Common Contracts
1 similar Financial Arrangements contracts
Financial arrangementsFinancial Arrangements • November 6th, 2023
Financial arrangements associated with the Ranger mine are considered amongst the most lucrative for Indigenous people of any Australian mine (Kauffman 1998: 57; O’Faircheallaigh 2003). However, complex arrangements in the ALRA concerning the management and distribution of Ranger mine royalties minimise the receipt of cash payment to individuals. The Agreement stipulated the upfront payment of $1.3 million at the commencement of mine construction in 1979 to the NLC for distribution to traditional owners pursuant to s.35(3) of the ALRA. Of this a total of $200 000 is recurrent rental money paid by the Commonwealth to the NLC for a period of 26 years from the commencement of the agreement in 1978 (Altman 1983a: 57). In addition an annual ad valorem royalty payment of 4.25 per cent is payable based on the value of ore extracted from the mine minus some transport and treatment costs. Royalty payments are made by ERA to the Commonwealth Government at the ad valorem rate of 5.5 per cent, of
