The coordinates of the mineral exploration area are the following: Point 1 - Easting 550000, Northing 630000; Point 2 - Easting 550000, Northing 660000; Point 3 - Easting 580000, Northing 660000; Point 4 - Easting 580000, Northing 64000; Point 5 - Easting 570000, Northing 640000; Point 6 - Easting 570000, Northing 630000, totalizing an area of 800 square KM.
Gold, Diamonds, Associated Minerals and any other mineral deposit (except iron ore). Associated Minerals are any mineral, metal element or precious or semi-precious stone(s) other than gold which is found, discovered, mined, removed, extracted or otherwise produced from the exploration area as an incident to Operator's activities in exploiting a gold deposit or deposits.
Until the earlier of (a) such time as the Operator has completed the exploration activities, or (b) 3 years after the Effective Date (the date of execution of the agreement), with an extension for another 2 years at the option of Operator, plus any period of renewal to which the Government my agree.
The Government shall be informed of the operations and acitivities carried out in the Exploration Area, and is entitled to monitor exploration and pilot mining activities, including by means of on-site inspections by Government officials (with prior notice and at reasonable times). Additionally, within 30 days after the end of each quarter, the Operator shall provide the Government with a report on all operations and activities for that calendar quarter, including minerals recovered and sold. An annual report in the same terms shall also be presented in up to 90 days following the end of each financial year. Operator's books and accounts are also subject to auditing by the Government at any time, upon reasonable notification to the operator, and it shall make its appropriate employees available to render assistance with respect to any such inspection. The Operator shall also cause its books of accounts to be audited within 3 months counted as from the end of each Financial or Fiscal year by an internationally recognized independent auditor selected by it, and satisfactory to the Government, and a copy of such annual financial statement (certified by the auditor) shall be sent to the Government within 20 days of its receipt by the operator. If the Government decides to conduct its own auditing of Operator's books of accounts, Operator shall have access to a copy of such audit within 45 days of receipt. Any books of accounts audited by the Government or the Operator, and the financial statement thus audited, shall be considered acceptable and the audit results' binding and conclusive as to its findings unless any of the parties' indicates to the contrary within 90 days after receipt of the audited financial statement.
All disputes arising out of the agreement shall be exclusively and finally settled by binding arbitration, pursuant to the Convention on Settlement of Investment Disputes between States and Nationals of Other States, and in accordance with the rules of the International Centre for Settlement of Investment Disputes established under the auspices of the International Bank for Reconstruction and Development. The Operator will be considered a national of the United States or any other state which under the Convention, international law or the law of such state t is a national. The venue of arbitration shall be Washington-DC, and each party shall appoint one arbitrator, being the third arbitrator (who shall also be the president of the tribunal) appointed by the Centre. Alternativelly, the parties may opt for an arbitration procedure Cconducted by only one referee, to be appointed by the Centre, except in case the dispute refers to matters related to Sections 3, 4, 5, 6, 20, 21, 23, 24, 27, 29, 31 and/or 33 of the agreement, as well as articles 18.7, 18.8 and 18.9 thereto. Neither party shall have any liability for either consequential damages or exemplary or punitive damages. Furthermore, liability of the Operator under the agreement is limited to the net book value of its investment in Liberia at the time of any award. If the arbitration award is adverse to the Operator, then the tribunal may, in its discretion, specify a reasonable period of grace for the Operator to cure any defect or default, provided that such grace period shall not exceed 180 days for making any payment required by such decision.
Not applicable to the agreement as a whole or to the parties relationship, but all reports prepared or furnished by Deventon to the Government shall be considered confidential and shall not be disclosed without the operator's previous consent. Additionally, financial information about the operator shall be deemed as confidential for a term of 1 year, counted as from the date of submission of such information, provided that the Government is allowed to use this information in general reports, and also in case a dispute arises against the operator.