Commonwealth Consolidated Acts

OFFSHORE MINERALS ACT 1994 - SECT 132

    This Part provides for the grant of retention licences over blocks in an offshore area.

Note:   A retention licence is designed to allow an exploration licence holder to retain rights over an area if:

• the holder has identified and evaluated a significant mineral deposit in the exploration licence area; and

• mining the deposit is not commercially viable in the short term for some reason (for example, the political situation, the prevailing situation in the commodity market for particular minerals, the need to arrange finance or build up capital reserves, the need to develop new technologies or the impending development of new technologies); and

• there is a reasonable prospect of development of the deposit in the longer term.

  See section   145 for the grounds on which a retention licence may be granted.