Often in business, particularly small business, you are not aware of what you are not aware. The value in a lawyer can often be the answers that weren’t anticipated.
On 25 May 2019, an amendment to the Mining Regulations 1981 (WA) (Mining Regulations) to reduce annual rent payable by miners of minerals found in liquid assets came into effect, with a reduction of 88%. The term “minerals dissolved in brine” refers to most minerals in liquid. The reason behind the rent reduction is that mining minerals in brine is excessively costly compared with “hard rock” mining because the miner must obtain a mining tenement over the whole of the liquid asset.
This somewhat obscure amendment shows why it is crucial for any business to consult a lawyer when, among other things, the entity is assessing a project, carrying on business, or considering sale of business assets, to know the legal basis of what might seem a simple matter.