Foreign Investment Reform (Protecting Australia's National Security) Regulations 2020 (F2020L01568)

Schedule 6   Technical amendments

Foreign Acquisitions and Takeovers Regulation 2015

7   At the end of Division 2 of Part 3

Add:

27A Revenue streams from mining or production tenements

(1) The Act does not apply in relation to an interest in Australian land if:

(a) the Australian land is a mining or production tenement; and

(b) the interest is a right to have profits or income that will or may be derived from the use of, or dealings in, the tenement paid to, or applied or accumulated for the benefit of, the person holding the interest; and

(c) the interest is not a proprietary right, and does not give the person holding the interest a right to occupy the land, or to control or influence who enters or occupies the land.

(2) However, subsection (1) does not apply if:

(a) the interest is an asset of a national security business; or

(b) the interest is in respect of Australian land that is national security land.

27B Exploration tenements acquired by non-government foreign investors

The Act does not apply in relation to an interest in an exploration tenement if:

(a) the entity that holds or acquires the interest is a foreign person who is not a foreign government investor; and

(b) the exploration tenement is not in respect of Australian land that is national security land.