132Retention licences

132 Retention licences

132 Retention licences

This Part provides for the grant of retention licences over blocks in coastal waters.

Note—

A retention licence is designed to allow an exploration licence holder to retain rights over an area if:

• the holder has identified and evaluated a significant mineral deposit in the exploration licence area, and

• mining the deposit is not commercially viable in the short term, and

• there is a reasonable prospect of development of the deposit in the longer term.

See section 145 for the grounds on which a retention licence may be granted.