Retention License

1. Introduction:

The Venus Mining Authority (VMA) grants Retention Licenses (RL) to holders of valid exploration licenses, allowing them to temporarily suspend exploration activities while retaining exclusive rights to the designated exploration area. This guide outlines the eligibility criteria, application process, and key requirements for obtaining a RL.

2. Eligibility:

To be eligible for a RL, an applicant must:

  • Be the legal holder of a valid exploration license issued by the VMA.

  • Demonstrate a legitimate reason for suspending exploration activities, such as securing additional funding, acquiring necessary technology, or conducting further research.

  • Maintain a clear commitment to fulfilling the obligations of the original exploration license and resuming exploration activities within the RL period.

3. Application Process:

RL applications must be submitted electronically to the VMA at applications@venusmining.space. The application process involves the following steps:

  • Reviewing this guide and relevant regulations.

  • Completing the RL application form (listed below).

  • Submitting the completed application package along with the necessary fees.

4. RL Validity and Renewal:

RLs are valid for a period of one (1) Venusian year (equivalent to approximately 0.65 Earth years) and may be renewed for one additional year upon justification and approval by the VMA.

5. Key Requirements:

  • Justification for Suspension: The application must clearly explain the reason for suspending exploration activities and the anticipated duration of the suspension.

  • Work Program Update: An updated work program outlining exploration activities planned upon resuming operations must be submitted.

  • Financial Capability: The applicant must demonstrate continued financial capability to fulfill the obligations of the exploration license and resume activities during the RL period.

6. Required Application Form:

  • Form 621: Retention License Application (Includes details regarding exploration license held, justification for suspension, updated work program, and financial capability demonstration)

7. Submission and Processing:

  • Completed RL applications, along with the required fees, should be submitted electronically to applications@venusmining.space. The VMA will review all applications thoroughly, considering the justification for suspension, the updated work program, and the applicant's continued financial viability. Applicants will be notified of the VMA's decision within a designated timeframe.

8. Important Notes:

  • Holding a RL does not exempt the license holder from any obligations outlined in the original exploration license or the Venus Mining Act and its regulations.

  • The VMA reserves the right to revoke an RL if the license holder fails to meet its obligations or provide sufficient justification for continued suspension.

9. Additional Information:

  • For further information on RLs, regulations, or the application process, please visit the VMA website or contact the VMA directly through the provided channels.