The object of the Mines and Minerals Development (Amendment) Bill of 2016 is to amend the Mines and Minerals Development Act of 2015 so as to:

1. reduce the rate of mineral royalty for copper extracted from both underground and open cast mining operations to range from four to six percent depending on the prevailing prices;
2. reduce the rate of mineral royalty for other base metals to five per cent for both underground and open cast mining operations;
3. reduce the rate of mineral royalty for energy and industrial minerals to five per cent for both underground and open cast mining operations;
4. set the rate of mineral royalty for gemstones and precious metals at six percent for both underground and open cast mining operations; and
5. provide for matters connected with, or incidental to the foregoing.