In 2021, approximately 3500 exploration licences were granted across Australia. This figure is up by over 1300 from the previous year with the volume of tenements granted particularly strong in Western Australia (WA), New South Wales (NSW) and the Northern Territory (NT).
In correlation with the changes to the Mining Act 1971 (SA) applicable from 1 January 2021, the Department
for Energy and Mining (SA) has also updated the way in which expenditure commitments for Exploration Licences are determined and assessed.
The Department of Regional NSW (the Department) – Division of Mining Exploration and Geoscience has set a goal to significantly grow investment in mining and exploration in New South Wales (NSW). In line with this overarching objective, the Department has delivered a draft Exploration Package, including revised Exploration Licence and Assessment Lease renewal policies and security deposit reforms.
In line with the Department of Regional NSW – Mining Exploration and Geoscience’s (“MEG”) objective to
develop New South Wales into Australia’s premier state for exploration and mining investment, a number of key reforms to the standard licence conditions of Exploration Licences and Assessment Leases have been proposed and implemented to eliminate procedural and administrative burdens on licence holders.
What are the Rehabilitation Reforms?
The Mining Amendment (Standard Conditions of Mining Leases – Rehabilitation) Regulation 2021 (NSW) commenced on Friday, 2 July 2021 signalling the commencement of the new standards for mining rehabilitation (the “Rehabilitation Reforms”).