Western Australian Current Acts Western Australian Current Acts[s. 2]
[Heading inserted: No. 34 of 1974 s. 4; amended:
No. 19 of 2010 s. 4.]
THIS AGREEMENT made the 19th day of September, 1974 between THE HONOURABLE SIR
CHARLES WALTER MICHAEL COURT, O.B.E., M.L.A., Premier of the State of Western
Australia acting for and on behalf of the Government of the said State and its
instrumentalities (hereinafter referred to as “the State”) of the
one part and ALCOA OF AUSTRALIA (W.A.) LIMITED the name whereof was formerly
Western Aluminium No Liability and later Alcoa of Australia (W.A.) N.L., a
company duly incorporated under the Companies Statutes of the State of
Victoria and having its principal office in that State at 535 Bourke Street
Melbourne and having its registered office in the State of Western Australia
at Hope Valley Road Kwinana (hereinafter referred to as “the
Company” which term shall include its successors and permitted assigns)
of the other part.
WHEREAS the parties are the parties to and desire to amend the agreement
between them defined in section 2 of the Alumina Refinery Agreement Act
1961-1972 of the State of Western Australia (which agreement is hereinafter
referred to as “the principal agreement”).
NOW THIS AGREEMENT WITNESSETH —
1. Subject to the context the words and
expressions used in this Agreement have the same meanings respectively as they
have in and for the purposes of the principal agreement.
2. Monetary references in this Agreement and in
the principal agreement are references to Australian currency unless otherwise
specifically expressed.
3. The provisions of this Agreement shall not come
into operation unless and until a Bill to approve and ratify this Agreement is
passed by the Legislature of the said State and comes into operation as an
Act.
4. Clause 9(3) of the principal agreement is
hereby amended as follows:
(a) by substituting for paragraphs (a) and (b) the
following paragraphs —
Rate of Royalty 2
(3) (a) Subject to the provisions of this subclause royalty payable by
the Company hereunder to the Department of Mines on behalf of the State shall
be based on alumina and shall be at the rate of twenty-five (25) cents per ton
of alumina produced by the Company.
Escalation 2
(b) (i) The royalty mentioned in paragraph (a) of this subclause
shall be reviewed quarterly and shall be calculated separately for each of the
quarterly periods mentioned in subclause (14) of this Clause commencing with
and including the quarter ending the 30th September 1974 in accordance with
the following formula —
Where B = the royalty mentioned in paragraph (a) of this
subclause (expressed in cents)
M = the mean quarterly world selling price per ton
of aluminium as defined below (expressed in cents)
R = the royalty rate per ton (expressed in cents)
which will become payable in respect of alumina as a result of the application
of this formula.
For the purposes of this formula the mean quarterly world selling price per
ton of aluminium for any quarter is deemed to be the average (expressed in
cents) of the first four prices in each of the four quarters which immediately
precede that quarter as quoted in the London “Metal Bulletin” in
respect of one pound of aluminium virgin ingots under the description
“Canadian CIF all main ports excl. USA, Canada and UK” multiplied
by 2,240 and converted to Australian currency.
For the purpose of this formula the conversion rate from another currency to
Australian dollars shall be the mean between the buying and selling rate for
telegraphic transfers quoted by a trading bank acceptable to the Minister for
Mines.
(ii) The formula referred to in subparagraph (i)
of this paragraph shall be subject to review by the parties —
(I) as at the first day of July 1975;
(II) as at the first day of July 1979;
(III) as at the last day of each succeeding period
of seven years after the first day of July 1979;
(IV) if the formula becomes in operative by reason
of the London “Metal Bulletin” ceasing to publish the information
required to determine factor “M” in the said formula.
In the event of any dispute between the parties arising from any review under
this subparagraph the matter shall be referred to arbitration hereunder. ;
(b) by substituting for the words “payable
under” in line one of subparagraph (i) of paragraph (c), the passage
“of twenty-five (25) cents per ton mentioned in paragraph (a) of
”;
(c) by adding after the word “review”
in line two of subparagraph (ii) of paragraph (c), the passage “pursuant
to subparagraph (i) of this paragraph”;
and
(d) by adding after the word “royalty”
in line twenty-four of subparagraph (ii) of paragraph (c), the passage
“fixed by the State in any review pursuant to subparagraph (i) of this
paragraph”.
IN WITNESS whereof this Agreement has been
executed by or on behalf of the parties hereto the day and year first
hereinbefore mentioned.
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SIGNED by THE HONOURABLE ANDREW MENSAROS |
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CHARLES COURT |
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THE COMMON SEAL of ALCOA OF WALDO PORTER. M. C. VICKERS-WILLIS. |
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(C.S.) |
[Sixth Schedule inserted: No. 34 of 1974 s. 4.]
