Mineral Resources (Sustainable Development) Act 1990

The holder of a retention licence is entitled—

to retain rights to a mineral resource in the land covered by the licence—

that is not economically viable to mine but may become economically viable to mine in the future; or

for the purpose of sustaining the operations of an existing mine; and

to explore and carry out other work to establish the economic viability of mining a mineral resource in the land covered by the licence.

To avoid doubt, the holder of a retention licence is entitled to—

apply for a mining licence in respect of the land covered by the licence; or

give consent to another person to apply for a mining licence in respect of the land covered by the licence.

A retention licence—

is current for the time specified in the licence, not exceeding 10 years from the date on which it is registered; and

may be renewed in accordance with the provisions of this Part; and

applies to the land described in the licence.

The area of the land described in a licence is the area the Minister determines as the area that may be required for the purpose of mining a mineral resource in the future.

For the purposes of section 8(1)(k) of the Personal Property Securities Act 2009 of the Commonwealth, a retention licence is declared not to be personal property.