New South Wales Consolidated Acts

MINING ACT 1992 - SECT 26

26 Conditions of exploration licence

(1) An exploration licence is subject to such conditions as the Minister may, when granting the licence, impose.

(2) Without limiting the generality of subsection (1), conditions of the following kind may be imposed on an exploration licence:

(a) conditions requiring the holder of the licence to pay royalty to the Minister on any minerals recovered under the licence,

(b) conditions requiring the holder of the licence to give and maintain security (in such amount and form, and on or before such date, as the Minister may determine) for the fulfilment of the obligations arising under this Act in respect of the licence.

(3) Part 14 applies to royalty payable under a condition referred to in subsection (2) (a) in the same way as it applies to royalty payable on a mineral recovered under a mining lease.

(4) A condition requiring security to be given and maintained by the holder of an exploration licence (the "new exploration licence") may be expressed so as to require the security given and maintained in relation to some other exploration licence or licences, whether under this section or under section 29A, to be extended to the new exploration licence.

(5) If the Minister proposes to grant an exploration licence to a person on the condition that the person gives and maintains security, the Minister may cause a written notice to be served on the person requiring the person to lodge the security with the Minister on or before the date specified in the notice.