The
holder of a Prospecting License, other than a Prospecting License for
building materials or gemstones, may be granted a Retention License for a
period not exceeding five years and this may be renewed for a single
period of five years.
The idea
is to grant a license for a holding period when an exploration programme
and feasibility studies have identified the existence of a significant ore
body, which cannot be immediately developed as a mine because of adverse
market conditions.