You will need this licence if you hold certain types of mining tenements, and you intend to postpone the development of mineral resources located within the area covered by your mining tenement.
The types of mining tenements can have a retention licence over them are:
- prospecting licences and exploration licences (applied for prior to 10 February 2006)
- mining leases.
Retention licences are a holding title for a mineral resource which has been identified but, cannot be mined or explored until a later date. As such, this licence will allow you more time in which to plan to develop the resource, and to obtain financing.