317X

Effect if mineral stops being prescribed mineral or prescribed threshold increases

Current

(1)

A mining lease for a prescribed mineral stops being a prescribed mineral mining lease if the mineral stops being a prescribed mineral.

(2)

Also, a mining lease for a prescribed mineral stops being a prescribed mineral mining lease if—

(a)

the prescribed threshold for the mineral increases; and

(b)

for a mining lease that is part of a mining project—an amount of the mineral that equals or exceeds the increased prescribed threshold for the mineral has not been mined under the project in any project year for the project; and

(c)

for a mining lease that is not part of a mining project—an amount of the mineral that equals or exceeds the increased prescribed threshold for the mineral has not been mined under the lease in any lease year for the lease.

(3)

However, if the mining lease is for more than 1 prescribed mineral, the mining lease stops being a prescribed mineral mining lease only if subsection (1) or (2) applies for each prescribed mineral.

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