145Grounds for granting retention licence

145 Grounds for granting retention licence

(1) The Joint Authority may provisionally grant the retention licence only if it is satisfied that: (a) the exploration licence holder has identified and evaluated a significant mineral deposit in the exploration licence area; and (b) there are reasonable grounds for the holder not applying immediately for a mining licence. (2) Without limiting subsection (1), reasonable grounds for not applying immediately for a mining licence include the following: (a) the need to obtain government approvals (for example, relating to environmental protection) before mining activities can commence; (b) the need to carry out further exploration or evaluation in order to establish the commercial viability of a mineral deposit found in the licence area; (c) the need to develop technologies before mining activities can commence; (d) the need to arrange finance, or to secure additional capital reserves, before mining activities can commence; (e) the existence of economic considerations (for example, the prevailing condition of the commodity market for the minerals concerned) that effectively preclude mining activities in the immediate future; (f) the existence of political considerations that effectively preclude mining activities in the immediate future.