(1) This section
applies if —
(a)
there is an agreement for the transfer of a mining tenement from a person (
person A ) to another person ( person B ); and
(b) it
is a condition of the agreement for the transfer that after the transfer
person B is to grant a derivative mining right (the prospective right ) in
relation to the mining tenement to person A.
(2) In determining the
dutiable value of the agreement referred to in subsection (1)(a), the
unencumbered value of the mining tenement is to be determined, despite
section 36(1), having regard to the effect of the prospective right on the
value of the mining tenement, as if the prospective right were in force when
liability for duty on the agreement arose.
(3) If the agreement
referred to in subsection (1)(a) is duty endorsed, duty is not chargeable on
the acquisition of the prospective right on its grant by person B.
[Section 91E inserted: No. 12 of 2019 s. 34.]