34Designation and issuing of ELR

34 Designation and issuing of ELR (1) The Minister may decide to designate an EL as an ELR in relation to all, or one or more parts, of the title area of the EL if satisfied: (a) about the matters mentioned in section 33(2)(a) and (b); and (b) the applicant will have the technical and financial capacity to develop and mine the mineral deposits in the title area of the ELR. (2) After making a decision under subsection (1), the Minister must issue the applicant with a mineral exploration licence in retention. (3) A mineral exploration licence in retention is a mineral title that gives the title holder: (a) the right to occupy the title area specified in the ELR; and (b) the exclusive right to conduct the activities specified in section 37; and (c) the exclusive right to apply for a mineral lease for all or part of the title area. (4) The rights of the title holder may be exercised only: (a) during the period the ELR is in force; and (b) in accordance with this Act and the conditions of the ELR. (5) The Minister may issue the ELR for a term not exceeding 5 years. Note for section 34 Part 5, Division 2 includes procedures relevant to making a decision for this section.