DUTIES AND OBLIGATIONS OF OPERATOR. The Operator will have the sole and exclusive right and authority to manage and carry out all Mining Operations in accordance herewith and, subject to Article 9, to incur the Expenditures required for that purpose. In so doing the Operator will: (a) conduct all activities in compliance with the applicable laws and regulations governing the Project and do all things necessary to maintain the Concessions in good standing during such period; (b) comply with the provisions of all agreements or instruments of title under which the Concessions or Assets are held in good standing; (c) incur Expenditures in accordance with programs and budgets approved by the Management Committee; (d) do such acts, and pay as Expenditures such fees and rents as may be required to keep the Project in good standing; (e) conduct or perform all work, and ensure that its agent conduct and perform all work on the Project in a good and workmanlike manner to the best of its ability in accordance with best international mining practices and in compliance with all applicable laws of all governmental authorities, including without limitation, all Environmental Laws; (f) prepare and present to the Management Committee all work plans and budgets; (g) keep full and complete records of all Project exploration and development work, funding, Expenditures, expenses, revenues, mining and milling data, and other metrics together with the results of surveys, drilling, assays made, shipments and ensure that all such records and results shall be available for inspection by Xxxx; (h) provide written updates of the milling/processing activity, the derived revenue, and relevant metrics on a quarterly basis and promptly notify Xxxx of any and all material milling/processing issues that may significantly vary expected results; (i) implement the decisions of the Management Committee; (j) pay all Expenditures properly incurred promptly as and when due and advise the Management Committee if it lacks sufficient funds to carry out its responsibilities under this Agreement; (k) keep the Concessions and Assets free of all liens and Encumbrances (other than those, if any, in effect on the Operative Date, those the creation of which is permitted pursuant to this Agreement, or builder’s or mechanic’s liens) arising out of the Mining Operations and, in the event of any lien being filed as aforesaid, proceed with diligence to contest or discharge the same; (l) with the approval of the Management Committee prosecute claims and, where a defence is available, defend litigation arising out of the Mining Operations, provided that any Party may join in the prosecution or defence at its own expense; (m) perform such assessment work or make payments in lieu thereof and pay such rentals, taxes or other payments and do all such other things as may be necessary to maintain the Concessions in good standing, including, without limiting generality, staking and restaking mining claims, and applying for licenses, leases, grants, concessions, permits, patents and other rights to and interests in the Minerals; (n) maintain books of account in accordance with the Accounting Procedure, provided that the judgment of the Operator as to matters related to the accounting, for which provision is not made in the Accounting Procedure, will govern if the Operator’s accounting practices are in accordance with accounting principles generally accepted in the mining industry in the United States of America; (o) perform its duties and obligations hereunder in a sound and workmanlike manner, in accordance with sound mining and engineering practices and other practices customary in the Canadian mining industry, and in substantial compliance with all applicable federal, provincial, territorial and municipal laws, bylaws, ordinances, rules and regulations and this Agreement; (p) prepare and deliver the reports provided for in Subsections 7.5(s) and (t); (q) maintain adequate insurance coverage in accordance with normal industry standards and practice, naming the parties as insured and protecting the parties from third party claims, and shall provide satisfactory evidence of such insurance at the request of Xxxx; (r) use qualified and licensed employees, agents and independent contractors under the management and direction of the Operator of the Project and any payment for wages, benefits, any statutory withholdings or remittances, employment related matters or applicable contractual fees required to be paid to the workforce will be made by the Operator. (s) provide Xxxx with; (i) monthly reports indicating the status of all work on the Project and a summary of all results obtained or received in connection therewith, and the compilation and interpretation thereof as well as a breakdown of the Expenditures incurred in carrying out such work reconciled with budgetary progress for such time period and conclusions of