M-13 - Mining Act

Section 240.1 Disposition versions

1982-09-15

240.1. A person whose mining rights have been revoked in accordance with section 237 or 240 is entitled, as a compensation, to a royalty equal to

(1)  3% of the market value, at the well-head, of the petroleum and natural gas and the other mineral substances associated with them, derived from land on which the mining rights have been revoked;

(2)  5% of the annual profit derived from the operation of any other mineral substance derived from land on which the mining rights have been revoked.

The profit derived from such other mineral substances is computed according to the rules established in Chapter III of the Mining Duties Act (chapter D-15).

1982, c. 27, s. 8.