Mineral Resources Amendment Regulation (No. 3) 2011 (Qld)

Queensland Mineral Resources Amendment Regulation (No. 3) 2011 Subordinate Legislation 2011 No. 114 made under the MineralResourcesAct1989 Contents Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Regulation amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 Insertion of new s 89A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 89A Royalty payable for return period starting before but ending after 1 January 2011. . . . . . . . . . . . . . . . . . . . 2 5 Amendment of sch 4 (Royalty payable for minerals) . . . . . . . . . . 3

Mineral Resources Amendment Regulation (No. 3) 2011 [s 1] 1 Short title This regulation may be cited as the Mineral Resources Amendment Regulation (No. 3) 2011 . 2 Commencement Section 5 commences on 1 July 2011. 3 Regulation amended This regulation amends the MineralResourcesRegulation2003. 4 Insertion of new s 89A Part 13, division 2, after section 89— insert— ‘89A Royalty payable for return period starting before but ending after 1 January 2011 ‘(1) This section applies if royalty payable under the Act is payable for prescribed minerals sold, disposed of or used in a return period— (a) starting on a day (the start day ) before 1 January 2011; and (b) ending on a day ( end day ) after 1 January 2011. ‘(2) For the return period, the royalty payable under the Act by a person, for all prescribed minerals sold, disposed of or used in the return period, is the total of— (a) the royalty payable for all prescribed minerals sold, disposed of or used in the period starting on the start day and ending on 31 December 2011, which is payable at the following rate— (i) the fixed royalty rate for the prescribed mineral; (ii) if the person elected to pay royalty at the variable rate—the variable rate for the mineral; and Page 2 2011 SL No. 114

Mineral Resources Amendment Regulation (No. 3) 2011 [s 5] (b) the royalty payable for all prescribed minerals sold, disposed of or used in the period starting on 1 January 2011 and ending on the end day, which is payable at the royalty rate stated in schedule 4, part 1, section 2. ‘(3) For working out a royalty rate for subsection (2), the average market price for a prescribed mineral sold, disposed of or used in the return period is— (a) for a prescribed mineral sold, disposed of or used in the period mentioned in subsection (2)(a)—the average market price worked out as if that period were the return period; and (b) for a prescribed mineral sold, disposed of or used in the period mentioned in subsection (2)(b)—the average market price worked out as if that period were the return period. ‘(4) In this section— average market price see schedule 4, part 1, section 1, definition average market price . elected means elected under section 31A as in force before its repeal. fixed royalty rate , for a prescribed mineral, means the fixed royalty rate stated for the mineral in schedule 4, part 1 as in force immediately before 1 January 2011. variable rate , for a prescribed mineral, means the variable rate stated for the mineral in schedule 4, part 1 as in force immediately before 1 January 2011.’. 5 Amendment of sch 4 (Royalty payable for minerals) (1) Schedule 4, part 1, section 1, definition average market price , paragraph (a)— omit. (2) Schedule 4, part 1, section 1, definition average market price , paragraph (b), before ‘copper’— insert — 2011 SL No. 114 Page 3

Mineral Resources Amendment Regulation (No. 3) 2011 [s 5] ‘cobalt,’. (3) Schedule 4, part 1, section 1, definition average market price , paragraphs (b) to (d)— renumber as schedule 4, part 1, section 1, definition average market price , paragraphs (a) to (c). (4) Schedule 4, part 2, section 9(1)(b)— omit, insert— ‘(b) if the average price for each tonne of iron ore is more than $100—the following percentage of the value of the iron ore, whichever is the higher— (i) 1.25%; (ii) the amount, expressed as a percentage, worked out using the following formula, rounded down to nearest increment of 0.02%— P = 1. 25% +  -  -- A ------ – - A --- 1 --- 0 --- 0 ----   1.25%  where— P is the percentage. A is the average price for each tonne of the iron ore.’. ENDNOTES 1 Made by the Governor in Council on 23 June 2011. 2 Notified in the gazette on 24 June 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. 114