Full Scale Production definition
Full Scale Production means, with respect to any mine, the date when output of a product from operations which have operated continuously at such mine for a period of at least ninety (90) consecutive calendar days equals or exceeds eighty percent (80%) of the rated plan capacity as set out in the Feasibility Study applicable to such mine.
Full Scale Production means, with respect to any mine, the date when output of a product from operations which have operated continuously at such mine for a period of at least three (3) consecutive calendar months equals or exceeds sixty-five percent (65%) of the rated plan capacity as set out in the Feasibility Study applicable to such mine.
Full Scale Production shall have the meaning set forth on Exhibit B, attached hereto, and “Capital Expenses” shall mean funds spent or committed, either in or outside the Russian Federation, toward the acquisition or lease of buildings, machinery, equipment, tenant improvements, furniture, fixtures, tools, parts, attachments, software, design and installation services, and related items to develop and support manufacturing operations. Capital Expenses shall not include items characterized as research and development expenses for accounting purposes.
Examples of Full Scale Production in a sentence
In consideration for the transfer such 50% interest, the Optionor shall be entitled to receive an aggregate NSR of three percent (3%) of the Net Smelter Returns (as defined in Schedule "B" hereto) derived from the Property following the commencement of Full Scale Production (as defined in Schedule "B" hereto) thereon (the "OPTIONOR NSR").
The Optionee acknowledges and agrees that upon exercising the Option to its 100% interest in the Property shall, upon commencement of Full Scale Production, be subject to a 2½% (two and one-half percent) Net Returns Royalty interest in favour of the Optionor.