Victorian Current Acts Victorian Current Acts(1) The holder of a retention licence is entitled—
(a) to retain rights to a mineral resource in the land covered by the licence—
(i) that is not economically viable to mine but may become economically viable to mine in the future; or
(ii) for the purpose of sustaining the operations of an existing mine; and
(b) to explore and carry out other work to establish the economic viability of mining a mineral resource in the land covered by the licence.
(2) To avoid doubt, the holder of a retention licence is entitled to—
(a) apply for a mining licence in respect of the land covered by the licence; or
(b) give consent to another person to apply for a mining licence in respect of the land covered by the licence.
(3) A retention licence—
(a) is current for the time specified in the licence, not exceeding 10 years from the date on which it is registered; and
S. 14C(3)(b) substituted by No. 68/2014 s. 19(1).
(b) may be renewed in accordance with the provisions of this Part; and
(c) applies to the land described in the licence.
(4) The area of the land described in a licence is the area the Minister determines as the area that may be required for the purpose of mining a mineral resource in the future.
S. 14C(5) inserted by No. 68/2014 s. 19(2).
(5) For the purposes of section 8(1)(k) of the Personal Property Securities Act 2009 of the Commonwealth, a retention licence is declared not to be personal property.
Pt 2 Div. 2 (Heading and s. 14AB) inserted by No. 63/2006 s. 8.
Division 2—Licence process
S. 14AB inserted by No. 63/2006 s. 8.