Section 94 — Mineral Enactment 1999

(1)

Subject to subsection (6) –

(a)

the holder of a prospecting licence or exploration licence shall, in respect of the land which is subject to the licence, pay holding fee;

and

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(b)

the lessee shall, in respect of the mining land which is subject to the mining lease, pay rent, annually to the Director.

(2)

The amount of holding fee or rent payable under subsection (1) in any year shall be calculated by multiplying the area of land subject to the licence or lease in that year with the respective rate of holding fee or rent prescribed as of the date such holding fee or rent is payable.

(3)

Any holding fee and rent payable under this Enactment shall be paid at such time and place and in such manner as may be prescribed.

(4)

The State Government may revise –

(a)

the rate of holding fee payable in respect of the land which is subject to a prospecting licence;

(b)

subject to subsection (5), the rate of holding fee payable in respect of the land which is subject to an exploration licence; and

(c)

the rate of rent payable in respect of mining land, and such rates shall be based on land area and be prescribed.

(5)

No rate of holding fee revised under paragraph (4)(b) shall have effect before the expiry of a period of ten years from the most recent date of revision.

(6)

The Minister may, in circumstances deemed to justify such a course of action, grant –

(a)

to the holder of a prospecting licence or exploration licence a total or partial waiver of the holding fee; and

(b)

to the lessee a total or partial waiver of the rent.

Royalty.