(1) Royalty on a publicly owned mineral is payable under this Division--
(a)
at the base rate prescribed by the regulations in respect of that mineral, and
(b) if the regulations so provide--at the additional rate prescribed by the
regulations in respect of that mineral.
(2) Royalty under this Division is
payable on a publicly owned mineral at the rate or rates applicable as at the
time the material from which it is recovered is extracted from the land.
(3)
A rate of royalty prescribed for the purposes of this Division may be
prescribed--
(a) as a percentage of the value of minerals recovered from the
land, or
(b) as an amount payable on the basis of any specified measurement
of minerals recovered from the land, or
(c) by reference to such other
matters as the Minister determines.
(4) The quantity of minerals recovered is
to be calculated (whether by volume or by weight) in the manner prescribed by
the regulations.
(5) The value of minerals recovered is to be calculated
(whether by volume or by weight) in the manner determined by the Minister.
