(1)

The period for which ][a mineral concession or prospecting license] [ Substituted by Act 38 of 1999, Section 9, for " a prospecting license " (w.e.f. 18.12.1999).] may be granted shall not exceed three years.

(2)

A prospecting license shall, if the State Government is satisfied that a longer period is required to enable the licensee to complete prospecting operations, be renewed for such period or periods as that Government may specify:

Provided that the total period for which a prospecting license is granted does not exceed five years:

Provided further that no prospecting license granted in respect of [a mineral included in Part A and Part B to] [ Substituted by Act 38 of 1999, Section 9, for " a mineral included in " (w.e.f. 18.12.1999).] the First Schedule shall be renewed except with the previous approval of the Central Government.