145Grounds for granting retention licence

145 Grounds for granting retention licence

145 Grounds for granting retention licence

(1) The Minister may provisionally grant the retention licence only if the Minister 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.