Mineral Resources (Sustainable Development) (Mineral Industries) Amendment Regulations 2019 (Vic)

Mineral Resources (Sustainable Development) (Mineral Industries) Amendment Regulations 2019

S.R. No. 138/2019

TABLE OF PROVISIONS

Regulation  Page

1Objective

2Authorising provision

3Commencement

4Definitions

5Calculation of royalties

6Production and royalty return

7Transitional provision—production and royalty return for financial year ending 30 June 2020

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Endnotes

STATUTORY RULES 2019

S.R. No. 138/2019

Mineral Resources (Sustainable Development) Act 1990

Mineral Resources (Sustainable Development) (Mineral Industries) Amendment Regulations 2019

The Governor in Council makes the following Regulations:

Dated: 10 December 2019

Responsible Minister:

JACLYN SYMES
Minister for Resources

ANDREW ROBINSON

Acting Clerk of the Executive Council

1Objective

The objective of these Regulations is to amend the Mineral Resources (Sustainable Development) (Mineral Industries) Regulations 2019 to provide for the payment of royalties for gold produced under a mining licence if more than the threshold quantity of 2500 ounces of gold is produced in a financial year or other relevant period.

2Authorising provision

These Regulations are made under section 124 of the Mineral Resources (Sustainable Development) Act 1990.

3Commencement

These Regulations come into operation on 1 January 2020.

4Definitions

In regulation 4 of the Mineral Resources (Sustainable Development) (Mineral Industries) Regulations 2019[1] insert the following definition—

"relevant period means—

(a)a financial year for which royalties must be paid; or

(b)if the Minister varies the period for which royalties must be paid under regulation 5(2), the varied period;".

5Calculation of royalties

After regulation 6(1) of the Mineral Resources (Sustainable Development) (Mineral Industries) Regulations 2019 insert—

"(1A)For the purposes of section 12(1)(b) of the Act, royalties for gold are payable by the holder of a mining licence at the rate of 2·75 per cent of the net market value of the gold produced under the licence.

(1B)Despite subregulation (1A), no royalties for gold are payable in respect of the first 2500 ounces of gold produced under a mining licence during—

(a)the period beginning on 1 January 2020 and ending on 30 June 2020; or

(b)any relevant period beginning on or after 1 July 2020.".

6Production and royalty return

Regulation 8(4) of the Mineral Resources (Sustainable Development) (Mineral Industries) Regulations 2019 is revoked.

7Transitional provision—production and royalty return for financial year ending 30 June 2020

After regulation 73 of the Mineral Resources (Sustainable Development) (Mineral Industries) Regulations 2019 insert—

"74   Royalties for gold—gold produced before 1 January 2020

No royalties for gold are payable by the holder of a mining licence in respect of gold produced under the licence before 1 January 2020.".

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Endnotes

[1] Reg. 4: S.R. No. 48/2019.