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CU 8: Meaning of listed industrial mineral
or “Definition and management of key minerals for New Zealand's industry”
You could also call this:

“Definitions of key terms for mineral mining assets and rights”

In this part of the law, you’ll learn about some important terms related to mineral mining.

A mineral mining asset can be a few different things. It can be a right to mine or look for minerals. It can also be a special permit that lets you explore, look for, or mine minerals. If you own part of one of these rights or permits, that’s also considered a mineral mining asset.

If you’re a mineral miner, a mineral mining asset can also include things you buy to help with your mining work or related activities.

It’s important to know that land itself is not considered a mineral mining asset.

The law also explains what a “mining or prospecting right” means. It’s any kind of official permission or agreement that lets you explore, search, mine, or get listed industrial minerals. This could be things like a licence, a permit, or a lease. If you own part of one of these rights, that counts too.

Remember, these definitions are used in section GB 20, which talks about arrangements involving petroleum and mineral mining.

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Next up: CU 10: Mining asset used to derive income other than income from mining

or “Outdated rule about using mining assets for non-mining income”
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Part C Income
Income from mineral mining: Definitions

CU 9Some definitions

  1. Mineral mining asset means—

  2. a mining or prospecting right:
    1. an exploration permit, a prospecting permit, or a mining permit:
      1. a share or partial interest in an asset described in paragraph (a) or (b).

        1. For the purposes of section GB 20 (Arrangements involving petroleum and mineral mining), a mineral mining asset also includes an asset that is acquired by a mineral miner for the purposes of their mining operations or associated mining operations.

        2. A mineral mining asset does not include land.

        3. For the purposes of this section, mining or prospecting right—

        4. means an authority, concession, easement, lease, licence, option, permit, privilege, right, or title relating to exploring, searching, or mining for, or carrying on an operation to recover, a listed industrial mineral; and
          1. includes a share or interest in any such authority, concession, easement, lease, licence, option, permit, privilege, right, or title.

            Notes
            • Section CU 9: replaced, on (applying for the 2014–15 and later income years), by section 14(1) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).