Periodic reduction in area of exploration permit
139 Periodic reduction in area of exploration permit
The area of an exploration permit must be reduced—
by 50% of the area of the permit, as stated under section 137A(d) when the permit was granted, by the day that is 5 years after the grant of the permit; and
by 50% of the area remaining after the reduction under paragraph (a) by the day that is 10 years after the grant of the permit.
The area remaining after the reduction must consist of whole sub-blocks.
Note—
See, however, section 10AAB(3) if land in the exploration permit is taken under a resumption law.
If the holder reduces the area of an exploration permit under section 140 or 177 during a period mentioned in subsection (1), the reduction under section 140 or 177 may be counted towards the reduction required under subsection (1) for the period.
Despite subsection (1), the Minister may direct the holder of an exploration permit to reduce the area of the permit by more or less than the area required under subsection (1) if the Minister considers it necessary because of—
an exceptional event affecting the permit; or
circumstances arising from the permit forming part of an exploration project.
The holder of an exploration permit must, within 3 months before the day mentioned in subsection (1), make a submission to the chief executive identifying the sub-blocks of land to which the exploration permit will apply after the reduction under subsection (1).
Note—
For other relevant provisions about making a submission, see section 386O.
If a submission made in accordance with subsection (5) proposes a reduction of the area of the exploration permit and the reduction complies with subsection (1), then on and from the date when the area is to be reduced, the exploration permit shall apply only in respect of the land specified in the submission.
If a submission that is made for the purposes of subsection (5) is not made in accordance with subsection (5) or does not comply with subsection (1), then the Minister may determine as the Minister considers reasonable that an exploration permit shall apply on and from the date of the Minister’s determination or the date when pursuant to subsection (1) the reduction should take effect, whichever is the later in respect of land specified in the Minister’s determination, and on and from that date the exploration permit shall apply only in respect of that land.
If the holder of an exploration permit fails to make a submission in accordance with subsection (5) the Minister may proceed as provided in subsection (7) or may cancel the exploration permit.
Compensation is not payable for a reduction in the area of an exploration permit under this section.
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