New South Wales Consolidated Acts

MINING ACT 1992 - SECT 53

53 Tenders

(1) A tender for a mining lease:

(a) must be lodged with the Director-General in accordance with the invitation for the tender, and

(b) must be accompanied by the required particulars, and

(c) must be accompanied by the appropriate lodgment fee.

(2) The required particulars are as follows:

(a) particulars of the financial resources available to the tenderer,

(b) particulars of the technical advice available to the tenderer,

(c) particulars of the program of work proposed to be carried out by the tenderer on the land over which the mining lease is sought.

(3) A tender may specify that, in the event that the tender is successful, the tenderer will pay:

(a) a specified amount, or

(b) royalty, at a specified rate, over and above the royalty payable under Part 14, or

(c) both such an amount and royalty at such a rate,

in addition to the cash reserve price (if any) specified in the invitation for the tender.

(4) A tender may also specify:

(a) whether or not an amount referred to in subsection (3) (a) will be paid by way of instalments, and

(b) if such an amount is to be paid by way of instalments-the period (not exceeding 5 years) within which the amount will be paid.

(5) A tenderer is entitled to a refund of the fee referred to in subsection (1) (c) if a mining lease is not granted to the tenderer as a consequence of the tenderer being refused development consent to the use of the land concerned, or any part of the land, for the purpose of obtaining minerals.