MINERAL RESOURCES AMENDMENT REGULATION (NO. 3) 2011 No. 114 - SECT 5 5 Amendment of sch 4 (Royalty payable for minerals)

MINERAL RESOURCES AMENDMENT REGULATION (NO. 3) 2011 No. 114 - SECT 5

(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—

'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%—

where—

P is the percentage.

A is the average price for each tonne of the iron ore.'.