Retention Permits: Commodity Crisis
By the Mining, Minerals & Energy Team
In light of the current sinking commodity prices, holders of Prospecting Rights may wish to avail themselves of the right to apply for a Retention Permit due to the uneconomical market conditions.
Once a Retention Permit is granted, the terms and conditions of the Prospecting Right are suspended, pending the uneconomical market conditions, and the holder retains its exclusive right to apply for a Mining Right.
Retention Permits may be granted for up to a period of 3 years, and renewed once for a period not exceeding 2 years.
By Prè Prinsloo, Head of the Mining, Minerals and Energy Department
prinsloo@wylie.co.za, 082 453 8819
