Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) Except as provided by this section, this Act applies to and in relation to all production units.
(2) Subject to this section, this Act does not apply to or in relation to a production unit, or proposed production unit, which, as at the commencement of the Mineral Royalty Amendment Act 1987 , was acknowledged by the Secretary to be the subject of an exemption under section 3(1) of the Mineral Royalty Act 1982 .
(3) Subject to subsection (4), in respect of the Special Mineral Lease provided for by clause 4(1) of the Agreement made between the Commonwealth of Australia and Nabalco Pty Limited, a copy of which is set out in the Schedule to the Mining (Gove Peninsula Nabalco Agreement) Act 1968 , the exemption under subsection (2) applies only to and in relation to the period of the lease up to the end of the last of the first 3 seven-yearly royalty periods referred to in paragraph (h) of clause 6 of the Special Mineral Lease as set out in that Act.
(4) A tenement holder of a production unit (including a production unit referred to in subsection (2)) may, by notice in an approved form to the Secretary before 31 August 1987, elect to have the Mineral Royalty Act 1982 apply or continue to apply to and in relation to that production unit on and from the date, being not later than 1 September 1987, specified in the notice and accepted by the Secretary and on and from that date, but subject to subsection (5), the Mineral Royalty Act 1982 shall apply, or continue to apply, accordingly.
(5) An exemption under subsection (2), and the application of the Mineral Royalty Act 1982 under subsection (4) to and in relation to a production unit referred to in subsection (2), ceases on the renewal of the mining tenement comprising in whole or in part that production unit.
(6) Where a tenement holder of a production unit referred to in subsection (2) makes an election under subsection (4), his or her liability to pay royalty to the Territory under any other law in respect of minerals obtained from land comprised in that production unit after the date that the election takes effect shall cease.
(7) An election under subsection (4) is irrevocable.
(8) Except for the purposes of the definition of eligible exploration expenditure in section 4 and of section 7, this Act does not apply to or in relation to a prescribed substance within the meaning of the Atomic Energy Act 1953 of the Commonwealth.
(10) For the purpose of calculating royalty in relation to a production unit to which the Mineral Royalty Act 1982 , or that Act as amended by the Mineral Royalty Amendment Act 1987 , applies by virtue of this section, existing assets shall be valued at the written-down value of the asset in the books of the royalty payer calculated on approved accounting principles.