Mines and Minerals (Amendment) Act 2014 (No. 6 of 2014)

(a) will benefit a community of the Solomon Islands; and

(b) can be constructed by a company holding a mining lease more efficiently than by the government of the Solomon Islands." Amendment 3. The principal Act is amended in section 45 - of section <\ 5 (a) by deleting subsection (2) and substituting the following subsection - "(2) The rate of royalty payable pursuant to subsection (I) shall be - (a) in respect of gold, silver, copper, nickel, bauxite, and iron ore, three percent of the gross value of minerals removed from the site of the mine or transferred to another person if there is a disposal of the minerals to another person 5 prior to removal from the site; and (b) in respect of all other minerals, a rate prescribed by the Minister in consultation with the Minister of Finance.". (b) by deleting subsection (4) and inserting instead the following subsection - "(4) For the purposes of this section a special fund to be known as the Mining Royalty Special Fund is hereby established in accordance with section 100 of the Constitution and all royalties paid in pursuance of this section - (a) in respect of minerals other than gold, silver, copper, nickel, bauxite and iron ore shall be credited to the Fund so established and the Minister may from the Fund authorise payment, not exceeding one hundred percent to be paid to the owner of the land from or under which the minerals are obtained; and (b) in respect of gold, silver, copper, nickel, bauxite and iron ore shall be included in the Consolidated Revenue of the Government of Solomon Islands with - 6 of Solomon [slands in the capacity of a trustee receiving the royalties for the benefit of the Government of the Province in which the mining lease referred to in subsection (1) is located; and (ii) forty percent of the royalties deemed to be recei ved by the Government of Solomon [slands in the capacity of a trustee receiving the royalties for the benefit of the owners of the land to which the mining lease referred to subsection (I) applies in respect of the area covered by the renewal, together with the plan thereof;

(c) by inserting after subsection (5) the following new subsection - "(6) [n this section - "gross value" of gold and silver means the London pm price fix in United States dollars as determined by the London Bullion Market Association for refined gold and silver as at the date of the refinery receipt multiplied by the certified quantity of gold and silver as issued by the relevant refinery; and "gross value" of minerals specified in paragraph (a) of subsection (2) other than gold or silver means the market value of the minerals determined by reference to a standard specified by the Minister by way of Order.". Honiara, Solomon Islands Printed under the authority of the Solomon Islands Government Printed by Pacific Printers Limited.