The Department of Mines, Industry Regulation and Safety (DMIRS) is reminding all tenement holders they must advise the Minister for Mines and Petroleum of any discoveries of minerals of economic significance.
|Date:||Wednesday, 09 October 2019|
Tenement holders are required to report discoveries within the following types of tenements:
- exploration licences;
- prospecting licences;
- mining leases;
- holders of a Miner’s Right
- miscellaneous licences; and
- general purpose leases.
Acting Executive Director Geological Survey and Resource Strategy Michele Spencer said the term economic interest corresponds to what the wider exploration industry would consider significant or encouraging results.
“Tenement holders should report identified minerals of economic interest before this information is made publically available, including via reporting to the ASX (Australian Securities Exchange),” she said.
Tenement holders should also note that the requirement to report minerals of economic interest is in addition to their requirements to:
- provide information in association with Mineralisation Reports, Resource Reports and other tenure applications and;
- provide data for mineral exploration reports required under Section 115A of the Mining Act.
The relevant sections of the Mining Act 1978 and Mining Regulations 1981 that govern the reporting of minerals of economic interest are listed in Table 1 of the Guidance Note on department’s website.
The department has prepared guidelines that specify the content, standards and format required in the preparation and submission of mineral exploration reports in accordance with Section 115A of the Mining Act 1978.