4[7. Periods for which prospecting licences may be granted or renewed.
(1) The period for which 5[a reconnaissance permit or prospecting licence] may be granted shall not exceed three years.
(2) A prospecting licence 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 licence is granted does not exceed five years:
Provided further that no prospecting licence granted in respect of 6[a mineral included in Part A and Part B to] the First Schedule shall be renewed except with the previous approval of the Central Government.]