If the holder of a mining claim or an expired mining claim makes application for a further mining claim, the Minister may, instead of refunding the whole or part of the security deposited in respect of the existing or expired mining claim, retain that security or part thereof (together with any further security fixed by the Minister) as the security (in which case it shall be taken to be or to be part of the security) deposited by the applicant in respect of the further mining claim.