The Convention also has a clause that states that 25% of revenue must be put aside in another country to help pay for phase 2.
SDL do not have to share Rail or Port in phase one.
I printed off parts of the Convention, I can't remember where I got it from. Each page has 3 initials at the bottom of each page. I have been looking on and off for weeks to try to find it again. The problum is that there is no reference name on the pages to try to Google the title.
My printed copy starts at page 10 and skips pages up to page 97.
Page 35 states, Cam Iron undertakes that the Project Commissioning occur within six (6) years following the Date of Entry into Force or such later date as otherwise agreed.
Page 10. Design Capacity means one hundred million (100,000,000 tonnes of iron ore in a Calender Year (consisting of thirty five million (35,000,000) Tonnes plus sixty-five million (65,000,000) wet tonnes) based on assumptions to be detailed in the Railway Agreement and Mineral Terminal Agreement.
Page 36. 4.1 (a) The delivery by Cam Iron to the State of an updated Feasibility Study which (1) includes details of the costs for the construction of the foundations required for a dual track and any delays and direct costs such construction would cause to the construction of the Mainline Railway for (A) the first two hundred and fifty (250) kilometresw of the Railway (from Lolabe), and (B) the entire length of the Mainline Railway, (ii) the impact on the construction time frame for building the Mainline Railway; (iii) includes the update to the independent reserve statement including changes in construction and operating cost,the production profile and the Project Economic Model; and (iv) a description of the key components of and assumptions associated with reaching the Design Capacity and an annual capacity of two hundred million (200,000,000) wet tonnes on the Railway and for the Mineral Port.
How does that sound? A lot more interesting points in the other pages I printed off.
Regards
Westcott.
SDL Price at posting:
2.2¢ Sentiment: None Disclosure: Held
