Terms Used In Montana Code > Title 15 > Chapter 23 > Part 8 - Metal Mines Gross Proceeds

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Contract: A legal written agreement that becomes binding when signed.
• gross value of product: means the receipts realized from the extraction and sale of metals or concentrate containing metals. See Montana Code 15-23-801
• Lien: A claim against real or personal property in satisfaction of a debt.
• Merchantable value: means the receipts of all salable metals produced or extracted in a county over a 12-month period. See Montana Code 15-23-801
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• Property: means real and personal property. See Montana Code 1-1-205
• Receipts received: means the monetary payment or refined metal received by the mining company from the metal trader, smelter, roaster, or refinery, determined by multiplying the quantity of metal received by the metal trader, smelter, roaster, or refinery by the quoted price for the metal and then subtracting the following:

  (a)basic treatment and refinery charges;

  (b)costs of transporting the mineral product from the mine or mill to the smelter or other processor, including costs of demurrage, storage, interest, and other miscellaneous costs related to transporting the mineral product;

  (c)quantity deductions;

  (d)price deductions;

  (e)interest; and

  (f)penalty metal, impurity, and moisture deductions as specified by contract between the mining company and the receiving metal trader, smelter, roaster, or refinery. See Montana Code 15-23-801

• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201