Term of exploration licence
61 Term of exploration licence
An exploration licence shall, subject to this Act, remain in force for a period of 5 years from and including the date on which it was granted, and shall then expire.
Notwithstanding subsection (1) the Minister may, if satisfied that a prescribed ground for extension exists, extend the term of an exploration licence —
by one period of 5 years; and
by a further period or periods of 2 years,
as to the whole or any part of the land the subject of that exploration licence on such terms and conditions as the Minister thinks fit.
An application for the extension of the term of an exploration licence under subsection (2) shall be made within the prescribed time and in the prescribed manner.
If an application for the extension of the term of an exploration licence is made under this section and the term of the licence would but for this subsection expire, the licence shall continue in force in respect of the land the subject of the application until the application is determined.
If the holder of an exploration licence transfers the licence after making an application for the extension of the term of the licence under subsection (2), the application continues in the name of the transferee of the licence as if the transferee had made it.
[Section 61 amended: No. 122 of 1982 s. 18; No. 12 of 1987 s. 4; No. 37 of 1993 s. 26; No. 58 of 1994 s. 17; No. 17 of 1999 s. 8; No. 39 of 2004 s. 14.]
This provision refers to the regulations (prescribed manner
). Made under this Act:
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