Offshore Minerals (Royalty) Act 1981

Act Overview: The Offshore Minerals (Royalty) Act 1981 aims to impose a royalty on minerals other than petroleum recovered from the offshore areas of Australia.

Main Provisions:

1. Royalty: A mining licence holder must pay a royalty to the Designated Authority in respect of all minerals recovered under the licence.
2. Rate of Royalty: The Joint Authority may determine the rate of royalty payable in respect of a mineral, which may be related to the landed value or quantity of the mineral.
3. Ascertainment of Landed Value and Quantity: The landed value and quantity of minerals recovered are to be agreed between the mining licence holder and the Joint Authority, or determined by the Joint Authority if agreement cannot be reached.
4. Payment of Royalty: Royalty is payable within one month of the end of the royalty period, and interest is payable on any amount not paid on time.
5. Royalty and Penalties Debts: Royalty and penalties are debts due to the Commonwealth and are recoverable in a court of competent jurisdiction.

Amendments: The Act was amended by the Minerals (Submerged Lands) (Royalty) Amendment Act 1994, which came into operation on 25 February 1994.