(1) The holder of an exploration licence is, subject to section 43(1), entitled to carry out exploration on the land covered by the licence.
(2) An exploration licence must describe the land by reference to graticular sections (whether whole or part), unless the Minister decides otherwise.
(3) An exploration licence—
S. 13(3)(a) substituted by No. 82/2000 s. 12(1).
(a) is current for the time specified in the licence (unless it is surrendered or cancelled earlier or unless this Act otherwise provides); and
(b) may be renewed in accordance with the provisions of this Part; and
(c) applies to the area, not less than 1 nor more than 500 graticular sections, specified in the licence, unless the Minister decides otherwise.
S. 13(4) inserted by No. 82/2000 s. 12(2).
(4) In issuing an exploration licence, the Minister may specify on the licence that it is to remain current for a period of up to 5 years from the date on which it is registered.
S. 13(5) inserted by No. 74/2010 s. 28(1).
(5) For the purposes of section 8(1)(k) of the Personal Property Securities Act 2009 of the Commonwealth, an exploration licence is declared not to be personal property.