N.M. Admin. Code § 3.7.2.8

Current through Register Vol. 35, No. 23, December 10, 2024

Section 3.7.2.8 - DETERMINATION OF AVERAGE PRICE

A. The copper and other mineral prices to be used to calculate the value of salable copper and other minerals for purposes of the Copper Ad Valorem Tax Act shall be the following average annual prices as published in Metals Week, or any successor publication, for each year:

(1) copper - "COMEX HG 1st position" copper price per pound cathodes;

(2) gold - "Handy and Harmon" gold price per troy ounce;

(3) silver - "Handy and Harmon" silver price per troy ounce;

(4) molybdenum sulfide concentrate - "byproduct concentrate" molybdenum price per pound;

(5) molybdic oxide - "metals week dealer oxide" molybdenum price per pound;

(6) zinc - "metals week U.S. high grade" zinc price per pound; and

(7) other minerals - as determined by the taxation and revenue department pursuant to subsequent regulation or in response to a written request from the taxpayer specifying the mineral produced and the taxable years to which the request pertains.

B. This section (3.7.2.8 NMAC) is applicable to taxable transactions on or after July 1, 1990.

N.M. Admin. Code § 3.7.2.8

7-1-90, 7/31/96; 3.7.2.8 NMAC - Rn & A, 3 NMAC 7.2.8, 12/14/00