drilling results; and (ii) timely reports and information and forthwith upon the occurrence of any material results or other events, notice in reasonable detail, and will provide copies of relevant data of such material results or events; (t) provide written updates of the mining activity and relevant metrics on a monthly basis; the Operator must also promptly notify Xxxx of any and all material mining issues that may significantly vary expected results; (u) provide Xxxx with weekly electronic reports that summarize the daily metrics critical or material in assessing the status of the Project at any given time. (v) pay or cause to be paid all invoices for all materials and services purchased by the Operator in connection with work on the Project; (w) produce accurate, comprehensive and complete monthly financial and accounting reports, to be delivered to Xxxx no later than the 10th business day following the end of each month; (x) permit Xxxx Mexico and Xxxx Corp. or their duly authorized agents upon reasonable prior notice to CME, to have access to the Concession Area in order to examine any work carried out by CME, or pursuant to Subsection 15.5(b), provided however that neither Xxxx Mexico, Xxxx Corp. nor their agents shall interfere or obstruct the operation of CME, its employees, agents, and contractors in the Concession Area, and further provided that Xxxx Mexico, Xxxx Corp. and their agents shall enter upon the Concession Area at their own risk; (y) indemnify Xxxx, from and against any and all claims, demands, actions, and causes of action arising out of or relating to for the Operator’s activities on the Concessions, but not Tara’s activities on the Concessions; and (z) have such additional duties and obligations as the Management Committee may from time to time determine. Xxxx, at its expense, shall have the right to review and, if required, dispute the contents of any reports as to Expenditures incurred or compliance with the terms of the approved budget by the independent accountants of Xxxx. The Operator shall provide access, upon every reasonable request, to Xxxx to all work papers of the Operator, accounting books and records and the appropriate personnel to verify the accuracy, presentation and other matters relating to the preparation of such reports.
Appears in 1 contract
DUTIES AND OBLIGATIONS OF OPERATOR. 10.1 The Operator will have the sole and exclusive right and authority to shall manage and conduct all JV Activities with the skill, diligence and care normally exercised by qualified persons in the performance of comparable work and in accordance with accepted industry methods and practices.
10.2 The Operator shall promptly carry out all Mining Operations in accordance herewith andinstructions and directions of the Committee.
10.3 Without limiting its other duties and obligations herein expressed, subject to Article 9, to incur the Expenditures required for that purpose. In so doing the Operator willshall:
(a) conduct all activities in compliance with invite competitive tenders for and inspect contracts for material or services for the applicable laws and regulations governing the Project and do all things necessary to maintain the Concessions in good standing during such periodJoint Account involving amounts of more than $100,000 for any one item;
(b) comply obtain Committee approval for the principal terms of the contracts for the Joint Account:
(i) involving amounts of at least the amounts set out below for any one item or series of related items in respect of: drilling rigs - $ 200,000 seismic - $ 100,000 technical studies - $ 100,000 supply of other goods/services - $ 100,000 , such approvals to be additional to and not in lieu of the approvals required to be obtained by the Operator pursuant to any AFE; or
(ii) where the Operator has an interest whether by way of the equity, voting power or otherwise, in the firm or company with whom the provisions of all agreements or instruments of title under which the Concessions or Assets are held in good standingOperator is proposing to contract;
(c) incur Expenditures in accordance with programs and budgets approved respect of each contract entered into by the Management Operator in the course of JV Activities (other than a contract of employment) requiring the approval of the Committee, disclose that it acts as agent for the parties and ensure that it is made a term of the contract that the obligations of each of the parties are several not joint nor joint and several, and that liability is expressed to be in proportion to their respective undivided interests;
(d) do such acts, comply with all government acts and pay as Expenditures such fees and rents regulations pertaining to the Permit; and
(e) prepare any Environmental Review Management Programme (“ERMP”) or other survey or like document as may be required pursuant to any environmental legislation or other relevant government acts.
