Section 14-35-1-5 - Proposal or bid for mining privilege(a) A proposal or bid made in response to a request under section 4 of this chapter must offer the following:(1) A royalty on a percentage basis, based on the commodity value at the mine, pit, or quarry.(2) A bonus, or fixed fee per acre, in addition to royalty.(b) A royalty may not be less than that generally prevailing for the resource to be extracted under similar methods of mining.Pre-1995 Recodification Citation: 14-3-2-6 part.
As added by P.L. 1-1995, SEC.28.