Mines and Minerals (Amendment) Act, 1999 (No. 5 of 1999).

The principal Act is amended in section 66, commas 91) and (2) by providing anew that the holder of a large-scale mining licence shall in accordance with the licence, this Act and the terms of any relevant development agreement, pay to the Republic, a royalty on the gross value of minerals produced under the licence at a specified rate. Provided that if the Minister considers that the realised price does not correspond to the price that would have been paid for the minerals if they had been sold on similar terms in a transaction, at arms length, between a willing seller and a willing buyer, a notice may be given to that effect to the Licensee; and the amount of the market value shall be determined in accordance with mechanism contained in sections ninety-seven A to ninety-seven D of the Income Tax Act.