10.4 The Operator shall keep correct Accounts and accurate Records for the Project Joint Venture. The Accounts and Records maintained by the Operator shall fully and fairly explain all material JV Activities and JV Costs and transactions effected in good standing;
(e) conduct or perform all work, the course of JV Activities. Any party not being the Operator may not more than once in any calendar year and ensure that its agent conduct and perform all work on the Project reasonable notice in a good and workmanlike manner writing to the best of its ability in accordance with best international mining practices and in compliance with all applicable laws of all governmental authoritiesOperator, including without limitation, all Environmental Laws;
(f) prepare and present to the Management Committee all work plans and budgets;
(g) keep full and complete records of all Project exploration and development work, funding, Expenditures, expenses, revenues, mining and milling data, and other metrics together with the results of surveys, drilling, assays made, shipments and ensure that all such records and results shall be available for inspection by Xxxx;
(h) provide written updates of the milling/processing activity, the derived revenue, and relevant metrics on a quarterly basis and promptly notify Xxxx of any and all material milling/processing issues that may significantly vary expected results;
(i) implement the decisions of the Management Committee;
(j) pay all Expenditures properly incurred promptly as and when due and advise the Management Committee if it lacks sufficient funds to carry out its responsibilities under this Agreement;
(k) keep the Concessions and Assets free of all liens and Encumbrances (other than those, if any, in effect on the Operative Date, those the creation of which is permitted pursuant to this Agreement, or builder’s or mechanic’s liens) arising out of the Mining Operations and, in the event of any lien being filed as aforesaid, proceed with diligence to contest or discharge the same;
(l) with the approval of the Management Committee prosecute claims and, where a defence is available, defend litigation arising out of the Mining Operations, provided that any Party may join in the prosecution or defence conduct an audit at its own expense;
(m) perform such assessment work or make payments in lieu thereof and pay such rentals, taxes or other payments and do all such other things as may be necessary to maintain the Concessions in good standing, including, without limiting generality, staking and restaking mining claims, and applying for licenses, leases, grants, concessions, permits, patents and other rights to and interests in the Minerals;
(n) maintain books of account in accordance with the Accounting Procedure, provided that the judgment expense of the Operator as to matters related to the accounting, for which provision is not made in the Accounting Procedure, will govern if the Operator’s accounting practices are in accordance with accounting principles generally accepted in the mining industry in the United States of America;
(o) perform its duties Accounts and obligations hereunder in a sound and workmanlike manner, in accordance with sound mining and engineering practices and other practices customary in the Canadian mining industry, and in substantial compliance with all applicable federal, provincial, territorial and municipal laws, bylaws, ordinances, rules and regulations and this Agreement;
(p) prepare and deliver the reports provided for in Subsections 7.5(s) and (t);
(q) maintain adequate insurance coverage in accordance with normal industry standards and practice, naming the parties as insured and protecting the parties from third party claims, and shall provide satisfactory evidence of such insurance at the request of Xxxx;
(r) use qualified and licensed employees, agents and independent contractors under the management and direction Records of the Operator of the Project and any payment for wages, benefits, any statutory withholdings or remittances, employment related matters or applicable contractual fees required to be paid to the workforce will be made Joint Venture by the Operator.
(s) provide Xxxx with; (i) monthly reports indicating the status of all work on the Project and a summary of all results obtained or received in connection therewith, and the compilation and interpretation thereof as well as a breakdown of the Expenditures incurred in carrying out such work reconciled with budgetary progress for such time period and conclusions of drilling results; and (ii) timely reports and information and forthwith upon the occurrence of any material results or other events, notice in reasonable detail, and will provide copies of relevant data of such material results or events;
(t) provide written updates of the mining activity and relevant metrics on a monthly basis; the Operator must also promptly notify Xxxx of any and all material mining issues that may significantly vary expected results;
(u) provide Xxxx with weekly electronic reports that summarize the daily metrics critical or material in assessing the status of the Project at any given time.
(v) pay or cause to be paid all invoices for all materials and services purchased by the Operator in connection with work on the Project;
(w) produce accurate, comprehensive and complete monthly financial and accounting reports, to be delivered to Xxxx no later than the 10th business day following the end of each month;
(x) permit Xxxx Mexico and Xxxx Corp. or their duly authorized agents upon reasonable prior notice to CME, to have access to the Concession Area in order to examine any work carried out by CME, or pursuant to Subsection 15.5(b), provided however that neither Xxxx Mexico, Xxxx Corp. nor their agents shall interfere or obstruct the operation of CME, its employees, agents, and contractors in the Concession Area, and further provided that Xxxx Mexico, Xxxx Corp. and their agents shall enter upon the Concession Area at their own risk;
(y) indemnify Xxxx, from and against any and all claims, demands, actions, and causes of action arising out of or relating to for the Operator’s activities on the Concessions, but not Tara’s activities on the Concessions; and
(z) have such additional duties and obligations as the Management Committee may from time to time determine. Xxxx, at its expense, shall have the right to review and, if required, dispute the contents of any reports as to Expenditures incurred or compliance with the terms of the approved budget by the independent accountants of Xxxxregistered company auditor. The Operator shall provide access, upon every reasonable request, make available to Xxxx to all work papers the auditor the Accounts and Records of the Operator, accounting books and records Joint Venture for the purposes of the audit.
