Royalty payable for mineral

(1) Subject to section 85 of the Act, the holder of a mining licence or a claim shall pay to the Government a royalty in respect of any mineral obtained in the area of such mining (2) Royalty shall be payable pursuant to paragraph (1) above at the rate of not more than– (a) five percent (5 %) of the ex-mine value of gold, silver, platinum and other precious minerals; and 24 Mines and Minerals (b) three percent (3 %) of the ex-mine value of all other minerals. (3) In this Part“ex-mine value” means the sales price in arm’s length transactions of the F.O.B. value of the mineral less transportation cost to the port of export from Belize or place of disposition in Belize; “arm’s length transaction” means a sale or transaction where– (a) the buyer and the seller in negotiating the sale have sought to promote their own best interests in accordance with fair and honest business; (b) the consideration expressed in the agreement for sale is the only consideration for the sale; and (c) the price and other terms of the sale have not been affected by, nor determined as a consequence of, any other agreement or any direct or indirect relationship (other than the relationship created by the agreement for sale between the sellers or shareholders of the seller, or a company in which the seller is a shareholder, and the buyer or shareholder of the buyer, or a company in which the buyer is a shareholder). (4) Every holder of a mining licence shall submit to the Inspector, within thirty days after the expiration of every quarterly period in a calendar year, the amount of royalty in respect of any mineral obtained or sold in the area of the mining Mines and Minerals 25 (5) Upon payment of royalty as provided by this Regulation, the Inspector shall issue a receipt certifying the amount of royalty paid. (6) In the event that the holder of the mineral licence fails to pay the royalty as provided, the Minister shall charge interest amounting to one percent per day of the amount of the royalty owing for each day that the offence continues after notice has been given.