Gross Value of Annual Output

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As a rule, the gross value of an operator's annual output for a fiscal year is equal to the total value of the mineral substances and, where applicable, the processing products derived from the operator's mining operation. If the substances and products are used by the operator in the fiscal year, their value must be established at the market price at the time of their use. Otherwise, their value must be established according to the method of valuation below that the operator used in the previous fiscal year:

  • the method that establishes the value of the substances and products at the market price at the time of their alienation by the operator in the fiscal year;
  • the method that establishes the value of the substances and products at the amount received or receivable as consideration for their alienation by the operator in the fiscal year; or
  • the method used by the operator to prepare the financial statements for the current fiscal year, provided the method is consistent with generally accepted accounting principles.

If an operator that uses one of the three above methods wishes to use a different method from the one used in the previous fiscal year, the operator must obtain our authorization.

No gain or loss resulting from a hedging or speculative transaction should be included in calculating the value of the mineral substances and, where applicable, the processing products.

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