10.5 The Operator and the appropriate personnel to verify other parties shall adopt the accuracy, presentation and other matters relating Accounting Procedure in relation to the preparation keeping of such reportsall Accounts and Records.
10.6 The Operator shall comply with all laws and lawful regulations applicable to any JV Activities carried out.
Appears in 1 contract
DUTIES AND OBLIGATIONS OF OPERATOR. The Operator will have the sole and exclusive right and authority to manage and carry out all Mining Operations in accordance herewith and, subject to Article 9, and to incur the Expenditures required for that purpose. In so doing the Operator will:
(a) conduct all activities in compliance with implement the applicable laws and regulations governing decisions of the Project and do all things necessary to maintain the Concessions in good standing during such periodBoard;
(b) comply with the provisions of all agreements or instruments of title under which the Concessions Properties or Assets are held in good standing;
(c) prepare and present to the Board all Programs;
(d) conduct Operations and incur Expenditures in accordance with programs and budgets the Programs as approved by the Management CommitteeBoard;
(de) pay all Expenditures properly incurred promptly as and when due and advise the Board if it lacks sufficient funds to carry out its responsibilities under this Agreement;
(f) do such acts, and pay as Expenditures such fees and rents as may be required to keep the Project in good standing;
(e) conduct or perform all work, and ensure that its agent conduct and perform all work on the Project in a good and workmanlike manner to the best of its ability in accordance with best international mining practices and in compliance with all applicable laws of all governmental authorities, including without limitation, all Environmental Laws;
(f) prepare and present to the Management Committee all work plans and budgets;
(g) keep full and complete records of all Project exploration and development work, funding, Expenditures, expenses, revenues, mining and milling data, and other metrics together with the results of surveys, drilling, assays made, shipments and ensure that all such records and results shall be available for inspection by Xxxx;
(h) provide written updates of the milling/processing activity, the derived revenue, and relevant metrics on a quarterly basis and promptly notify Xxxx of any and all material milling/processing issues that may significantly vary expected results;
(i) implement the decisions of the Management Committee;
(j) pay all Expenditures properly incurred promptly as and when due and advise the Management Committee if it lacks sufficient funds to carry out its responsibilities under this Agreement;
(k) keep the Concessions and Assets free of all liens and Encumbrances (other than those, if any, in effect on the Operative Date, those the creation of which is permitted pursuant to this Agreement, or builder’s or mechanic’s liens) arising out of the Mining Operations and, in the event of any lien being filed as aforesaid, proceed with diligence to contest or discharge the same;
(l) with the approval of the Management Committee prosecute claims and, where a defence is available, defend litigation arising out of the Mining Operations, provided that any Party may join in the prosecution or defence at its own expense;
(m) perform such assessment work or make payments in lieu thereof and pay such rentals, taxes or other payments and do all such other things as may be necessary to maintain the Concessions Properties in good standing, including, without limiting generality, staking and restaking mining claims, and applying for licenses, leases, grants, concessions, permits, patents and other rights to and interests in the MineralsMineral Rights;
(nh) keep the Properties and Assets free of all liens and Encumbrances (other than those, if any, in effect on the Effective Date, those the creation of which is permitted pursuant to this Agreement, or builder’s or mechanic’s liens) arising out of the Operations and, in the event of any lien being filed as aforesaid, proceed with diligence to contest or discharge the same;
(i) with the approval of the Board prosecute claims and, where a defence is available, defend litigation arising out of the Operations, provided that any Party may join in the prosecution or defence at its own expense;
(j) maintain books of account in accordance with the Accounting Procedure, provided that the judgment of the Operator as to matters related to the accounting, for which provision is not made in the Accounting Procedure, will govern if the Operator’s accounting practices are in accordance with accounting principles generally accepted in the mining industry in the United States of America;America;[need accounting review of Accounting Procedure]
(ok) perform its duties and obligations hereunder in a sound and workmanlike manner, in accordance with sound mining and engineering practices and other practices customary in the Canadian best international mining industrypractices, and in substantial compliance with all applicable federal, provincial, territorial and municipal laws, bylaws, ordinances, rules and regulations and this Agreement;
