Common use of TERMINATION OF MINING OPERATIONS Clause in Contracts

TERMINATION OF MINING OPERATIONS. 13. The Optionee may permanently discontinue mining operations on the Property at any time after the Commencement of Commercial Production when in its opinion no further mining operations can be economically carried out thereon. At such time, the Optionee shall dispose of all mining plant and equipment used on the Property, effect all reclamation work as required by law, and otherwise dispose of the Property as it thinks fit. Any bona fide purchaser of the Property, dealing at arm's length, after termination of mining operations on the Property shall take the Property free and clear of all claims by the Optionor, save and except that the Property shall continue to be subject to payment of all Royalty pursuant to paragraph 12 of this Agreement. The accounts of the Optionee relating to its mining operation on the Property shall be audited by the auditors of the Optionee as soon as practicable after the sale or disposition of all mining plant and equipment from the Property and completion of reclamation. Final settlement of any Royalty payable to the Optionor shall be effected without delay after receipt of the final audited statements. After receipt of such final audited statements and payment of Royalty, if any, this Agreement and the mutual obligations of the Optionee and the Optionor hereunder shall terminate and the obligation to pay the Royalty to the Optionor, in accordance with this Agreement, shall transfer to the purchaser of the Property.

TERMINATION OF MINING OPERATIONS. 131. The Optionee may permanently discontinue mining operations on the Property at any time after the Commencement of Commercial Production when in its opinion no further mining operations can be economically carried out thereon. At such time, the Optionee shall dispose of all mining plant and equipment used on the Property, effect all reclamation work as required by law, and otherwise dispose of the Property as it thinks fitfit provided it first offers the Property to the Optionor pursuant to subsection 11(c). Any bona fide purchaser of the Property, dealing at arm's length, Property after termination of mining operations on the Property shall take the Property free and clear of all claims by the Optionor, save and Optionor except that the Property shall continue to be subject to payment of all Royalty pursuant to paragraph 12 of this AgreementRoyalty. The accounts of the Optionee relating to its mining operation operations on the Property shall be audited by the auditors of the Optionee Optionee's auditor as soon as practicable after the sale or disposition of all mining plant plant, equipment and equipment from the Property Property, and completion of reclamation. Final settlement of any Royalty payable to the Optionor shall be effected without delay after receipt of the final audited statements. After receipt of such final audited statements and payment of Royalty, if any, this Agreement and the mutual obligations of the Optionee and the Optionor hereunder shall terminate and hereunder, other than those obligations of the obligation Optionee to pay the Royalty to indemnify the Optionor, in accordance with this Agreementreclaim the Property and protect it from liens and charges, shall transfer to the purchaser of the Propertyterminate.

TERMINATION OF MINING OPERATIONS. 13. 18.1 The Optionee and Sphere may permanently discontinue mining operations on the Property at any time after the Commencement of Commercial Production prior to the formation of the Joint Venture when in its their opinion no further mining operations can be economically carried out thereon. At such time, the Optionee and Sphere shall dispose of all mining plant and equipment used on the Property, effect all reclamation work as required by law, and otherwise dispose of the Property as it they thinks fit. Any bona fide purchaser of the Property, dealing at arm's length, Property after termination of mining operations on the Property shall take the Property free and clear of all claims by the Optionor, save and except that the Property shall continue to be subject to payment of all Royalty pursuant to paragraph 12 of this Agreement. The accounts of the Optionee and Sphere relating to its their mining operation operations on the Property shall be audited by the auditors of the Optionee as soon as practicable after the sale or disposition of all mining plant plant, equipment and equipment from the Property Property, and completion of reclamation. Final settlement of any payments and Royalty payable to the Optionor shall be effected without delay after receipt of the final audited statements. After receipt of such final audited statements and payment of Royalty, if any, this Agreement and the mutual obligations of the Optionee and Sphere and the Optionor hereunder shall terminate and the obligation to pay the Royalty to the Optionor, in accordance with this Agreement, shall transfer to the purchaser of the Propertyterminate.