Mineral Resources Amendment Regulation (No. 1) 2011 (Qld)

Queensland Mineral Resources Amendment Regulation (No. 1) 2011 Subordinate Legislation 2011 No. 23 made under the MineralResourcesAct1989 Contents Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Regulation amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 Amendment of s 43A (Meaning of market value mineral) . . . . . . 2 5 Amendment of s 43B (Gross value of a mineral) . . . . . . . . . . . . . 2 6 Amendment of s 43D (Minister may request application for gross value royalty decision) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 7 Amendment of s 43F (Gross value royalty decision) . . . . . . . . . . 3 8 Omission of sch 3, pts 198 and 211–214 . . . . . . . . . . . . . . . . . . . 4 9 Amendment of sch 7 (Dictionary) . . . . . . . . . . . . . . . . . . . . . . . . . 4

Mineral Resources Amendment Regulation (No. 1) 2011 [s 1] 1 Short title This regulation may be cited as the Mineral Resources Amendment Regulation (No. 1) 2011 . 2 Commencement Section 8 commences on 28 March 2011. 3 Regulation amended This regulation amends the MineralResourcesRegulation2003 . 4 Amendment of s 43A (Meaning of market value mineral ) Section 43A(1)(c), from ‘and’— omit, insert— ‘and— (i) the mineral is sold in an arms-length transaction to a person other than a relevant entity; and (ii) the holder has sold a mineral of the same kind in an arms-length transaction in the previous 2 year period to a person other than a relevant entity; or’. 5 Amendment of s 43B (Gross value of a mineral) (1) Section 43B(1)(b)(iii)— omit, insert— ‘(iii) if the mineral is a market value mineral under section 43A(1)(c) or (d)—the amount for which the mineral is sold, disregarding any cost relating to the processing of the mineral; or’. (2) Section 43B— insert— Page 2 2011 SL No. 23

Mineral Resources Amendment Regulation (No. 1) 2011 [s 6] ‘(3) If a mineral is sold and the producer of the mineral has recovered an amount in relation to the royalty payable for the mineral from the buyer, the gross value of the mineral is the total of the amount worked out under subsection (1) or (2), and the amount recovered.’. 6 Amendment of s 43D (Minister may request application for gross value royalty decision) Section 43D(3), ‘first’— omit, insert— ‘last’. 7 Amendment of s 43F (Gross value royalty decision) (1) Section 43F(4)— omit, insert — ‘(4) The gross value royalty decision may— (a) state or otherwise provide for different gross values of the mineral for different periods within the period to which the decision applies; or (b) state that the gross value of the mineral is the value worked out by using a stated method and adjusted for particular circumstances.’. (2) Section 43F(6)— omit, insert— ‘(6) The gross value royalty decision— (a) may apply only to a return period for which the applicant has not lodged a royalty return; and (b) must be made at least 10 business days before the royalty return, for the return period to which the decision applies, must be lodged.’. 2011 SL No. 23 Page 3

Mineral Resources Amendment Regulation (No. 1) 2011 [s 8] 8 Omission of sch 3, pts 198 and 211–214 Schedule 3, parts 198 and 211 to 214— omit. 9 Amendment of sch 7 (Dictionary) Schedule 7, definition variable rate — omit . ENDNOTES 1 Made by the Governor in Council on 17 March 2011. 2 Notified in the gazette on 18 March 2011. 3 Laid before the Legislative Assembly on . . . 4 The administering agency is the Department of Employment, Economic Development and Innovation. © State of Queensland 2011 Page 4 2011 SL No. 23