Exploration Phase and Appointment of Operator Sample Clauses

Exploration Phase and Appointment of Operator. Ivanhoe Electric shall be the operator (the "Operator") during the Exploration Phase and shall prepare exploration plans and budgets for review and approval by the Technical Committee and the Board of the Saudi JVCo. In the event that the Technical Committee and the Board of the Saudi JVCo cannot agree on a budget and plan prior to the commencement of a financial year, such budget and plan will be determined in accordance with the dispute resolution provisions set out in the Shareholders' Agreement. The Operator will undertake its duties in a prudent workmanlike manner and in accordance with sound mining and other applicable industry standards and practices and in compliance with all applicable laws, permits, contracts and agreements and the terms of the licenses, permits, approvals and regulatory reporting requirements relating to the Ma'aden Land. The costs reasonably and properly incurred by the Operator in accordance with an approved budget will be reimbursed by the Saudi JVCo ("Exploration Phase Management Fee"). The structure / amount of such Exploration Phase Management Fee shall be agreed between the parties having regard to the relevant asset / block, period of operatorship and other criteria to be agreed. This concept shall be developed further between the parties and agreed methodology for calculation and payment of such Exploration Phase Management Fee will be set out in the Shareholders' Agreement. The parties agree that such Exploration Phase Management Fee shall not include nor give rise to any ‘profit element’ arising and/or accruing in favour of Ivanhoe Electric. The Operator will provide regular monthly updates to the Saudi JVCo. Either party may audit the Operator’s activities and obtain access to relevant information held by the Operator in respect of its duties. The Operator may not subcontract its duties other than as approved by the Technical Committee or provided for in an approved plan and budget and save that the parties shall agree the matters that may be subcontracted in order to obtain equipment and/or personnel necessary for Typhoon™ surveys.
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Related to Exploration Phase and Appointment of Operator

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