Nature of retention lease
43 Nature of retention lease
A retention lease is a mineral tenement that is granted in
1 of the following cases:
where the applicant seeks an authorisation to carry out authorised operations to obtain information required to support an application for a mining lease where those authorised operations are not suited to being conducted under an exploration licence;
where the Minister is acting under section 37(2) after a mining proposal has been the subject of an application for a mining lease under
Part 6;
where for economic or other reasons the applicant for the lease is, in the opinion of the Minister, justified in not proceeding immediately to mine the land under a mining lease.
A retention lease—
confers an exclusive right on the tenement holder to prospect for minerals on the land comprised in the lease; and
confers on the tenement holder such other rights to conduct authorised operations in respect of the land comprised in the lease as may be specified in the lease; and
confers on the tenement holder an exclusive right to apply for a mining lease in respect of the land comprised in the lease.
A retention lease is subject to—
such terms and conditions as may be prescribed; and
such additional terms and conditions (if any) as the Minister thinks fit and specifies in the lease.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.