Common use of OTHER MINERALS Clause in Contracts

OTHER MINERALS. 21.1 When any mineral (other than Petroleum and minerals necessary for the generation of nuclear energy) is discovered by Operator and THE PRESIDENT does not have a pre-existing policy for development and exploitation of such mineral by a non-Pakistani company, the Operator can elect within six (6) Months after the date on which Operator notifies the Director General Petroleum Concessions of such discovery, to develop and exploit such mineral subject to reaching an accord with the appropriate licensing authority as to the terms and conditions of an agreement governing the development and exploitation of such mineral. 21.2 Discovery of all minerals necessary for the generation of nuclear energy, including inter alia Uranium, Thorium, Zirconium, Niobium, Hafnium, Lithium and Vanadium shall be reported by Operator to the Pakistan Atomic Energy Commission and the Director General, Petroleum Concessions. The Working Interest Owners shall have no right to develop and exploit such nuclear minerals unless specific approval/ concurrence is given by the Pakistan Atomic Energy Commission for the development and exploitation of these nuclear minerals. 21.3 Minerals, other than those necessary for the generation of nuclear energy, produced in suspension or combination with Petroleum, shall belong to the Working Interest Owners, subject to payment of royalty if marketed. Royalty shall be at the rate specified by the appropriate authority. 21.4 The income derived from the minerals, produced in suspension or combination with Petroleum, shall be governed by Part II of the Fifth Schedule of the Income Tax Ordinance 2001 (No. XLIX of 2001) as amended from time to time. 21.5 The rights granted to the holder of a Petroleum right shall not in any way prejudice or affect any of the powers of THE PRESIDENT as provided for in the Rules.

OTHER MINERALS. 21.1 When any mineral (other than Petroleum and minerals necessary for the generation of nuclear energy) is discovered by Operator and THE PRESIDENT does not have a pre-existing policy for development and exploitation of such mineral by a non-non- Pakistani company, the Operator can elect within six (6) Months after the date on which Operator notifies the Director General Petroleum Concessions of such discovery, to develop and exploit such mineral subject to reaching an accord with the appropriate licensing authority as to the terms and conditions of an agreement governing the development and exploitation of such mineral. 21.2 Discovery of all minerals necessary for the generation of nuclear energy, including inter alia Uranium, Thorium, Zirconium, Niobium, Hafnium, Lithium and Vanadium shall be reported by Operator to the Pakistan Atomic Energy Commission and the Director General, Petroleum Concessions. The Working Interest Owners shall have no right to develop and exploit such nuclear minerals unless specific approval/ concurrence is given by the Pakistan Atomic Energy Commission for the development and exploitation of these nuclear minerals. 21.3 Minerals, other than those necessary for the generation of nuclear energy, produced in suspension or combination with Petroleum, shall belong to the Working Interest Owners, subject to payment of royalty if marketed. Royalty shall be at the rate specified by the appropriate authority. 21.4 The income derived from the minerals, produced in suspension or combination with Petroleum, shall be governed by Part II of the Fifth Schedule of the Income Tax Ordinance 2001 (No. XLIX of 2001) as amended from time to time. 21.5 The rights granted to the holder of a Petroleum right shall not in any way prejudice or affect any of the powers of THE PRESIDENT as provided for in the Rules.

OTHER MINERALS. 21.1 When any mineral (other than Petroleum and minerals necessary for the generation of nuclear energy) is discovered by Operator and THE PRESIDENT does not have a pre-pre- existing policy for development and exploitation of such mineral by a non-Pakistani company, the Operator can elect within six (6) Months after the date on which Operator notifies the Director General Petroleum Concessions of such discovery, to develop and exploit such mineral subject to reaching an accord with the appropriate licensing licencing authority as to the terms and conditions of an agreement governing the development and exploitation of such mineral. 21.2 Discovery of all minerals necessary for the generation of nuclear energy, including inter alia Uranium, Thorium, Zirconium, Niobium, Hafnium, Lithium and Vanadium shall be reported by Operator to the Pakistan Atomic Energy Commission and the Director General, Petroleum Concessions. The Working Interest Owners Owner(s) shall have no right to develop and exploit such nuclear minerals unless specific approval/ concurrence is given by the Pakistan Atomic Energy Commission for the development and exploitation of these nuclear minerals. 21.3 Minerals, other than those necessary for the generation of nuclear energy, produced in suspension or combination with Petroleum, shall belong to the Working Interest OwnersOwner(s), subject to payment of royalty if marketed. Royalty shall be at the rate specified by the appropriate authority. 21.4 The income derived from the minerals, produced in suspension or combination with Petroleum, shall be governed by Part II of the Fifth Schedule of the Income Tax Ordinance 2001 (No. XLIX of 2001) as amended from time to time. 21.5 The rights granted to the holder of a Petroleum right shall not in any way prejudice or affect any of the powers of THE PRESIDENT as provided for in the Rules.

OTHER MINERALS. 21.1 When any mineral (other than Petroleum and minerals necessary for the generation of nuclear energy) is discovered by Operator and THE PRESIDENT does not have a pre-pre- existing policy for development and exploitation of such mineral by a non-Pakistani company, the Operator can elect within six (6) Months after the date on which Operator notifies the Director General Petroleum Concessions of such discovery, to develop and exploit such mineral subject to reaching an accord with the appropriate licensing licencing authority as to the terms and conditions of an agreement governing the development and exploitation of such mineral. 21.2 Discovery of all minerals necessary for the generation of nuclear energy, including inter alia Uranium, Thorium, Zirconium, Niobium, Hafnium, Lithium and Vanadium shall be reported by Operator to the Pakistan Atomic Energy Commission and the Director General, Petroleum Concessions. The Working Interest Owners shall have no right to develop and exploit such nuclear minerals unless specific approval/ concurrence is given by the Pakistan Atomic Energy Commission for the development and exploitation of these nuclear minerals. 21.3 Minerals, other than those necessary for the generation of nuclear energy, produced in suspension or combination with Petroleum, shall belong to the Working Interest Owners, subject to payment of royalty if marketed. Royalty shall be at the rate specified by the appropriate authority. 21.4 The income derived from the minerals, produced in suspension or combination with Petroleum, shall be governed by Part II of the Fifth Schedule of the Income Tax Ordinance 2001 (No. XLIX of 2001) as amended from time to time. 21.5 The rights granted to the holder of a Petroleum right shall not in any way prejudice or affect any of the powers of THE PRESIDENT as provided for in the Rules.