After regulation 11A of the Principal Regulations , the following regulations are inserted in Part 3:

11B.     Interest payable

Interest not paid by the due date is payable at twice the reference rate as published on the due date.

11C.     Records

(1)  The holder of a mineral tenement is to keep a record of the following:

(a) the quantity of minerals obtained during mining under the mineral tenement;

(b) the quantity of mineral products produced from the treatment of ores;

(c) the quantity of mineral products sold;

(d) the amount received from the sale of mineral products;

(e) details of any deductions used to determine yearly profits.

(2)  The Director may request the holder of a mineral tenement to supply –

(a) copies of all records kept under subregulation (1) ; and

(b) any other information necessary to enable the amount of royalty payable by that person to be assessed.

(3)  The Director, or any other person authorised in writing by the Director, may examine –

(a) the records kept under subregulation (1) ; and

(b) any information requested under subregulation (2)(b) .

11D.     Production and sales report

(1)  A lessee, irrespective of whether or not minerals have been produced or sold during a quarter, is to prepare a report within 30 days after the end of each quarter containing details of the production and sales of minerals for that quarter.

(2)  A licensee who has sold minerals during a quarter is to prepare a report within 30 days after the end of each quarter containing details of the production and sales of minerals for that quarter.

(3)  A report is to be in an approved form.

11E.     Royalty return

(1)  The holder of a mineral tenement required to pay royalty who has sold minerals during a quarter is to submit a royalty return to the Director within 30 days after the end of that quarter.

(2)  A royalty return is to –

(a) be in a form approved by the Minister; and

(b) contain any details, calculations or information the Minister determines are appropriate.

(3)  An approval under subregulation (2)(a) and a determination under subregulation (2)(b) may be made generally or for the purpose of a particular case.

(4)  If a mineral not specified in Schedule 1 is sold at a price less than the market price, the Minister may determine the amount of yearly profit in respect of that mineral up to an amount not exceeding the amount of yearly profit that would have been likely if the mineral had been sold at the market price.