Section CU 29 — Income Tax Act 2007: Other definitions

CU 29 Other definitions In this Act,— associated mining operations means operations that— (a) are carried on in New Zealand in association with mining operations; and (b) consist of the accumulation, initial treatment, and transport of specified minerals, up to the stage at which the minerals— (i) are in a saleable form and in a location suitable for a person to acquire them; or (ii) are ready to be processed beyond the initial treatment or to be used in a manufacturing operation holding company , for a mining company, means a company incorporated in New Zealand that holds shares, or for which shares are held, in the mining company initial treatment , for a specified mineral,— (a) means— (i) breaking, cleaning, crushing, grading, grinding, leaching, screening, or sizing; or (ii) a treatment that is applied before concentration or, for a specified mineral not requiring concentration, that would have been applied before concentration if the specified mineral had required concentration; or (iii) concentration; and (b) does not include— (i) calcining or sintering; or (ii) the production of, or processes carried on in connection with the production of, alumina, or pellets or other agglomerated forms of iron loan , for a holding company and a mining company, means a loan by the holding company to the mining company made when the holding company is a holding company of the mining company mining holding company means a company incorporated in New Zealand that is engaged wholly or mainly in— (a) holding shares in a mining company or a petroleum mining company; or (b) investing money in a mining company or a petroleum mining company; or (c) making loans to a mining company or a petroleum mining company mining or prospecting right — (a) 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 specified mineral; and (b) includes a share or interest in any such authority, concession, easement, lease, licence, option, permit, privilege, right, or title mining prospecting information means geological, geophysical, or technical information— (a) that is about the presence, absence, extent, or volume of specified minerals in an area; or (b) that is likely to assist in determining the presence, absence, extent, or volume of specified minerals in an area mining purposes means— (a) subscribing for shares in a mining company or in a mining holding company; or (b) paying calls on shares in a mining company or in a mining holding company; or (c) making loans to a mining company to enable it— (i) to finance its mining exploration expenditure or mining development expenditure; or (ii) to carry on its mining operations or associated mining operations; or (d) making, to a mining holding company, loans that are to be used— (i) to finance a mining company’s mining exploration expenditure or mining development expenditure; or (ii) to finance a mining company’s mining operations or associated mining operations mining share means a share in a mining company or a mining holding company non-resident mining operator means a person who— (a) is not resident in New Zealand; and (b) carries on, personally and actively in the field, a mining venture prescribed period means,— (a) for an amount derived from a disposal of a mining share, the income year in which the disposal occurs and the next 6 income years; or (b) for an amount repaid for a loan made to a mining company or a mining holding company, the income year in which the amount is repaid and the next 6 income years prescribed proportion means the proportion that an amount ( amount A ) bears to another amount ( amount B ), when— (a) amount A is the amount owing on all loans made by a holding company to a mining company; and (b) amount B is the amount owing on all loans by all holding companies to the mining company reinvestment profit means an amount that— (a) is excluded income of a company under any of sections CX 44 to CX 46 (which relate to mineral mining) or under a corresponding provision of an earlier Act; and (b) has not ceased to be reinvestment profit under section CU 15(7) . Defined in this Act: amount , associated mining operations , company , excluded income , holding company , income year , initial treatment , lease , loan , mining company , mining development expenditure , mining exploration expenditure , mining holding company , mining operations , mining share , mining venture , New Zealand , pay , petroleum mining company , resident in New Zealand , share , specified mineral , Compare: 2004 No 35 s CU 29