The contract can be extended for 2 years at the option of Mano River Iron Ore (Liberia) Inc. plus any period of renewal to which the government may agree.
Exploration Agreement. However, during or at the expiration of the exploration period, Mano River Iron Ore (Liberia) Inc. may apply for a mineral development agreement.
Environmental impact assessment and management plan
The parties recognize that operations may result in some pollution, contamination or other environmental damage to land, water and the atmosphere within the contract area and elsewhere Accordingly, Mano River Iron Ore (Liberia) Inc. shall submit to the Minister of Lands, Mines & Energy, on the commencement of exploration and production an Environmental Impact Statement (EIS). The EIS shall show the adverse effects operations will have on the environment and review plans to mitigate such effects.
Mano River Iron Ore (Liberia) Inc. shall take preventive, corrective and/or restorative measures to ensure that all streams and water bodies within or bordering Liberia, all dry land surfaces, and the atmosphere be protected from pollution, contamination or damage resulting from these operations.
Mano River Iron Ore (Liberia) Inc. has the right to remove, extract and use, solely for its own exploration purpose, free of tax or other charge or fee imposed by the government, water; provided however, that where any land, villages, houses, person, or watering places for animals have been supplied water by right through custom Mano River Iron Ore (Liberia) Inc. shall not deprive them of a constant and reasonably supply of usable water, nor shall Mano River Iron Ore (Liberia) Inc., without the government's consent, interfere with
any water or other rights enjoyed by anyone under any agreement with the government.
Mano River Iron Ore (Liberia) Inc. (Mano River (Liberia)) shall cause its books of accounts to be audited within 3 months, or such longer period of time as the Minister of Lands, Mines & Energy may approve, after the close of each financial or fiscal year by an internationally recognized independent auditor selected by Mano River (Liberia) and satisfactory to the government and a copy of the annual financial statement duly certified by the auditor shall be furnished to the government within 20 days after its receipt by Mano River (Liberia). It shall not in any way imply acceptance of any such audit or certification by the government or preclude the government from auditing such books of accounts at its own expense and as provided under Law.
In general, Mano River Iron Ore (Liberia) Inc. shall be liable to all taxes, fees, duties, excises, and other charges imposed by Liberian laws of general application, except as may be otherwise provided by other laws and administrative regulations granting exemptions from customs duties and excise taxes.
The rate of tax applicable to all taxable income of Mano River Iron Ore (Liberia) Inc. shall be 30%
Mano River Iron Ore (Liberia) Inc. (Mano River (Liberia)) shall make an annual payment of US$ 15,000 for the grant or renewal of the exploration and resource appraisal license. Mano River (Liberia) shall make an annual payment of US$ 0.30 per acre for land in exploration and US$ 5.00 per acre for land under pilot mining
Mano River Iron Ore (Liberia) Inc. (Mano River (Liberia)) shall encourage economic and social development during the term of his operation and shall provide for meetings on a regular basis between representatives of Mano River (Liberia) and the local communities for the purposes of considering and making recommendations to Mano River (Liberia) and to the government with respect to matters of community interest, such that it
shall not hinder Mano River (Liberia)'s work.
Mano River Iron Ore (Liberia) Inc. shall not employ foreign unskilled labor and to the maximize extent feasible, employ Liberian citizens at all levels.
If the use of any privately owned or occupied property within the exploration area is reasonably required for the conduct of operations, and Bentley International Trading Corporation (Bentley) is unable to come to an agreement with the owner or occupant of such property for such use, Bentley may request the government to exercise its right of eminent domain with respect to such property. Bentley shall reimburse the government for any compensation paid or payable to the private owner or occupant as a result of the government's exercise of such right.
Mano River Iron Ore (Liberia) Inc. (Mano River (Liberia)) shall provide on a continuing basis for the training of its Liberian employees in order to qualify them for skilled, technical administrative and managerial positions. At least two 2 professionals from the Ministry of Lands, Mines & Energy shall be seconded to Mano River (Liberia)’s operations at its expense, provided that Mano River (Liberia) will be entitled to utilize these two professionals at other operations in Liberia at its discretion
Mano River Iron Ore (Liberia) Inc. has the right to acquire, build and construct infrastructure, plant and equipment and other facilities, and to maintain and operate the same.
Mano River Iron Ore (Liberia) Inc. shall, at its own cost, undertake the construction, installation and improvement of all or any part of the infrastructure. All infrastructure shall be maintained and operated by Mano River Iron Ore (Liberia) Inc. in a reasonably good manner.
Mano River Iron Ore (Liberia) Inc. shall expend not less than US$ 1.00 per acre during each calendar year as exploration costs.
In addition to exploration Mano River Iron Ore (Liberia) Inc. is granted the right to produce iron ore under a pilot mining plan, not to exceed 5000 metric tons.
Any dispute between the government and Mano River Iron Ore (Liberia) Inc. (Mano River (Liberia)) realted to this contract, or its validity, interpretation, performance, termination, enforceability or a breach, shall be settled by binding arbitration if submitting it to an expert is not specifically provided in the contract. It will be pursuant to the Convention on the Settlement of Investment Disputes between States and Nationals of Other States in accordance with the rules of the International Centre for Settlement of Investment Disputes. This includes any dispute concerning whether the government or Mano River (Liberia) has violated or is in breach of the contract or of any law affecting the rights, obligations or duties of any party. Arbitration proceedings will be held in Washington, D.C. The government irrevocably waives all claims of immunity from the arbitrators' jurisdiction, and from the enforcement of any arbitral award rendered by a tribunal constituted pursuant to this contract.
The government shall treat all information supplied by Mano River Iron Ore (Liberia) Inc. (Mano River (Liberia)) under this contract as confidential and shall not reveal such information to a third party without the prior written consent of Mano River (Liberia).