Document:

EX-4.36

 Exhibit 4.36 
 ESTABLISHMENT CONVENTION 
 BETWEEN 

THE GOVERNMENT OF THE REPUBLIC OF MALI 
 AND 
 BHP MINERALS INTERNATIONAL INC. 

For the exploration and mining of gold ore 

 TABLE OF CONTENTS 

 

					
	  	  	 	  	PAGES
	PART I. -	  	GENERAL PROVISIONS	  	
	Article 1	  	Interpretations	  	
	Article 2	  	Purpose of the Convention	  	
	Article 3	  	Description of the Project	  	
	Article 4	  	Co-operation of the Administrative Authorities	  	
			
	PART II. -	  	EXPLORATION WORK AND FEASIBILITY STUDY	  	
	Article 5	  	Award of exploration permit to BHP	  	
	Article 6	  	BHP office in Bamako	  	
	Article 7	  	Exploration work programme	  	
	Article 8	  	Expenditure obligations for exploration work	  	
	Article 9	  	Information during exploration	  	
	Article 10	  	Cessation of exploration work	  	
	Article 11	  	Discovery of other substances	  	
	Article 12	  	Feasibility studies	  	
			
	PART III. -	  	MINING	  	
	Article 13	  	Mining procedures	  	
	Article 14	  	Participation of Parties	  	
	Article 15	  	Purpose of the Limited Liability Company	  	
	Article 16	  	Organisation of the Limited Liability Company	  	
	Article 17	  	Rights of the State to mine a deposit on its own	  	
	Article 18	  	Purchases and supplies	  	
	Article 19	  	Employment of Mali staff	  	
	Article 20	  	Employment of expatriate staff	  	
	Article 21	  	General guarantees given by the State	  	
	Article 22	  	Tax system	  	
	Article 23	  	Customs system	  	
	Article 24	  	Economic system	  	
	Article 25	  	Financial system	  	
	Article 26	  	Guarantees regarding administrative, mining and land matters	  	
	Article 27	  	Expropriation	  	
	Article 28	  	Protection of the environment	  	
	Article 29	  	Cultural heritage	  	
	Article 30	  	Cessation, substitution, new Parties	  	
			
	PART IV. -	  	FINAL PROVISIONS	  	
	Article 31	  	Arbitration	  	
	Article 32	  	Applicable law	  	
	Article 33	  	Lifespan	  	
	Article 34	  	Coming into force	  	
	Article 35	  	Annexes	  	
	Article 36	  	Modifications	  	
	Article 37	  	Non-renunciation: partial nullity, responsibility	  	
	Article 38	  	Force majeure	  	

					
	Article 39	  	Reports, reviews and inspections	  	
	Article 40	  	Sanctions and penalties	  	
	Article 41	  	Notifications	  	
	Article 42	  	Language of the Contract and system of measure	  	
	Article 43	  	Intervention by the Limited Liability Company	  	
			
	ANNEXURES	  		  	
	ANNEXE I	  	Powers	  	
	ANNEXE II	  	Description of the Boundary area	  	
	ANNEXE III	  	Programme and budget of activities	  	
	ANNEXE IV	  	Specimen agreement for rendering of technical services	  	

 BETWEEN : 
 THE GOVERNMENT OF THE REPUBLIC OF MALI, hereinafter referred to as “the State”, represented by the Minister of Mining. Energy and Water Affairs, Mr Karim DEMBELE 

on the one hand, 
 and

 BHP Minerals International Inc, a company incorporated under the laws of the State of Delaware, 550 California Street, San
Francisco. California 94104, United States of America, hereinafter called “BHP”. represented by Mr David Anthony HUGGINS, by virtue of the powers granted to him by BHP Minerals International Inc, and attached to the present Convention as
Annexe I, 
 on the other hand. 
 AFTER HAVING STATED THAT : 
  

	 	•	 	 The State had carried out exploration work in the Morila region, and in particular in the area defined in Annexe II, over a period of several years;

  

	 	•	 	 BHP, which is currently carrying out mineral exploration in the SIKASSO region within the framework of an Establishment Convention dated 14 April
1987 and an Exploration Permit awarded by Decree no 2199
dated 14 April 1987 MDIT, has manifested the desire to carry out additional exploration work in other mining regions of Mali; 

  

	 	•	 	 On 28 October 1988, BHP, from this perspective, submitted an application for an Exploration Permit valid for the area situated in the Morila
region and defined in Annexe II. 

