Deep Sea Mining (Temporary Provisions) Act 1981

9 The Deep Sea Mining Levy

(1) Subject to the following provisions of this section, the holder of an exploitation licence shall, at the prescribed times, pay to the Secretary of State—

(a) an amount equal to 3-75 per cent, of the value of the hard mineral resources recovered in pursuance of the licence during any prescribed period ; or

(b) if the value of the hard mineral resources so recovered cannot be ascertained under paragraph (a) above, 0-75 per cent, of the value of any manganese, nickel, cobalt, copper, phosphorus or molybdenum, (" the elements") or any compound containing any of the elements, found in those hard mineral resources.

(2) The value of any hard mineral resources, element or compound shall for the purposes of subsection (1) above be determined in accordance with such rules as may be prescribed.

(3) If any hard mineral resources recovered by the licensee during any prescribed period contain less than the amount prescribed in relation to that period (by weight or proportion or otherwise) of any of the elements or any compound containing any of the elements, the licensee shall not be liable to make any payment in respect of that element or compound.

(4) A licensee may elect, in writing and at the prescribed times, in respect of any element or compound specified in the election to defer payment under subsection (1) above until the element or compound is separated from any other matter with which it was recovered or, if earlier, until he disposes of the hard mineral resources containing that element or compound.

(5) Where a licensee fails at the prescribed time to pay to the Secretary of State any amount which he is required by subsection (1) above to pay at that time, the amount due shall as from that time carry interest at the relevant rate until payment.

For the purposes of this subsection, " relevant rate " means such rate as the Secretary of State may with the consent of the Treasury prescribe.

(6) Where any payment has been deferred under subsection (4) above and becomes due, the amount due shall be calculated in accordance with subsections (1) to (3) above, and, for the purposes of subsection (5) above, that amount shall be deemed to have become due on the date when it would have been due had the election not been made.