cent for uranium oxide and uranium-bearing copper concentrates. There's also 35c per tonne on extractive minerals sold to a third party, but this is not even indexed for inflation, so its value will diminish over the life of the agreement. " They were points he was making on ABC Adelaide 891 Tuesday when the man who negotiated the deal, former state Treasurer Kevin Foley rang in: Foley: "You don't even understand the state-based royalty system. A royalty is a tax on the quantity of the mineral taken from a mine. It's not a tax in a, as a profit-based tax. That can only be levied by the Commonwealth government. Cleary: The previous government... Foley: No that's just not true, you don't know what you are talking about. A royalty is what a state government can apply, a tax based on profit can only be applied by the Commonwealth government. Cleary: That is not the case. Foley: It is true. We don't have access to the company profitability, it is only held by the Australian Tax Office and the national government. They are the only body by which a profits-based tax can be applied, so you don't even know what you are talking about." One of them had to be wrong, either Cleary or Foley. It was Foley, the man who negotiated the Olympic Dam deal, as I outlined on Wednesday. South Australia is perfectly capable of imposing a profits-based royalty but decided not to. But listen in, to a conversation