Rent is required to be paid within 1 month of the anniversary of the commencement of term (date of grant).
A form 5 Report on Operations - Expenditure on mining tenement is required to be lodged within 60 days of the anniversary of the commencement of term (grant date).
If minimum expenditure has not been met an application for exemption from expenditure commitment can be lodged within 60 days from the end of the period to which it relates
Exploration licences applied for or granted prior to 10 February 2006 have an initial period of 5 years and can then be extended for:
- One period of 1 or 2 years;
- One further period of 1 or 2 years; and
- In exceptional circumstances by further periods of 1 year.
Exploration licences applied for and granted after 10 February 2006 have an initial period of 5 years and can then be extended for:
- One period of 5 years; and
- Further periods of 2 years.
A retention status can be applied for at any time during the term of this exploration licence.
Find out more about extensions of term for an exploration licence.
Compulsory partial surrender provisions of Section 65 of the Mining Act 1978
- In relation to an exploration licence applied for prior to 10 February 2006 -
- The exploration licence be reduced by 50% at the end of the 3rd year of its term; and
- The exploration licence be reduced again by 50% at the end of the 4th year of its term,
- For an exploration licence applied for on or after 10 February 2006, the licence be reduced by at least 40% at the end of the 6th year of its term.
The limit of the amount of material, etc. that can be removed or extracted is 1000 tonnes. If more is required then an application for excess tonnage can be made.