267   Compensation arising under opal prospecting licence

(1)  On the granting of an opal prospecting licence, a landholder becomes entitled to compensation for any compensable loss suffered, or likely to be suffered, by the landholder as a result of the exercise of the rights conferred by the licence.

(2)  The compensation payable under this section consists of:

(a)  such amounts as may be determined by agreement between the holder of the opal prospecting licence and any landholder (other than a landholder referred to in subsection (5)), and

(b)  such amounts as, in default of such an agreement, may be assessed by the Land and Environment Court on application made by the holder of the opal prospecting licence or any landholder (other than a landholder referred to in subsection (5)), and

(c)  such amounts as may be payable according to an order referred to in subsection (5).

(3)  Instead of assessing compensation in relation to a particular opal prospecting licence, the Land and Environment Court may assess compensation in relation to:

(a)  all opal prospecting licences within a mining division, or

(b)  any particular group of opal prospecting licences within a mining division,

      and, in that event, may assess compensation as a fixed amount per licence or as an amount per licence to be calculated at a fixed rate.

(4)  The holder of an opal prospecting licence must not exercise any right conferred by the licence unless:

(a)  the holder has served notice of the holder’s intention to exercise such rights on any person entitled to compensation under this section, and

(b)  in respect of every landholder (other than a landholder referred to in subsection (5)):

(i)  there is in place an agreement referred to in subsection (2) (a), or

(ii)  any amounts referred to in subsection (2) (a) and (b) have been paid into the Land and Environment Court or to the person entitled to them, and

(c)  the holder has paid into the Land and Environment Court an amount prescribed by or determined in accordance with the regulations.

(5)  An amount paid into court as referred to in subsection (4) (c) is to be held by the court for payment of compensation, at the order of the court, to any landholder who (whether because he or she could not then be identified, or for any other reason) could not, at the time the holder of the opal prospecting licence began to exercise any rights under the licence, establish an entitlement to compensation under this section, but who subsequently does so.

(6)  Section 274 applies to an amount paid as referred to in subsection (4) (c):

(a)  as if it were an amount assessed by the Land and Environment Court, and

(b)  as if the reference, in section 274 (2), to the expiration of 6 months were a reference to the expiration of 5 years, and

(c)  as if a reference, in section 274 (2) or (3), to the expiration of 12 months were a reference to the expiration of 5 years and 6 months.