 Consequently, the State and BHP wish to draw up conditions and procedures
for the execution of exploration activities in the Morila zone. which are to be carried out by BHP on its own, and, where applicable. the mining, on an industrial scale, and in association with the State. of any mineral deposits which may be
discovered and; 

 HAVE AGREED AS FOLLOWS : 
 PART I : GENERAL PROVISIONS 
 ARTICLE 1 : INTERPRETATIONS 

In terms of the present Convention and without prejudice to the provisions of Article 1 of the Order pertaining to the Mining Code, the
following terms shall have the meanings as here specified : 
  

	1.1	Mining Code : Order N° 91-065/P-CTSP of 19 September 1991 pertaining to the Mining Code of the Republic of Mali, Decree N° 91 – 277 / PM-RM of
19 September 1991 determining the implementation procedures for Order N° 91 – 065 referred to above, as well as Decree N° 91 – 278/PM-RM pertaining to the approval of the specimen establishment convention for the
exploration and mining of mineral substances in the Republic of Mali. 

  

	1.2	Board of Directors : The managing body of the limited liability company as envisaged by the provisions of the statutes. 

 

	1.3	Convention : The present Convention, including all endorsements or modifications to it and all its annexes. 

 

	1.4	DNGM : The National Directorate for Geology and Mining of the Republic of Mali or any organism that may succeed it, exercising identical or similar functions.

  

	1.5	The State : The Republic of Mali. 

  

	1.6	Feasibility Study : The report relating to the feasibility of the mining of a deposit of mineral substances within the boundary area and setting out the programme
proposed for this mining, which should include, by way of indication but without being limited to : 

  

	 	a)	an evaluation of the extent and the quality of the minable reserves of mineral substances; 

 

	 	b)	determining the possibility of subjecting the mineral substances to a metallurgical treatment; 

 

	 	c)	a socio-economic impact study of the project; 

  

	 	d)	the presentation of a mine construction programme giving details on work, equipment, plants and supplies required for commercial production of a potential ore body or
deposit and the authorisations required and related estimated costs, accompanied by forecasts of expenses to be incurred annually; 

	 	e)	the drawing up of a plan relating to the marketing of the products, including envisaged points of sale, clients, conditions of sale and price: 

 

	 	f)	planning of the mining; 

  

	 	g)	an economic evaluation of the project, including financial forecasts of operating accounts and balance sheets, calculations of economic indicators (such as the internal
rate of profitability, rate of return, net current value, recovery period, profits, result in foreign currency of the project and sensitivity analysis; 

  

	 	h)	conclusions and recommendations with regard to economic feasibility and the programme decided on for starting commercial production, taking into account points
“a” to “g” above; 

  

	 	i)	evaluation of and procedures for taking responsibility for the costs relating to the safety of the facilities and the population in the boundary areas of the protection
zones; 

  

	 	j)	all other information that the party drawing up the said feasibility study may consider useful to persuade any banking or financial institutions to undertake to lend
the funds necessary for mining the said deposit. 

  

	1.7	Mining : Any operations which consist of developing (and constructing a mine) and/or extracting mineral substances from a deposit to dispose of them for commercial
purposes. 

  

	1.8	Deposit : Any ore body of mineral substances recognised by a Feasibility Study as being worth mining for commercial purposes. 

 

	1.9	Libor : The interbank interest rate offered in London, over a period of three (3) months, quoted by all international banks. 

 

	1.10	Mine : 

  

	 	a)	any shaft, open cast mine, tunnel, opening, whether underground or otherwise, made or constructed after the completion of a Feasibility Study and from which mineral
substances have been or shall be removed or extracted by any process of any kind, in quantities greater than those required for sampling, analysis or evaluation; 

 

	 	b)	movable and other plant for the processing, transformation, storage and removal of mineral substances and waste, including residues; 

 

	 	c)	tools, equipment, machinery, immovable property, plant and improvements for the mining, transformation, handling and transport of mineral substances, waste and
materials; 

  

	 	d)	housing, offices, roads, landing strips, electricity power line, electricity production plants, evaporation and drying facilities, piping, railway lines and other
infrastructure for the above purposes. 

	1.11	Mineral substances : Gold, silver, lead, zinc, copper, cobalt and related substances as well as any other mineral substances to which the present Convention may be
extended in accordance with Article 11.1. 

  

	1.12	Interest(s) : With regard to the State, the interest in a limited liability company referred to in Article 14 of the Convention, and, with regard to BHP. a holding of
100% in a limited liability company, less the interest of the State, except in the case envisaged in Article 17. 

  

	1.13	Party : BHP or the State; “Parties” shall mean BHP and the State. 

 

	1.14	Boundary area : The boundary area defined in Annexe II. It may be modified in accordance with Article 5.2 of the present Convention. 

 

	1.15	Exploration Permit : the exploration permit referred to in Article 5. 

  

	1.16	Mining Permit : the mining permit referred to in Article 13.3. 

  

	1.17	First Production : for each limited liability company, the date on which the first sale or delivery of Products occurs, either within the borders of Mali or by export,
excluding any operations carried out by way of trial. 

