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.]