291AADeferral approvals for critical minerals

291AA Deferral approvals for critical minerals

291AA Deferral approvals for critical minerals

(1) A holder of a mining lease may apply for a deferral approval.

(2) An application for a deferral approval must be lodged with the Secretary.

(3) The Minister may, on application—

(a) grant a deferral approval, or

(b) refuse to grant a deferral approval.

(4) The Minister must not grant a deferral approval unless the Minister is satisfied the application meets the eligibility criteria prescribed by the regulations.

(5) In considering whether to grant a deferral approval, the Minister may have regard to guidelines issued and made publicly available by the Minister for the purposes of this section.

(6) A deferral approval must specify a deferred time on which royalty for a specified period is payable on one or more critical minerals.

(7) However, a deferral approval must not specify a deferred time that is greater than a deferred period of time prescribed by the regulations.

(8) A deferral approval cannot apply to a mineral other than a critical mineral.

(9) A deferral approval is subject to conditions imposed by the regulations.

(10) The Minister may revoke a deferral approval in the circumstances prescribed by the regulations.

(11) No compensation is payable for the revocation of a deferral approval.

(12) The regulations may further provide for matters in connection with the revocation of a deferral approval, including the payment of royalties payable under a deferral approval on revocation.

(13) In this section—

critical mineral means a mineral prescribed by the regulations for this section.

s 291AA: Ins 2025 No 37, Sch 3[12].