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PART III.
Leasing of State Mines and Minerals.
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Leases by the Minister.
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11.—(1) If in the opinion of the Minister it is in the public interest that any State mines and minerals or any exclusive State mining right should be granted by way of lease to any person, the Minister may, under and in accordance with this Part of this Act, demise such State mines and minerals or exclusive State mining right to such person by way of lease for such term not exceeding ninety-nine years as the Minister shall think proper.
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(2) A demise of any State mines and minerals or exclusive State mining right made under this section may be made by way of take note or prospecting lease for such term not exceeding two years as the Minister shall think proper and such lease may contain an option to the lessee therein to take a reversionary lease of such State mines and minerals or exclusive State mining right for such term as will together with the term created by such take note or prospecting lease not exceed ninety-nine years as the Minister shall think proper.
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(3) Every lease made under this section shall (unless the Minister and the Minister for Finance are jointly of opinion that such lease should in the public interest be made free of any payment) be made subject to the payment to the Minister of such moneys, whether by way of fine or other preliminary payment or by way of rent (including a royalty rent variable according to the price or value of the minerals gotten) or by both such ways, as the Minister and the Minister for Finance shall jointly think proper and shall agree upon with the person to whom such lease is made, and all such moneys when received by the Minister shall be paid into or disposed of for the benefit of the Exchequer by the Minister in such manner as the Minister for Finance shall direct.
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(4) Every such lease as aforesaid shall be made subject to and shall contain such covenants, conditions and agreements (other than for the renewal of the lease) as the Minister shall consider proper or desirable in the public interest or otherwise and shall agree upon with the person to whom such lease is granted.
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(5) In exercising the respective powers conferred on them by this section, and in particular in determining the terms of any demise or the payment to be made thereunder, the Minister and the Minister for Finance may take into consideration the general advantages that are likely to accrue to the State from the development of the mines and minerals to which the demise relates.
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