15‑15 Meaning of production right15‑15 Meaning of production right

#### 15‑15 Meaning of production right (1) A production right is: (a) an authority or right (however described) under an \*Australian law to extract a \*taxable resource from a particular area in \*Australia; or (b) if an authority or right (however described) under an Australian law is not required to extract a taxable resource from a particular area—an interest in an area in \*Australia that allows a person to extract a taxable resource from the area. > Note: Examples: The following are some examples of production rights: (a) a mining lease; (b) a mining lease subject to environmental approval; (c) a mining licence. (2) However, an \*exploration right is not a production right. > Note: An exploration right may give rise to a pre‑mining project interest: see section 70‑25.