How long is a mineral exploration license valid for? If it expires, can it be extended?

According to Clause 2, Article 41 of the Mineral Law regulates on the term of a Mineral Exploration License are as follows:

Mineral exploration licenses are valid for no more than 48 months and can be renewed multiple times, but the total extension period must not exceed 48 months; For each extension, organizations and individuals exploring minerals must return at least 30% of the mineral exploration area according to the issued license.

The mineral exploration term includes the time for implementing the mineral exploration project, the time for submitting for approval of mineral reserves and the time for establishing a mineral exploitation investment project; In case of transferring mineral exploration rights to another organization or individual, the exploration term is the remaining period of the previously issued Mineral Exploration License.