(pl) keep in electronic and paper format full and complete records of all Project exploration and development work, funding, Expenditures, expenses, revenues, mining, milling and processing data, and other metrics together with the results of surveys, drilling, assays made, shipments and ensure that all such records and results shall be available for inspection by the Non-Operator;
(m) provide weekly reports summarizing daily production data and other metrics deemed by the Board as critical or material in assessing the status of the Project at any given time, and promptly notify the Non-Operator of any and all material milling/processing issues that may significantly vary from expected results;
(n) prepare and deliver the reports provided for in Subsections 7.5(sSubsection (s) and (t)in Section 6.8;
(qo) conduct all activities in compliance with the Applicable Laws and regulations governing the Project and do all things reasonably necessary to maintain the Properties in good standing;
(p) maintain adequate insurance coverage in accordance with normal industry standards and practice, naming the parties as insured and protecting the parties from third party claims, and shall provide satisfactory evidence of such insurance at the request of Xxxxthe Non-Operator;
(rq) use qualified and licensed employees, agents and independent contractors under the management and direction of the Operator of the Project and any payment for wages, benefits, any statutory withholdings or remittances, employment related matters or applicable contractual fees required to be paid to the workforce will be made by the Operator.
(s) provide Xxxx with; (i) monthly reports indicating the status of all work on the Project and a summary of all results obtained or received in connection therewith, and the compilation and interpretation thereof as well as a breakdown of the Expenditures incurred in carrying out such work reconciled with budgetary progress for such time period and conclusions of drilling results; and (ii) timely reports and information and forthwith upon the occurrence of any material results or other events, notice in reasonable detail, and will provide copies of relevant data of such material results or events;
(t) provide written updates of the mining activity and relevant metrics on a monthly basis; the Operator must also promptly notify Xxxx of any and all material mining issues that may significantly vary expected results;
(u) provide Xxxx with weekly electronic reports that summarize the daily metrics critical or material in assessing the status of the Project at any given time.
(vr) pay or cause to be paid all invoices for all materials and services purchased by the Operator in connection with work on the Project;
(ws) produce accurate, comprehensive and complete monthly financial and accounting reports, to be delivered to Xxxx no later than the 10th business day following the end of each month;
(xt) permit Xxxx Mexico and Xxxx Corp. the Non-Operator or their its duly authorized agents upon reasonable prior notice to CME, to have access to the Concession Project Area in order to examine any work carried out by CME, or pursuant to Subsection 15.5(b)out, provided however that neither Xxxx Mexico, Xxxx Corp. the Non-Operator nor their its agents shall interfere or obstruct the operation of CMEthe Operator, its employees, agents, and contractors in the Concession Project Area, and further provided that Xxxx Mexico, Xxxx Corp. the Non-Operator and their its agents shall enter upon the Concession Project Area at their own risk;
(y) indemnify Xxxx, from and against any and all claims, demands, actions, and causes of action arising out of or relating to for the Operator’s activities on the Concessions, but not Tara’s activities on the Concessions; and
(zu) have such additional duties and obligations as the Management Committee Board may from time to time determine. Xxxx, at its expense, shall have the right to review and, if required, dispute the contents of any reports as to Expenditures incurred or compliance with the terms of the approved budget by the independent accountants of Xxxx. The Operator shall provide access, upon every reasonable request, to Xxxx to all work papers of the Operator, accounting books and records and the appropriate personnel to verify the accuracy, presentation and other matters relating to the preparation of such reports.
Appears in 1 contract
Samples: Joint Venture Shareholders Agreement (Tara Minerals Corp.)
DUTIES AND OBLIGATIONS OF OPERATOR. 10.1 The Operator will have the sole and exclusive right and authority to shall manage and conduct all JV Activities with the skill, diligence and care normally exercised by qualified persons in the performance of comparable work and in accordance with accepted industry methods and practices.
10.2 The Operator shall manage and conduct all Petroleum Operations in accordance with the Permit with the skill, diligence and care normally exercised by qualified persons in the performance of comparable work and in accordance with accepted industry methods and practices.
