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LAW OF THE AZERBAIJAN REPUBLIC

of June 5, 2007 No. 358-IIIG

About acceptance, approval and issue of permission to implementation of the Agreement on studying, research, investigation, development and the equity Section of production of fields of ore squares Garadag, Chovdar, Geydag, Dagkesemen, Ploshchad Kokhnemedan, the pool Kyurekchay in the Azerbaijan Republic" between the Government of the Azerbaijan Republic and "Londex Resources S.A.", "Will and Meyris S.A.", "Fargate Mining Corporation", Globex International LLP and "Mitsui Development Engineering Co Ltd"

According to Orders of the President of the Azerbaijan Republic of October 27, 2006 No. 1757 about studying, research, investigation, development and the equity Section of production of fields of ore squares Garadag, Chovdar, Geydag, Dagkesemen, Ploshchad Kokhnemedan, the pool Kyurekchay in the Azerbaijan Republic and of December 28, 2006 No. 1877 about provision of power on signing on behalf of the Azerbaijan Republic Agreements on studying, research, investigation, development and the equity Section of production of fields of ore squares Garadag, Chovdar, Geydag, Dagkesemen, Ploshchad Kokhnemedan, the pool Kyurekchay in the Azerbaijan Republic on December 30, 2006 between the Government of the Azerbaijan Republic and "Londex Resources S.A.", "Will and Meyris S.A. ", "Fargate Mining Corporation", Globex International LLP and "Mitsui Development Engineering Co Ltd" was signed the Agreement on studying, research, investigation, development and the equity Section of production of fields of ore squares Garadag, Chovdar, Geydag, Dagkesemen, Ploshchad Kokhnemedan, the pool Kyurekchay in the Azerbaijan Republic. Millie Majlis of the Azerbaijan Republic:

* considering that the questions covered by the Agreement are not regulated by the legislation of the Azerbaijan Republic completely and according to modern requirements;

* that under the terms of the agreement after approval by legislature it will become the law;

* that this Law completely corresponds to the Constitution of the Azerbaijan Republic,

* based on the Constitutional act of the state independence of the Azerbaijan Republic and the Constitution of the Azerbaijan Republic decides:

1. Accept and approve the Agreement on studying, research, investigation, development and the equity Section of production of fields of ore squares Garadag, Chovdar, Geydag, Dagkesemen, Ploshchad Kokhnemedan, the pool Kyurekchay in the Azerbaijan Republic between the Government of the Azerbaijan Republic and "Londex Resources S.A.", "Will and Meyris S.A.", "Fargate Mining Corporation", Globex International LLP and "Mitsui Development Engineering Co Ltd" (further - "Agreement") to grant permission for its implementation.

2. Assume the guarantee and obligations of the Government of the Azerbaijan Republic (further - the Guarantee of the Government) in connection with the Agreement approved by the resolution of the Cabinet of Ministers of the Azerbaijan Republic of May 24, 2007 No. 83, and to grant permission for their implementation.

3. Accept seven (7) amendments (further - "Amendments") to the main text of the Agreement and to grant permission for their implementation.

4. After the introduction of this Law in force the Agreement, the Guarantee of the government and Amendment become the Law. If in the Agreement other is specifically not specified, then the Agreement, the Guarantee of the government and Amendment during operation of the Agreement prevail over provisions any other acting or able to be accepted the laws, decrees, other regulatory legal acts or administrative orders of the Azerbaijan Republic (or their parts) which are not corresponding or contradicting this Agreement, the Guarantee of the government and Amendments.

5. After the introduction of this Law in force all other rights and obligations which can be provided by any earlier signed agreement, by the contract or other similar document about mining transactions by any part of the contract area provided by the Agreement and Amendments are cancelled and also after the introduction of this Law owing to in accordance with the terms Agreement, the Guarantee of the government and Amendments during the entire period of their action Contract agreement parties are granted exclusive right on carrying out mining transactions on contract area.

6. After the introduction of this Law owing to the right and interests of the Contract parties (or their legal successors) under the Agreement, Guarantees of the government and to Amendments cannot be changed or reduced without prior consent the Contract parties.

7. For accomplishment of the rights and obligations following from the Agreement, to agreement parties all necessary licenses, customs permits, visas, other powers and sanctions are granted.

8. Any amendments, amendments, changes to the Agreement and Additions can be made only from written consent of agreement parties and Amendments.

9. This Law becomes effective from the date of publication.

 

President

Azerbaijan Republic Ilham ALIYEV

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

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