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Initial compensation for private minerals worked under mining licence
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92. (1) If the Minister grants a mining licence that applies to private minerals, then every right-to-compensation holder whose right relates to minerals located on or in the specified land shall be paid the greater of—
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(a) €500, and
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(b) €500 together with a prescribed amount that increases the amount in paragraph (a) to reflect any change in the consumer price index.
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(2) The Minister shall make the payment under this section within 45 days after the date of the notice from the Minister advising the right-to-compensation holder that his or her entitlement has been established or, in the case of the Mining Board determining entitlement, the date of its determination.
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(3) In this section “change in the consumer price index” means the difference between—
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(a) the All Items Consumer Price Index number last published by the Central Statistics Office before the date of the passing of this Act, and
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(b) the All Items Consumer Price Index number most recently published by the Central Statistics Office before the date on which the amount is prescribed for the purposes of subsection (1)(a),
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expressed as a percentage of the last-mentioned number.
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