10.3 The Operator shall promptly carry out all Mining Operations instructions and directions of the Committee.
10.4 The Operator shall represent itself, all of its shareholders and the Joint Venture to Pertamina in accordance herewith andrespect of the Permit.
10.5 Without limiting its other duties and obligations herein expressed, subject to Article 9, to incur the Expenditures required for that purpose. In so doing the Operator willshall:
(a) conduct all activities in compliance with invite competitive tenders for and inspect contracts for material or services for the applicable laws and regulations governing the Project and do all things necessary to maintain the Concessions in good standing during such periodJoint Account involving amounts of more than $100,000 for any one item;
(b) comply obtain Committee approval for the principal terms of the contracts for the Joint Account:
(i) involving amounts of at least the amounts set out below for any one item or series of related items in respect of: drilling -$250,000 seismic -$150,000 technical studies -$50,000 supply of other goods/services -$100,000, such approvals to be additional to and not in lieu of the approvals required to be obtained by the Operator pursuant to any AFE; or
(ii) where the Operator has an interest whether by way of the equity, voting power or otherwise, in the firm or company with whom the provisions of all agreements or instruments of title under which the Concessions or Assets are held in good standingOperator is proposing to contract;
(c) incur Expenditures in accordance with programs and budgets approved respect of each contract entered into by the Management Operator in the course of JV Activities (other than a contract of employment) requiring the approval of the Committee, disclose that it acts as agent for the Parties and ensure that it is made a term of the contract that the obligations of each of the Parties are several not joint nor joint and several, and that liability is expressed to be in proportion to their respective undivided interests;
(d) do such acts, comply with all government acts and pay as Expenditures such fees and rents Pertamina regulations pertaining to the Permit; and
(e) prepare any environmental statements or plans or other survey or like document as may be required pursuant to any Indonesian environmental legislation or by Pertamina.
10.6 The Operator shall keep correct JV Accounts and accurate Records for the Project Joint Venture. The JV Accounts and Records maintained by the Operator shall fully and fairly explain all material JV Activities and JV Costs and transactions effected in good standing;the course of JV Activities.
(e) conduct or perform all work, 10.7 Any Party not being the Operator may not more than once in any calendar year and ensure that its agent conduct and perform all work on the Project reasonable notice in a good and workmanlike manner writing to the best Operator, conduct an audit at its own expense of its ability the JV Accounts and Records of the Joint Venture by a registered third party auditor. The Operator shall make available to such outside auditor the JV Accounts and Records of the Joint Venture for the purposes of the audit and provide necessary cooperation and assistance to the outside auditor.
10.8 The Operator and the other Parties shall adopt the JV Accounting Procedure in accordance with best international mining practices and in compliance with all applicable laws relation to the keeping of all governmental authoritiesJV Accounts and Records, including without limitation, all Environmental Laws;
(f) prepare notwithstanding that for the purposes of Accounts and present Records pertaining to the Management Committee all work plans and budgets;
(g) keep full and complete records of all Project exploration and development work, funding, Expenditures, expenses, revenues, mining and milling data, and other metrics together with the results of surveys, drilling, assays made, shipments and ensure that all such records and results shall be available for inspection by Xxxx;
(h) provide written updates of the milling/processing activity, the derived revenue, and relevant metrics on a quarterly basis and promptly notify Xxxx of any and all material milling/processing issues that may significantly vary expected results;
(i) implement the decisions of the Management Committee;
(j) pay all Expenditures properly incurred promptly as and when due and advise the Management Committee if it lacks sufficient funds to carry out its responsibilities under this Agreement;
(k) keep the Concessions and Assets free of all liens and Encumbrances (other than those, if any, in effect on the Operative Date, those the creation of which is permitted Petroleum Operations pursuant to this Agreement, or builderthe Permit that the Accounting Procedure Exhibit-C to the PSC shall take precedence over and above the Operator’s or mechanic’s liens) arising out of obligation to the Mining Operations and, JV Accounting Procedure in the event of any lien being filed as aforesaid, proceed conflict between the JV and PSC accounting procedures.
