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Basis for assessment of compensation in respect of minerals and ancillary rights.
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67.—(1) Where compensation for State acquired minerals is payable in respect of State acquired minerals, or compensation for mining facilities is payable in respect of ancillary rights, the following provisions shall have effect for the purpose of determining the amount of such compensation, that is to say:—
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(a) the Board shall assess such compensation on the basis of what would be fair and reasonable as the consideration for a bargain between a willing grantor and a willing grantee;
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(b) for the purpose of the foregoing paragraph, the Board shall have regard to the conditions subject to which the State acquired minerals or ancillary rights, the subject of such compensation, were held prior to being acquired by the State under the relevant minerals acquisition order or mining facilities acquisition order (as the case may be), and also to the conditions under which and the period for which they were so acquired under such orders.
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(2) Where compensation under Part VI is payable in respect of any minerals granted under an unworked minerals licence or in respect of any ancillary right granted under an ancillary rights licence, the following provisions shall have effect for the purpose of determining the amount of such compensation, that is to say:—
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(a) the Board shall assess such compensation on the basis of what would be fair and reasonable as the consideration for a bargain between a willing grantor and a willing grantee;
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(b) for the purpose of the foregoing paragraph, the Board shall have regard to the conditions subject to which such minerals or ancillary rights were held prior to being granted under such unworked minerals licence or ancillary rights licence (as the case may be) and also to the conditions (if any) under which and the period for which they were so granted.
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(3) For the purpose of the hypothetical bargain referred to in the two preceding sub-sections of this section, the grantor and grantee therein referred to shall be deemed to have had, at the time of their bargain, full notice of all such information bearing on the nature, value, extent and situation of the minerals or ancillary rights, the subject of the compensation referred to in those sub-sections, as is available for public inspection in the office of the Geological Survey, Dublin.
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