Offshore Minerals Regulation 2020

If unused mining property is not removed in accordance with a direction given under clause 9, the Minister may cause the property to be removed and may direct that the property be sold by public auction.

Any unused mining property unsold after the public auction may be sold by private treaty.

The costs incurred by the Minister or a person acting under the direction of the Minister in removing or disposing of unused mining property under this clause are to be deducted from the proceeds of any sale under this clause.

Any balance remaining is to be paid to the holder or former holder of a licence to whom the relevant direction was given under clause 9, unless the Minister determines that it should be paid to some other person who appears to the Minister to be more entitled to the proceeds.

If the proceeds of sale are less than the amount of costs to be deducted, the proceeds are to be applied in meeting those costs in the manner directed by the Minister.