70(1)Every lessee shall pay rent, at the rate required by regulation, annually on or before the anniversary of the date of the commencement of the first term of the mining lease for the ensuing year.

70(2)Notwithstanding subsection (1), the amount of rent payable on a mining lease for coal shall be reduced by the amount of royalty paid in the preceding year but the rent payable shall not be less than fifty per cent of that required by regulation.