MINERALS RESOURCE RENT TAX ACT 2012 (REPEALED)

CHAPTER 2 - GENERAL LIABILITY RULES  

PART 2-2 - MINING PROJECT INTERESTS  

Division 15 - Mining project interests  

Operative provisions  

SECTION 15-15   MEANING OF PRODUCTION RIGHT  

15-15(1)    
A production right is:

(a) an authority or right (however described) under an * Australian law to extract a * taxable resource from a particular area in * Australia ; or

(b) if an authority or right (however described) under an Australian law is not required to extract a taxable resource from a particular area - an interest in an area in * Australia that allows a person to extract a taxable resource from the area.

Examples:

The following are some examples of production rights:

(a) a mining lease;

(b) a mining lease subject to environmental approval;

(c) a mining licence.

15-15(2)    
However, an * exploration right is not a production right .

Note:

An exploration right may give rise to a pre-mining project interest: see section 70-25 .