What is a Prospecting Right? What is a Mining Right?

A prospecting right allows the owner to perform geological investigations to determine if the area contains any minerals of economic value. These are often, but not always, awarded along with specific requirements on the geological work that must be performed within a specified period of time in order to keep the prospecting right.

A mining right typically allows the owner to perform mining operations within a demarcated area. These are normally not granted until some form of prospecting has been performed and a level of reporting has been fulfilled according to the country’s requirements. Mining rights have specific reporting requirements and generally require quarterly or annual geological reports detailing the geological work performed and depletion of the resource.