32Period of renewal

32 Period of renewal S. 32(1) amended by No. 56/1995 s. 41. (1) A mining licence that has been renewed has effect for the period, not exceeding 20 years unless the Minister decides otherwise, that is specified in the notice of renewal. S. 32(1A) inserted by No. 68/2014 s. 36. (1A) A retention licence that has been renewed has effect for the period not exceeding 10 years that is specified in the notice of renewal. S. 32(2) amended by No. 86/1993 s. 14, substituted by No. 82/2000 s. 27, amended by No. 59/2010 s. 20(1). (2) In the case of an application for the first renewal of an exploration licence, the Minister may renew the exploration licence for a period of up to 5 years— (a) if he or she is satisfied that the licensee has identified minerals in the land covered by the licence and that— (i) additional time is necessary to assess the economic viability of mining those minerals; or (ii) it is not at present economically viable to mine those minerals but it may become so in the future; or (b) for any other reason. S. 32(2A) inserted by No. 59/2010 s. 20(2). (2A) In the case of an application for the second renewal of an exploration licence, the Minister may only renew the exploration licence for a period of up to 5 years. (3) The renewal of a licence takes effect on the anniversary of the registration under this Act of the initial licence. Pt 2 Div. 7 (Heading) inserted by No. 63/2006 s. 19. Division 7—Changes to licences