Royalty on minerals obtained under mining licence, etc

(1) Subject to this Act, the holder of a mining licence shall, in accordance with this Act and his licence, pay to the Government a royalty in respect of minerals obtained by him in the mining area. (2) Royalty is payable pursuant to sub-section (1) – (a) at the rate fixed in, or computed in accordance with the provisions of, the mining licence or agreement provided for in section 9; or 81 (b) if no rate is so fixed or provision so made in the licence concerned, at such rate not exceeding ten per cent ad valorem for all industrial minerals and at such rate not exceeding fifteen per cent ad valorem for all other minerals as may be prescribed from time to time. (3) Provision may be made in the regulations for the payment of royalty in respect of minerals obtained in a reconnaissance area or a prospecting area.