Western Australian Numbered Acts Western Australian Numbered Acts (1) A reference to a
farm-in agreement is to an agreement between —
(a) an
owner of a mining tenement, or a person who holds a right to exploit a mining
tenement; and
(b)
another person,
to the effect that,
after the other person expends the exploration amount specified in the
agreement —
(c) that
other person will have —
(i)
a right to acquire an interest, or an entitlement to an
interest, in the mining tenement that is specified in the agreement; or
(ii)
a right to acquire a right to exploit, or an entitlement
to a right to exploit, the mining tenement that is specified in the agreement;
and
(d) the
mining tenement, or the right to exploit the mining tenement, will be held
with the person referred to in paragraph (a).
(2) A reference to an
exploration amount in relation to a farm-in agreement means an amount to be
expended, after the agreement is made, on exploration or development of the
mining tenement carried out after the agreement is made.