Schedule, (Ratification) Act, 1981

BAUXITE MINERAL PROSPECTING AND MINING SUPPLEMENTARY AGREEMENT, 1980 MEMORANDUM OF AGREEMENT THIS AGREEMENT made the 18th day of MARCH One Thousand Nine Hundred and Eighty BETWEEN The Honoureable FRANCIS STEPHEN CONTEH, Esquire, Minister of Mines, acting for and on behalf of the Government of the Republic of Sierra Leone (hereinafter referred to as “the Government") of the One Part and the Sierra Leone Metal Company Limited, a Company incorporated and existing under the laws of Sierra Leone whose registered Office is at Ludgate House Freetown (hereinafter referred to as the Company ")of the Second Part and Swiss Aluminium Limited, a Company incorporated and existing under the laws of Switzerland with its Head Office in Zurich, Switzerland (hereinafter referred toas "ALUSUISSE")of the Third Part. WHEREAS (1)The Government, the Company and Alusuisse bave conducted negotiations with a view to improving the terms of the existing Principal and Supplemental Agreements. (2) This'Agreement is supplemental to the Bauxite Mineral Pros pecting and Mining Agreement made the 31st day of ctober, 1961 between the Government, the Company and ALUSUISSE (at that time known as Aluminium-Industrie-Atkien-Gesells chaft (ALAG)which together with the Bauxite Mineral Pros pecting and Mining Supplementary Agreement made the 24th day of August, 1976 except as hereinafter provided. shall remain in full force and effect. :4 No. 1 Bauxite Mineral Prospecting and Mining Supplementary 1981 Agreement 1980 (Special Provisions) (Ratifcation) 19 Asow THEREFORE IT IS HEREBY AGREED AS FOLLOws: 1. The Company shall continue to be a wholly owned subsidiary of Alusuisse for ten years with effect from lst January, 1978 after which the Government may, at its option, acquire a controlling interest in the Company inaccordance with its declared Mining Policy. 2. (1) With efect from 1st January, 1978, the total revenue payable to the Government in respect of bauxite produced and exported from Sierra Leone shall be a lump sum of Le2 (two leones) per meric ton of bauxite exported in lieu of Royalty, Mining Lease and Special Exclusive Prospecting Licence (SEPL) rents, Income Tax, Surtax, if any. 2. (2) The said lump sum of Le2 (two leones) per metric ton of bauxite lexported is established on the basis of an Aluminium Metal price of US dollars 1,300.00 such Aluminium Metal Price being published twice weekly in the Metal Bulletin'", London (hereinafter referred to as MBL"),under the headings "Non-ferrous primary metals ""Aiuminium virgin ingots world price, Canadian cif all main ports excluding USA, Canada and Latin America). 2. (3) The said lump sum of Le2 (two leones) per metric ton of bauxite xported shall be adjusted upward or dowrward on the 1st day of January ch year for the respective calendar year (the first time on 1st January, r980, for the calendar year 1980) in direct proportion to the change in the Aluminium Metal price considering the last publication of such Aluminium netal .price in the MBL (Or in any periodical that may at any time take he place of the MBL) in December of the preceding year. On 1st January, 980for example, the l mp sum shall be adjusted for the calendar year 1980 ccording to the following formula: Escalated lump sum: 1. 1. 1980-31. 12. 1980=Le2 x X US DLRS. 1,300.00 being the last Aluminium metal price in (US dollars) published in the[BL in December, 1979: Provided thatthe payable lump sum shall at no time be less thanpZ (two leones) per metric ton of bauxite exported.