Section 8, The Tonkolili Agreement Ordinance

(a) The Permanent Lease shall contain a demise and grant of allminerals in and under the delimited areas. (b) The term of the Permanent Lease shall be ninety-nine years from the date of commencement of the Lease as specified in Clause 7 hereof provided that the Company shall have the right to determine the same at any time by at least six months' previous notice in writing to the Government to that effect and provided also that if the Permanent Lease shall not earlier have been determined under this sub-paragraph the Company may by at least six months' previous notice in writing to the Government given prior to the termination of the period of the Permanent Lease request the Government to renew the Permanent Lease for a further period of ninetynine years from the date of termination of the first ninety-nine year period upon the terms and conditions of the original Permanent Lease (other than the right to a further extension) and the Government shall duly comply with such request. (c) The Company may surrender any part or parts of the demised areas at any time during the term of the Permanent Lease by at least six months' previous notice in writing to the Government to that effect and upon such surrender the lands surrendered shall cease to be comprised in or subject to the provisions of the Permanent Lease. (d) All lands within the demised areas which are acquired by the Company under the provisions of The :Marampa Railway and Harbour Works Construction Ordinance as applied to the Railway Extension in accordance with Clause 10 (e) hereof shall cease to be comprised in or subject to the provisions of the Permanent Lease. (e) The Company shall during the term of the Permanent Lease pay to the Government an annual rent of Six Pounds for each square mile of the demised areas in full satisfaction of all mining rents (other than dead rent and royalty) due to the Government and of any surface rents due to the owners or occupiers of the land (including Tribal Authorities) under the provisions of the Minerals Ordinance or otherwise. Such rent shall be payable yearly in advance within one month of the commencement of each year and Section 32 (4) (a) of the Minerals Ordinance notwithstanding shall not be subject to revision during the currency of the Permanent Lease. (f) The Government shall during the period of the Permanent Lease indemnify the Company against all claims of any owners or occupiers (including the Tribal Authorities) in respect of the demised areas other than claims for compensation made in accordance with the provisions of the Minerals Ordinance but subject to Clause 14 of this Agreement. (g) Subject as hereinafter mentioned the Company shall in addition to the rent mentioned in paragraph (e) of this clause pay to the Government *Now section 35 (4) (a). an annual dead rent of One Thousand Pounds during the term of the Permanent Lease Provided that such dead rent shall cease to be payable during and in respect of the period of construction of the railway extension. (h) The Permanent Lease shall provide for the payment by the Company to the Government of royalties in accordance with the provisions set out in the Second Schedule hereto. (i) Any royalties paid by the Company to the Government under the provisions of the said Second Schedule in respect of any year shall in the first place be considered as being paid on account of the dead rent for that year (if any) payable under paragraph (g) of this clause and shall accordingly be received by the Government in satisfaction pro tanto of the Company's liability for such dead rent. (j) During the term of the Permanent Lease the Government will not impose on the Company a tax on profits made from or in respect of and/or any duty on or in respect of the exercise of any of the rights conferred by this Agreement and any mining rights or leases including the Permanent Lease issued in pursuance thereof exceeding a total amount equivalent to five per centum per annum on such profits for such year as assessed to income tax in the United Kingdom. Provided that the Government shall not impose any such tax on profits in any year in which the Company has failed to obtain the agreement of the Commissioners of Inland Revenue in the United Kingdom to allow Dominion Income Tax relief in respect of the whole of the said tax or duty to such extent that no additional burden or obligation in respect of tax or duty is imposed upon the Company. Provided also that the term " profits " as used in this clause shall not include any profits earned by the Company in respect of any trade or business of prospecting for mining producing or selling diamonds or any profits of the Company may earn by any of its operations in the Marampa Concession. (k) During the term of the Permanent Lease the Government will not save as provided in this Agreement impose on the Company or its employees or on the whole or any part of the undertaking or assets of the Company any impost head tax liability or obligation which will directly or indirectly increase the financial obligations or working costs of the Company which is not universally applied to all persons firms and companies and their employees or assistants engaged in industry in Sierra Leone and the undertakings and assets in Sierra Leone owned or controlled by such persons firms and companies. (l) The provisions as to exemption from customs duty set out in the Third Schedule hereto shall have effect during the respective periods therein specified.