Looks like those with the theory that NT have a 'use it or lose it' policy are bang on. I'm pretty sure its across Oz, but anyway, I came across a document by Clayton Utz Pty Ltd (lawyers I think?) explaining how it all works.
http://www.nt.gov.au/d/Minerals_Energy/Content/File/pdf/NTMineralTitlesRegulation_ClaytonUtz.pdf
It seems that once the exploration licence (EL) is granted, after 6 years holder has to surrender 50% of the land area unless they have done something with it eg apply for other permits / start mining etc.
It can be renewed, but the surrender still applies.
Thats pretty much it in simple language - ABU don't have the resources to cover their entire licence holding so rather than lose it, get someone else to explore and do the legwork then take some of the profits later on.
Win - win all around I think.
ann: abu to divest exploartion tenement, page-28
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