104. The term of a mining lease is twenty years.
The Minister shall renew the lease for a period of ten years, not more than three times, provided the lessee
(1) applies therefor before the sixtieth day preceding the expiry of the lease or, failing that, within sixty days preceding the expiry of the lease on payment of an additional amount prescribed by regulation;
(2) has submitted a report establishing that he has performed mining operations for at least two years in the last ten years of the lease;
(3) has paid the annual rental prescribed by regulation;
(4) has complied with this Act and the regulations throughout the previous term of the lease;
(5) has complied with any other renewal requirement prescribed by regulation.
Notwithstanding the foregoing, after the third renewal of the lease, the Minister may grant an extension thereof on the conditions, for the rental and for the term he determines.