Legislation that changes the way mineral royalties are calculated in the Northern Territory passed in the Legislative Assembly.
he Legislative Assembly of the Northern Territory passed legislation that changes the way mineral royalties are calculated in the Territory.
The Mineral Royalties Bill 2024 introduces a new ad valorem royalty scheme from 1 July 2024 for the calculation, payment and administration of mineral royalties for new mines that commence from 2024.
According to the Northern Territory government, the scheme incorporates four mineral treatment categories, applying four royalty rates that balance competitiveness with other jurisdictions while also providing a fair return for its natural resources.
The four royalty rates that will apply are:
Meanwhile, the current profit-based mineral royalties scheme contained in the Mineral Royalty Act 1982 will be grandfathered for all existing mines that were in production in the 2023 calendar year.