Regulation 6(2)
The annual value of the right to win and work a relevant mineral as at the date when the order took effect shall be calculated by multiplying–
(a)the royalty rate of the unit of sale of that mineral which if it were to be the subject of a lease in the open market at that date a willing landlord and a willing tenant might be expected to agree, and
(b)the anticipated average annual sales of that mineral which if it were to be the subject of a lease in the open market at that date a willing landlord and a willing tenant might be expected to agree:
Provided that no account shall be taken of any grassum or consideration other than rentpayable in respect of the lease.