Voluntary reduction in area of exploration permit
140 Voluntary reduction in area of exploration permit
In addition to the requirement under section 139 to reduce the area of an exploration permit, the holder of the permit may, at any time during its term, make a submission to the chief executive—
voluntarily reducing the area of the permit; and
identifying the sub-blocks of land to which the holder no longer wants the permit to apply.
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.
The Minister may approve the reduction, with or without conditions, or refuse the reduction.
If the Minister approves the reduction, the Minister must give the holder a written notice stating—
the reduction is approved; and
the date of the approval; and
if the Minister decides to approve the reduction on conditions—the conditions and reasons for the decision.
If the Minister refuses the reduction, the Minister must give the holder a written notice stating the reasons for the decision.
The reduction takes effect on the date it is approved.
Compensation is not payable for the reduction.
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