10.9 The Operator shall comply with diligence all laws and lawful regulations applicable to contest or discharge the same;
(l) with the approval any JV Activities carried out regardless of the Management Committee prosecute claims and, where a defence is available, defend litigation arising jurisdiction in which such are carried out including without limitation those of the Mining Operations, provided that any Party may join in the prosecution or defence at its own expense;
(m) perform such assessment work or make payments in lieu thereof and pay such rentals, taxes or other payments and do all such other things as may be necessary to maintain the Concessions in good standing, including, without limiting generality, staking and restaking mining claims, and applying for licenses, leases, grants, concessions, permits, patents and other rights to and interests in the Minerals;
(n) maintain books Republic of account in accordance with the Accounting Procedure, provided that the judgment of the Operator as to matters related to the accounting, for which provision is not made in the Accounting Procedure, will govern if the Operator’s accounting practices are in accordance with accounting principles generally accepted in the mining industry in the United States of America;
(o) perform its duties and obligations hereunder in a sound and workmanlike manner, in accordance with sound mining and engineering practices and other practices customary in the Canadian mining industry, and in substantial compliance with all applicable federal, provincial, territorial and municipal laws, bylaws, ordinances, rules and regulations and this Agreement;
(p) prepare and deliver the reports provided for in Subsections 7.5(s) and (t);
(q) maintain adequate insurance coverage in accordance with normal industry standards and practice, naming the parties as insured and protecting the parties from third party claims, and shall provide satisfactory evidence of such insurance at the request of Xxxx;
(r) use qualified and licensed employees, agents and independent contractors under the management and direction of the Operator of the Project and any payment for wages, benefits, any statutory withholdings or remittances, employment related matters or applicable contractual fees required to be paid to the workforce will be made by the OperatorIndonesia.
(s) provide Xxxx with; (i) monthly reports indicating the status of all work on the Project 10.10 The Operator shall comply with and a summary of all results obtained or received in connection therewith, respect and the compilation and interpretation thereof as well as a breakdown of the Expenditures incurred in carrying out such work reconciled with budgetary progress for such time period and conclusions of drilling results; and (ii) timely reports and information and forthwith upon the occurrence of any material results or other events, notice in reasonable detail, and will provide copies of relevant data of such material results or events;
(t) provide written updates of the mining activity and relevant metrics on a monthly basis; the Operator must also promptly notify Xxxx of any and all material mining issues that may significantly vary expected results;
(u) provide Xxxx with weekly electronic reports that summarize the daily metrics critical or material in assessing the status of the Project at any given time.
(v) pay or cause to be paid all invoices for all materials and services purchased by the Operator in connection with work on the Project;
(w) produce accurate, comprehensive and complete monthly financial and accounting reports, to be delivered to Xxxx no later than the 10th business day following the end of each month;
(x) permit Xxxx Mexico and Xxxx Corp. or their duly authorized agents upon reasonable prior notice to CME, to have access to the Concession Area in order to examine any work carried out by CME, or pursuant to Subsection 15.5(b), provided however that neither Xxxx Mexico, Xxxx Corp. nor their agents shall interfere or obstruct the operation of CME, its employees, agents, consultants and contractors to likewise respect and comply with national customs, traditions and practices in Indonesia and locally in the Concession Area, and further provided that Xxxx Mexico, Xxxx Corp. and their agents shall enter upon region of the Concession Permit Area at their own risk;all time while carrying out JV Activities.
(y) indemnify Xxxx, from and against any and all claims, demands, actions, and causes of action arising out of or relating to for the Operator’s activities on the Concessions, but not Tara’s activities on the Concessions; and
(z) have such additional duties and obligations as the Management Committee may from time to time determine. Xxxx, at its expense, shall have the right to review and, if required, dispute the contents of any reports as to Expenditures incurred or compliance with the terms of the approved budget by the independent accountants of Xxxx. 10.11 The Operator shall provide access, upon every reasonable request, conduct all Petroleum Operations in an environmentally enlightened and responsible manner such as to Xxxx cause minimum damage to all work papers the natural environment and minimal detrimental impact on local society within region of the Operator, accounting books and records and the appropriate personnel to verify the accuracy, presentation and other matters relating to the preparation of such reportsPermit Area.
Appears in 1 contract
