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