Utah Admin. Code R652-21-505 - Sampling Royalty Agreement
(1) Upon
the division's approval of a Feasibility Application, the Operator shall obtain
a Sampling Royalty Agreement from the division.
(2) Except for an agreement providing for a
royalty rate for extraction of a Great Salt Lake Element or Mineral entered
into before May 3, 2023, an Applicant shall pay a minimum royalty of $5,000 per
month as the Sampling Royalty Rate.
(3) A Sampling Royalty Agreement shall
terminate upon the occurrence of any event specified in Section
R652-21-503.
(4) Any Great Salt
Lake Element or Mineral extracted or produced under a Sampling Royalty
Agreement shall be accounted for and not sold until execution of an Operations
Royalty Agreement.
(5) Any Great
Salt Lake Element or Mineral extracted or produced under a Sampling Royalty
Agreement may be utilized by third parties for testing and
evaluation.
(6) The Sampling
Royalty Rate shall be paid to the state within 30 days of the end of each
fiscal quarter.
(7) An Applicant
shall, in compliance with Subsection
73-3-8(3), file a
copy of its Sampling Royalty Agreement with the Division of Water
Rights.
(8) A Sampling Royalty
Agreement does not vest an Applicant with any rights pertaining to an
Operations Royalty Agreement.
Notes
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