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MINING ACT 1978 - SECT 62

MINING ACT 1978 - SECT 62

62 .         Expenditure conditions

        (1)         During the currency of an exploration licence the holder thereof shall comply with the prescribed expenditure conditions relating thereto, unless in accordance with this Act total or partial exemption therefrom is granted.

        (2)         In the case of an exploration licence that has retention status, expenditure conditions prescribed for the purposes of subsection (1) —

            (a)         are to provide for a reduction calculated in the prescribed manner of the amount of expenditure required during the year of the term of the licence in which retention status is approved; and

            (b)         are not to require expenditure during any subsequent year of the term of the licence.

        [Section 62 amended: No. 39 of 2004 s. 23.]