Holder of prospecting licence to have priority for grant of mining leases or general purpose leases
49 Holder of prospecting licence to have priority for grant of mining leases or general purpose leases
The holder of a prospecting licence has —
subject to this Act and to any conditions to which the prospecting licence is subject; and
while the prospecting licence continues in force,
the right to apply for, and subject to section 75(9) to have granted pursuant to section 75(7), one or more mining leases or one or more general purpose leases or both in respect of any part or parts of the land the subject of the prospecting licence.
Where an application for a mining lease or a general purpose lease is made by the holder of a prospecting licence in respect of any land and the term of the prospecting licence would but for this subsection expire, that licence shall continue in force in respect to the land the subject of that application until the application for a lease is determined.
If, after an application is made under subsection (1) in respect of land the subject of a prospecting licence —
the holder of the licence transfers the licence; or
where there are 2 or more holders of the licence, a holder transfers the holder’s interest in the licence,
the application continues in the name of the transferee of the licence or interest as if the transferee were the applicant or one of the applicants, as the case requires.
For the purposes of subsection (3), where there are 2 or more transferees of the prospecting licence, each of the transferees is to be regarded as an applicant for an interest in the relevant mining lease or general purpose lease that corresponds to the interest held by that transferee in the licence.
[Section 49 inserted: No. 122 of 1982 s. 12; amended: No. 100 of 1985 s. 35; No. 21 of 1993 s. 45; No. 58 of 1994 s. 29(2); No. 52 of 1995 s. 22; No. 17 of 1999 s. 5.]
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