After creating mortgage, the mining right holder shall submit a letter of consent of mortgagee when applying with the competent authority for abatement, severance, combination, reduction, increase or adjustment of mineral concessions.

The competent authority shall notify the mortgagees before processing extinction registration of mining rights that were mortgaged before the amendment of this Act that took effect on Dec. 31, 2003, due to revocation, cancellation, or voluntary application for abortion of the mining right approval. The mining right shall not be exercised after the mining right holder submits an application for abortion of the mining right, or after the revocation or cancellation decision is made by the competent authority, until the mining right is auctioned off.
The mortgagees may still request court for auction of the mining right within 60 days after the receipt of notice according to the preceding Paragraph, even if the debt is not yet due; however, as abortion is made for approval of mining right due to impeding of public interest under Paragraph 2 of Article 42, no auction request shall be made.
The competent authority shall make extinction registration of the mining right under Paragraph 1 at the transfer registration due to final auction.
The mining right acquired from the auction under Paragraph 1 shall be acquired from the date of extinction of the original mining right. The validity shall be expired at the expiration of original mining right.