Mineral Resources Amendment Regulation (No. 4) 1996 (Qld)

Queensland Subordinate Legislation 1996 No. 110 Mineral Resources Act 1989 MINERAL RESOURCES AMENDMENT REGULATION (No. 4) 1996 TABLE OF PROVISIONS Section Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Regulation amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Amendment of s 2 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 Amendment of sch 1, s 6 (Working out royalty rates) . . . . . . . . . . . . . . . . . 2 5 Amendment of sch 1, s 8 (General concessions) . . . . . . . . . . . . . . . . . . . . . 2 6 Amendment of sch 1, s 9 (Royalty discounts) . . . . . . . . . . . . . . . . . . . . . . . 3 7 Amendment of sch 1, s 13 (Coal) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 8 Amendment of sch 1, s 19 (Other minerals) . . . . . . . . . . . . . . . . . . . . . . . . . 3

s1 2 s5 Mineral Resources Amendment (No. 4) No. 110, 1996 ˙ Short title 1. This regulation may be cited as the Mineral Resources Amendment Regulation (No. 4) 1996 . ˙ Regulation amended 2. This regulation amends the Mineral Resources Regulation 1990 . ˙ Amendment of s 2 (Definitions) 3. Section 2, definition “average LME price” — omit, insert— ‘ “average market price” , for a mineral, means the average settlement price for the mineral over a royalty period on— (a) for gold or silver—the London Bullion Market; or (b) for copper, lead or zinc—the London Metal Exchange.’. ˙ Amendment of sch 1, s 6 (Working out royalty rates) 4. Schedule 1, section 6, ‘LME’— omit, insert— ‘market’. ˙ Amendment of sch 1, s 8 (General concessions) 5. Schedule 1, section 8(1)— omit, insert— ‘ 8.(1) For each mining project, no royalty is payable on the first $30 000 of the value of mineral sold, disposed or used from the project for a royalty period.’.

s6 3 s8 Mineral Resources Amendment (No. 4) No. 110, 1996 ˙ Amendment of sch 1, s 9 (Royalty discounts) 6. Schedule 1, section 9(1), ‘( “base metal” )’— omit. ˙ Amendment of sch 1, s 13 (Coal) 7. Schedule 1, section 13, definition “value” , ‘section 52’— omit, insert— ‘section 51’. ˙ Amendment of sch 1, s 19 (Other minerals) 8. Schedule 1, section 19(2)— omit, insert— ‘ (2) The royalty rate payable on the mineral is 2% of the gross proceeds of the sale, disposal or use of the mineral for each year, after deducting $30 000 from the gross proceeds.’. ENDNOTES 1. Made by the Governor in Council on 30 May 1996. 2. Notified in the gazette on 31 May 1996. 3. Laid before the Legislative Assembly on . . . 4. The administering agency is the Department of Mines and Energy. © State of Queensland 1996