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ST. JOHN'S, N.L. — Newfoundland and Labrador is proposing legislative changes to allow those with expiring mineral exploration licences to continue working beyond the 30-year term limit.
With a number of licences set for expiry in November 2024, the province has tabled changes to the Mineral Act to allow holders an unlimited number of one-year extensions after the 20-year mark, provided they meet annual expenditure requirements and keep exploration activities going. The amendments are meant to"avoid unanticipated negative impacts on current exploration investment decisions from when the act was last updated," the province said in a statement.Proposed changes align with other jurisdictions, where most have open-ended licence terms, the statement said.
Another proposed change would allow 30 days for holders to reinstate their cancelled or expired licences for $100 per claim and a minimum fee of $1,000 per licence. “These amendments ensure that the province can continue to regulate mineral development in a manner that is responsible, sustainable and competitive to enhance private-sector investments and job growth,” said Industry Minister Andrew Parsons.
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