SECONDARY PROCESSING PROPOSALS Sample Clauses

SECONDARY PROCESSING PROPOSALS. The Joint Venturers will from time to time renew the investigations already commenced by them as to the feasibility of establishing within the said State a plant or plants for secondary processing of iron ore from the mineral lease and will by the end of Year 10 (or within such extended time as the Minister may allow) submit to the Minister detailed proposals for the establishment of such a plant or plants on the following basis — (a) the plant or plants to be of such design and dimensions that will progressively have the capacity to process annually — (i) by the end of Year 12 not less than two million (2,000,000) tons of iron ore, (ii) by the end of Year 21 not less than four million (4,000,000) tons of iron ore, (iii) by the end of Year 30 not less than six million(6,000,000) tons of iron ore. (b) the capital cost involved to be not less than eighty million dollars ($80,000,000) unless the Joint Venturers utilize a less expensive but at least equally satisfactory method of secondary processing of iron ore than any at present known to either party.