Programmes and Budgets. Article 7 DISCOVERY, DEVELOPMENT AND PRODUCTION Article 8 RECORDS, REPORTS, DATA AND INSPECTION Article 9 ROYALTY AND STATE PARTICIPATION Article 10 COST RECOVERY AND PRODUCTION SHARING
Programmes and Budgets. Unless otherwise approved by GFBV and NAPL, all proposed Programmes and Budgets relating to the APP Project, to the extent that such Programmes and Budgets relate to work to be conducted prior to the expiry of the Option Period, shall be prepared by the Managing Director and copies thereof submitted to the GFAP Board and the GFBV Observers on an annual basis. During the Option Period and provided NAPL and NAPF are in compliance with their obligations under this Agreement (including its funding obligations under Clause 7.2) and the Services Agreement and the Managaing Director is in compliance with his or her obligations under the MD Agreement, the GFAP Board shall have the authority to approve any proposed Programme and Budget and the making of any Earn-in Expenditures relating thereto unless such approval or the making of such Earn-in Expenditures would:
8.2.1 cause GFF or GFAP to be in breach of its obligations under any APP Project agreements, licenses or permits (including the APP Project License) or cause a breach by GFF or GFAP of Applicable Law; or
8.2.2 be materially prejudicial to GFF or GFAP.
Programmes and Budgets. 3.2.1 The preparation of Programmes and the Capital Budget relating to Development and the construction of the Project, together with amendments and supplements thereto;
3.2.2 the preparation of Programmes, the Annual Operating Budget, the Mining Plan and the Life of Mine Plan relating to mining activities together with amendments and supplements thereto; and
3.2.3 the preparation of the Annual Budget in respect of all Programmes, Development, Mining and Treatment activities within the Area.
Programmes and Budgets. 21
10.1 Operator to Prepare Programmes and Budgets 21 10.2 Times for Submission 21 10.3 Contents of Programmes and Budgets 21 10.4 Approval of Programmes and Budgets 21 10.5 Operator to Act in Absence of Approval 23 10.6 Notice of Excess Expenditures 23 10.7 Approved Programme to Continue Unless Modified 23 11. CHARGING OF COSTS 24 11.1 Authorised Costs and Expenses 24 11.2 Maintenance of Joint Account 24 11.3 Liability of Parties 24 11.4 Treatment of Any Subsidy or Contribution 24 Clause Heading Page
Programmes and Budgets. 19 8.1 WORK IN ACCORDANCE WITH APPROVED PROGRAMMES AND BUDGETS.................19 8.2
Programmes and Budgets. 12.1 The Operator shall carry out all JV Activities in accordance with programmes and budgets approved by the Committee and in accordance with this clause 12.
12.2 The Operator shall not be entitled to exceed an approved budget for an item of work itemised within the budget by more than 10% without the approval of the Committee, except in the case of emergency expenditure involving any actual or reasonably apprehended substantial damage to JV Property or injury or loss of life.
12.3 The Operator shall prepare programmes and budgets for JV Activities in respect of Work Periods approved by the Committee from time to time, not exceeding one year and shall submit the programmes and budgets to the Committee at least 90 days prior to the first day of the relevant Work Period.
12.4 A programme and budget submitted by the Operator shall include a statement of the JV Activities proposed to be undertaken during the relevant Work Period and shall contain sufficient details to enable each party, to give proper consideration thereto and where appropriate, shall include details of any proposed xxxxx and an itemised budget of the estimated JV Costs to be incurred.
12.5 The Committee shall meet to consider and approve programmes and budgets prepared by the Operator at least 60 days prior to commencement of the relevant Work Period. The Committee shall promptly notify the Operator of its approval or disapproval of any programme and budget submitted.
12.6 If any member of the Committee disapproves of the programme and budget, then the parties shall promptly confer to reconcile their differences and to arrive at a mutually acceptable programme and budget. If the parties have not reached agreement in the Committee within 30 days of the date of submission by the Operator of the programme and budget, then the matter shall be determined by a resolution of the Committee in accordance with this Agreement.
12.7 Subject to this clause 12, an approved programme and budget shall be binding upon the parties and on the Operator.
12.8 A programme and budget may be revised from time to time by the Committee, subject to and in accordance with the provisions of this clause.
12.9 A copy of each approved programme and budget and each revision shall be furnished to each party.
12.10 The budget for any Work Period shall not be less than the amount required to meet the Work Obligation relating to the Permit.
Programmes and Budgets. 13.1 Proposed Programme and Budget
(a) By no later than 15 June in each Year or such other dates as the Management Committee may agree, the Manager must provide the Joint Venturers with a Proposed Programme and Budget which must include details of the programme of Joint Venture Activities proposed for the next Year and an itemised budget specifying all estimated Joint Venture Costs proposed to be charged by the Manager on a monthly basis under this Agreement.
(b) Each Proposed Programme and Budget must include expenditure on the Tenements sufficient to comply with minimum expenditure obligations under the Mining Act during that period.
13.2 Approved Programme and Budget
(a) Not less than 7 days after provision of a Proposed Programme and Budget, and by no later than the end of June in each Year or such other month as the Management Committee may determine, the Management Committee must meet and discuss the Proposed Programme and Budget for the next Year and adopt, with or without amendment, an Approved Programme and Budget for that Year.
(b) Once approved, the Manager must implement the Approved Programme and Budget, and give a copy to each Joint Venturer.
(c) An Approved Programme and Budget may be amended by the Manager with the approval of the Management Committee.
Programmes and Budgets. 7.3.1 No later than 1 October each year, the Operator shall submit to the Parties the programme and budget for the following year.
7.3.2 The Management Committee shall approve these programmes and budgets before 15 November each year.
7.3.3 For the first financial year under this Agreement, which shall commence as of the Effective Date and end on 31 December of the same year, the exploration programme and budget shall be drawn up within thirty (30) days of the Effective Date and be approved within the next thirty (30) days.
Programmes and Budgets. As soon as possible after the execution of this Agreement, the Contractor shall adopt a work programme and capital and operating budget for the remainder of the current financial year and shall provide Owner with a copy thereof. Thereafter and not later than 1st June in each year the Contractor shall adopt a work programme and an operating budget and a capital budget for the ensuing financial year commencing on 1st July and shall provide Owner with a copy of each of such work programme and capital and operating budgets.
Programmes and Budgets. Joint Operations shall be conducted, expenses shall be incurred and Joint Account Assets shall be acquired pursuant only to Approved Programmes and Budgets. The Financial and Accounting Procedures contains, among other things, provisions concerning the preparation, review and approval of Programmes and Budgets.
