| (a) |
prospected on the land to which the application relates; |
| (b) |
completed the prospecting activities and a feasibility study; |
| (c) |
established the existence of a mineral reserve which has mining potential; |
| (d) |
studied the market and found that the mining of the mineral in question would be uneconomical due to prevailing market conditions; and |
| (e) |
complied with the relevant provisions of this Act, any other relevant law and the terms and conditions stipulated in the prospecting right. |
| (2) |
A retention permit issued under subsection (1) suspends the terms and conditions of the prospecting right held in respect of the land to which the retention permit relates and if the prospecting period has not expired, the duration of the prospecting right in question runs concurrently with that of the retention permit |
| (3) |
Despite subsection (2), the conditions of the environmental authorization issued in respect of the prospecting right remains in force as if the prospecting right had not lapsed. |
[Section 32(3) substituted by section 27 of the Mineral and Petroleum Resources Development Amendment Act, 2008]
| (4) |
A retention permit is valid for the period specified in the permit, which period may not exceed three years. |
Housing Development Agency Act, 2008
