You will require this licence if you intend to explore and recover minerals in an offshore area for a limited time within your exploration licence area.
This licence is an intermediate form of tenure, between exploration and mining licences. It allows the holder of an exploration licence to retain, for a strictly limited time, title to an area on which a significant mineral deposit has been identified, which is not a commercially viable proposition in the short term but has reasonable prospect for development in the longer term.
The holder can retain an area under strict conditions until market or technological developments make exploitation of the resource possible.
Please consult the Contact Officer for more information.