment Regulation (No. 1) 2010 [s 5] where— R is the rate. A is the average price for each tonne of the iron ore. Note — The royalty payable for iron ore under paragraph (b) is worked out by applying the royalty rate as a percentage of the value of the iron ore sold, disposed of or used in the return period. ‘(2) In this section— average price for each tonne , of iron ore, means the average price for each tonne of the iron ore sold, disposed of or used in the return period.’. ENDNOTES 1 Made by the Governor in Council on 5 August 2010. 2 Notified in the gazette on 6 August 2010. 3 Laid before the Legislative Assembly on . . . 4 The administering agency is the Department of Employment, Economic Development and Innovation. © State of Queensland 2010 2010 SL No. 201 Page 3