Mines (Aluminium Agreement) (Brown Coal Royalties) Act 2005

i Mines (Aluminium Agreement) (Brown Coal Royalties) Act 2005 Act No. 90/2005 TABLE OF PROVISIONS Section Page 1. Purpose 2 2. Commencement 2 3. New sections 11 and 12 inserted 2 11. Royalties for lignite 2 12. Transitional 3 ═══════════════ ENDNOTES 4 -- 1 of 5 -- 1 Mines (Aluminium Agreement) (Brown Coal Royalties) Act 2005 † [Assented to 29 November 2005] Preamble The State and Alcoa of Australia Pty Ltd ("Alcoa") entered into an agreement on 22 November 1961 with respect to the establishment of an industrial facility to produce aluminium products. The agreement was ratified, validated, approved and otherwise given effect to by the Mines (Aluminium Agreement) Act 1961. Among other things, the agreement— (a) identified a certain area of land as the "leased area"; and (b) gave Alcoa an exclusive right to use any coal won from the leased area; and Victoria No. 90 of 2005 -- 2 of 5 -- Act No. 90/2005 Mines (Aluminium Agreement) (Brown Coal Royalties) Act 2005 2 (c) specified the rate at which royalties were to be paid by Alcoa in respect of the coal. It is expedient to amend the Mines (Aluminium Agreement) Act 1961 to specify a new rate of royalties payable by Alcoa in respect of any lignite (otherwise known as brown coal) taken by Alcoa from the leased area. The Parliament of Victoria therefore enacts as follows: 1. Purpose The purpose of this Act is to amend the Mines (Aluminium Agreement) Act 1961 to make provision with respect to royalties for lignite. 2. Commencement This Act comes into operation on a day to be proclaimed. 3. New sections 11 and 12 inserted After section 10 of the Mines (Aluminium Agreement) Act 1961 insert— '11. Royalties for lignite (1) This section applies if the Company mines lignite in accordance with this Act and the Agreement and has effect despite anything to the contrary in this or any other Act or the Agreement. (2) The Company must pay royalties for the lignite in accordance with the prescribed rate. s. 1 See: Act No. 6829 and amending Act No. 10115. LawToday: www.dms. dpc.vic. gov.au -- 3 of 5 -- Act No. 90/2005 Mines (Aluminium Agreement) (Brown Coal Royalties) Act 2005 3 (3) For the purposes of sub-section (2), "prescribed rate" has the same meaning as it has in section 12A(3) of the Mineral Resources Development Act 1990 for the purposes of section 12A(2) of that Act. 12. Transitional The amendments made to this Act by the Mines (Aluminium Agreement) (Brown Coal Royalties) Act 2005 do not affect the rate at which royalties are payable in respect of any lignite produced before the commencement of that Act.'. ═══════════════ s. 3 -- 4 of 5 -- Act No. 90/2005 Mines (Aluminium Agreement) (Brown Coal Royalties) Act 2005 4 ENDNOTES † Minister's second reading speech— Legislative Assembly: 5 October 2005 Legislative Council: 25 October 2005 The long title for the Bill for this Act was "to amend the Mines (Aluminium Agreement) Act 1961 to make provision with respect to royalties for lignite and for other purposes." Endnotes -- 5 of 5 --