150‑10 Continuation of pre‑mining projec150‑10 Continuation of pre‑mining project interest

150‑10 Continuation of pre‑mining project interest

(1) Each *pre‑mining project interest (a new interest) that an *entity (a new explorer) *holds just after a *pre‑mining project split is taken to be a continuation of the pre‑mining project interest (the original interest) an entity (the original explorer) held just before the split.

Note: This means, for example, that:

(a) each split interest retains the history of when the pre‑mining project interest started, and of the entities who have held the interest at various times; and
(b) a choice made, under Division 85, of the valuation approach for the pre‑mining project interest continues to have effect.

Meaning of pre‑mining project split (2) A pre‑mining project split happens if: (a) an *arrangement comes into force that has the effect of transferring, from one *entity to 2 or more other entities, the whole of a *pre‑mining project interest; or (b) an arrangement comes into force that has the effect of transferring, from one entity to one or more other entities, a part of a pre‑mining project interest; or (c) under an *Australian law, the *exploration right to which a pre‑mining project interest relates is split into 2 or more exploration rights.

Note: A new explorer may be the same entity as the original explorer, in the situations described in paragraphs (b) and (c).