Section CU 24 — Income Tax Act 2007: Meaning of mining exploration expenditure

CU 24 Meaning of mining exploration expenditure Meaning (1) Mining exploration expenditure means expenditure that a mining company incurs in exploring or searching in New Zealand for a specified mineral. Inclusions (2) Mining exploration expenditure includes expenditure that the company incurs— (a) on acquiring mining prospecting information: (b) on acquiring a mining or prospecting right: (c) on geological mapping and geophysical surveys: (d) on systematic searches for areas containing specified minerals: (e) on searching by drilling in areas containing specified minerals: (f) on searching for ore containing a specified mineral within or in the vicinity of an ore body by crosscuts, drilling, drives, rises, shafts, or winzes. Exclusions (3) Mining exploration expenditure does not include— (a) mining development expenditure: (b) expenditure on operations in the course of working a mining property. Resident mining operators and non-resident mining operators (4) This definition applies to resident mining operators as if they were mining companies, and to non-resident mining operators as if they were mining companies, mining operations were mining ventures, and associated mining operations were mining ventures. Defined in this Act: associated mining operations , mining company , mining development expenditure , mining exploration expenditure , mining operations , mining or prospecting right , mining prospecting information , mining venture , New Zealand , non-resident mining operator , resident mining operator , specified mineral , Compare: 2004 No 35 s CU 24