10 Facts you MUST KNOW Before Using Tenement Service

A mining tenement is basically a licence to explore and extract minerals from a piece of land, and the process in rather complex, involving submitting the appropriate forms to the Department of Mines and Petroleum (DMP). If you are in the mining industry, and thinking of applying for a mining tenement, here are some important points to consider.

  1. There are different types of mining tenements, and it is essential you apply for the correct category. The tenement can be in the form of a claim, a lease, or a licence, and will run for a specific period of time.
  1. There are specialist companies that offer tenement services, and if you are in Western Australia, Austwide tenement services in Perth are the ideal solution. They have a comprehensive service covering all aspects of mining and title rights.
  1. Tenement terms and conditions are constantly being updated, and failure to respond by the due date can render you with a fine, or worse.
  1. Land acquisition services are available, and the company would be constantly monitoring land availability, and can make the necessary preparations for eventual acquisition. These services would include negotiating with the current owner and also dealing with all the government departments involved.
  1. In Australia, all mining tenements are issued in accordance with the Mining Act of 1971, and regulated by the DMP. There are fines imposed for late payments or submissions, and any irregularity could jeopardise any future applications to extend the tenure.
  1. Title Management is very important. Once the title has been granted, you must maintain all statutory requirements and meet the terms of the grant conditions, in order to ensure continuity of the tenure.
  1. Reports need to be compiled and this usually takes place soon after the initial application is made, and they might include geology and environmental reports, or perhaps a mining plan. The company that is dealing with your application would be able to compile these reports, ensuring that the application process is a smooth one.
  1. Only deal withan established company that specialises in mining tenement services, and preferably one with many years of hands-on experience in the business of mining tenures.
  1. DMP policy changes occur frequently, so you really do need a company to take care of your title management, which means you will always be able to conform to the new regulations, as you will have a partnership with a specialist organisation that monitors any amendments.
  1. Fines can be imposed by the DMP for late submissions or payments, and in some cases, failure to pay within a certain time frame can result in debt recovery. You could also forfeit your mining tenure if certain requirements are not met.

A mining tenement service is essential if you wish the land and title acquisition to go ahead as planned, and with every stage of the process handled by the experts, you can be sure that your company will stay within the strict regulations.

 

Author: Chakraborty

Dr Chakrabarty is the Chief Innovation Officer of IntuiComp TeraScience. Earlier she was Assistant Professor of Delhi University, a QS ranked university in India. Before that she has held research positions in IITs and IISc. She holds 2 patents and over 20 publications in her name. Her area of research is in smart technologies, integrated devices and communications. She also has a penchant for blogging and is an editor of Business Fundas.