Schedule, part 2, The Bayer Preussag Agreement 1973 (Ratification) Act, 1974

(3) The Companies desire to pursue further such explanatory activities and to make detailed economic studies with respect thereto and, before investing additional time, effort and money in the enterprise, to establish their right to mine and remove such minerals and to ascertain the terms and conditions under which such further exploratory activities and mining operations can be pursued. (4) The Government and the Companies have determined to enter into this Agreement with a view to the deposits of titanium-bearing minerals in Sierra Leone being explored, prospected, developed and worked in the manner, and subject to the terms, conditions and events hereinafter appearing. NOW IT IS HEREBY AGREED AND DECLARED AS FOLLOWS: 1. DEFINITIONS In this Agreement the following expressions shall, unless a contrary intention appears, have the following meanings, that is to say: " The prospecting Areas "—The lands, including the seabed and subsoil of submarine areas, for the time being comprised within special Exclusive Prospecting Licence No. 2070, and any other Special Exclusive Prospecting Licences granted to the Companies for titanium-bearing and associated minerals. 1974 No. 21 Bayer Preussag Agreement 1973 (Ratification) A 143 " The Mining Areas "—The lands, including the seabed and subsoil of submarine areas, for the time being comprised in any mining lease granted to the Companies pursuant to Clauses 5 (a) and 5 (f) hereof. " The Minerals Act "—Means and include The Minerals Act (Cap. 196) and any Act amending the same or substituted therefor and all Rules now in force or which may come into force under any of the said Acts during the continuance of this Agreement, provided however that only those provisions of the said Act and Rules which are consistent with the Agreement shall apply hereto. " Titanium-bearing Minerals "—Ilmenite, Rutile and other Minerals containing Titanium. " Associated Minerals "—Zircon, monazite, colombite, graphite and garnet when occuring in the same deposit with titanium-bearing minerals. " Minerals Concentrates "—The mixture of titanium-bearing minerals and associated minerals from which a major portion of the sand, gravel and other material has been removed. " Commencement of Mining Operations "—The earlier of: (a) The employment of Major items of Machinery and equipment on mining and dredging operations; or