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Part B: Mineral Rights - Part B-5: Development Minerals - 31. Development Minerals Exploitation Licence | 31.8 Term of licence

Refer to example provisions for mining licences. Many countries however provide shorter terms for development minerals because the areas granted are smaller than for other minerals and the rate of exploitation is faster. In addition to determining an appropriate term that accounts for the type of mineral, mining methods, and return on investment, a maximum term with the right of renewal subject to specific conditions such as performance should guarantee against sterilization, under-utilization or speculation.

31.8 Example:

Article [_]

A large scale development mineral exploitation licence shall be for a period determined by [Regulating Authority] upon review of the approved feasibility study report and the development impact plan and shall not exceed [_] years.

Annotation

This example allows the Regulating entity to determine the appropriate term suitable for the development of the mineral, but such term shall not exceed a stipulated term that is reasonably sufficient for profitable exploitation of the mineral.