Queensland Consolidated Acts Queensland Consolidated Acts(1) The holder of an exploration permit shall, within 14 days after discovery of any mineral of commercial value in what appears to be payable quantities within the area specified in the exploration permit by any person acting under the authority of the exploration permit, report to the Minister the fact of that discovery and such other particulars as the Minister requires.
(2) The Minister may direct the holder of an exploration permit to apply for a mineral development licence or mining lease over all or part of the land specified in the exploration permit as the Minister directs in respect of any mineral discovered.
(3) If the holder of an exploration permit to whom a notice under subsection (2) is given does not apply for a mineral development licence or a mining lease as directed within the specified time, the Minister may in the Minister's discretion cancel the exploration permit.
(4) Any refund of moneys held in respect of an exploration permit that is cancelled pursuant to subsection (3) (including any security deposited) shall be at the Minister's discretion.