Smelter Returns definition

Smelter Returns for a Calendar Quarter in respect of all of the Products means, for each of the Products, the average Mineral Price Quotation for the Product for a Calendar Quarter multiplied by the total number of appropriate units of measurement of the Product beneficiated by the Payor or credited by the smelter, refiner or other bona fide purchaser to the Payor during that Calendar Quarter.
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Smelter Returns shall be defined to be the gross amount received from the sale of valuable minerals after recovery of all exploration, development, and capital costs and less all taxes levied, incurred or imposed on the sale, severance or production of such minerals and less costs of extraction, mining, milling, treating, transportation to the smelter and/or refinery, smelting and refining charges and costs of sale.
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Smelter Returns means: the actual proceeds derived from any mint, mill, smelter, refinery or purchaser for the sale of ores, metals or concentrates produced from the Property and sold, after deducting from such proceeds the following charges to the extent that they were not deducted by the purchaser in computing payment: all smelting and refining charges, penalties, cost of transportation or ores, metals or concentrates from the mining property to any mint, mill, smelter or other purchaser; marketing costs, insurance of such ores, metals or concentrates; and any export or import tax on said ores, metals or concentrates levied in Canada or by the country into which such ore, metals or concentrates are Imported if such charges or costs are deducted from the proceeds received.
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Examples of Smelter Returns in a sentence

  • Smelter Returns by the Purchaser to the Vendor shall be made semi-annually within 60 days after the end of each fiscal half year of the Purchaser and shall be accompanied by unaudited financial statements pertaining to the operations carried out by the Purchaser on the Claims.

  • Within 90 days after the end of each fiscal year of the Purchaser in which Net Smelter Returns are payable to the Vendor, the records relating to the calculation of Net Smelter Returns for such year shall be audited and any resulting adjustments in the payment of Net Smelter Returns payable to the Vendor shall be made forthwith.

  • Net Smelter Returns royalties shall be determined on a monthly basis.

  • All determinations required for calculation of Net Smelter Returns, including without limitation the amount of the metals contained in or recovered from ores, solutions, concentrates or derivatives mined or retrieved from the Property, the amount of the metals contained in or recovered from commingled ores, solutions, concentrates or derivatives shall be made in accordance with prudent engineering, metallurgical and cost accounting practices.

  • Lessee shall pay to Owner a production royalty equal to three percent (3%) of the Net Smelter Returns from the production or sale of Minerals from the Property.

  • For the purpose of determining Net Smelter Returns, all receipts and major disbursements will be calculated in U.S. dollars.

  • Upon reasonable notice and at a reasonable time, the Owner shall have the right to audit and examine the Lessee’s accounts and records relating to the calculation of the Net Smelter Returns royalty payments.

  • Without limiting the generality of the foregoing, a discrepancy of one percent in the calculation of Net Smelter Returns shall be deemed to be material.

  • Net Smelter Returns Royalties shall be paid on or before the last business day of the calendar month immediately following the last day of the calendar month in which same accrued, but in any event Owner shall be paid no less frequently than when Lessee is paid.

  • After vesting of the Property in the Optionee pursuant to the provisions of Section 6, the Optionee shall pay to the Optionor an advance Net Smelter Returns Royalty payment of $25,000 on each anniversary of the Effective Date, the first of such advance Net Smelter Returns Royalty payment to be made on the fifth anniversary of the Effective Date.