  

	1.18	Products : All mineral substances extracted within the boundary area for commercial purposes within the framework of the present Convention 

 

	1.19	Programme of work : A sufficiently detailed description of exploration activities to be undertaken and goals to be achieved by BHP within the boundary area.

  

	1.20	Project : All activities as a whole relating to the boundary area undertaken within the framework of the present Convention. 

 

	1.21	Operator : The manager of mining activities by virtue of an operating contract signed with the limited liability company. 

 

	1.22	Exploration : all surface studies, as well as superficial work or underground work carried out with a view to establishing the existence or the continuity of mineral
indices which have been revealed, so as to conclude from them the existence of a deposit and to study the conditions under which they may be used for industrial purposes. 

 

	1.23	Affiliate : Any legal entity, association or “joint venture” or any form of undertaking which directly or indirectly controls a party or is controlled by a
physical person or legal entity which controls a party. By the term “control” should be understood the direct or indirect holding of the power to influence or cause to influence the management and decision making by the exercise of voting
rights. 

  

	1.24	limited liability company : A limited liability company to be formed between the Parties, as envisaged in Article 13.1 of the present Convention.

 ARTICLE 2 : PURPOSE OF THE CONVENTION 
 The purpose of the present Convention is to lay down the general, economic, legal, administrative, financial, tax, customs and social conditions in terms of which BHP and / or the limited liability
company shall carry out exploration work within the boundary area, with a view to determining the existence of deposits of such a nature as to allow them to be mined on an industrial scale, and where applicable, shall proceed to mine the said
deposits. 
 ARTICLE 3 : DESCRIPTION OF THE PROJECT 
  

	3.1	The activities falling within the framework of the present Convention shall be conducted in two phases. The first phase shall consist in BHP carrying out. at its own
expense, exploration work for mineral substances and, insofar as BHP shall consider it appropriate, the preparation of a feasibility study for each potential ore body discovered. 

In case BHP should decide to build a mine, the second phase shall consist of mining the deposit or deposits, in accordance with the
conditions laid down in Articles 13 to 16 below. 
  

	3.2	It is agreed between the parties that within the boundary area, the various phases of exploration work and mining activities may take place in parallel. and the mining
of a deposit may start while exploration work continues for the discovery of other deposits. 

 ARTICLE 4 : CO-OPERATION BY
ADMINISTRATIVE AUTHORITIES 
 The State hereby declares its intention of facilitating as far as possible all exploration work to be carried
out by BHP by any means which it may consider appropriate. The same applies to mining and marketing operations of the products that the limited liability company may undertake. 
 SECTION II – EXPLORATION WORK AND FEASIBILITY STUDY 
 ARTICLE 5 : AWARD OF
EXPLORATION PERMIT TO BHP 
  

	5.1	 Within thirty days following the signature of the present Convention, the State shall award to BHP, by Decree of the Minister responsible for Mining,
an 

	 	
exclusive exploration permit valid for mineral substances and pertaining to the relevant boundary area. This exploration permit shall grant BHP all rights. and shall subject it to all
obligations, as are laid down in the Mining Code concerning exploration permits. It is agreed that in order to obtain the said permit BHP shall comply with all formalities laid down by the Mining Code The validity period of this permit shall be
three years, renewable twice for a period of three years each. 

  

	5.2	At the end of the second year of the first validity period of the Exploration Permit, BHP undertakes to relinquish half the surface area initially awarded. and to
relinquish half the remaining area at the time of each renewal of the Permit. 

 ARTICLE 6 : BHP OFFICE IN BAMAKO

  

	6.1	BHP shall entrust its existing office in Bamako with the task of co-ordinating the exploration work envisaged in the present Convention. 

BHP shall appoint the director of its office as its local representative and spokesperson with the State in all that relates to the
execution of Exploration work envisaged in the present Convention. Any replacement for the director of the BHP office must be approved by the Director of Mining, and approval may not be withheld without valid reason. 

 

	6.2	The director of the BHP office shall be given sufficient powers to decide on any matter relating to exploration work and which may be considered as falling within the
framework of the daily activities of such work. 

 ARTICLE 7 : PROGRAMME OF EXPLORATION WORK 

 

	7.1	BHP alone shall be responsible for the design, execution and financing of exploration work. 

 

	7.2	During the first three years of validity of the exploration permit. BHP undertakes to conduct the programme of exploration work attached to the present Convention as
Annexe III. 

  

	7.3	In a case where BHP should decide to renew the exploration permit in accordance with Article 8.4 below. BHP shall submit to the DNGM at least two (2) months before
the end of the third year referred to above, a programme of exploration work, new boundaries for the permit and a forecast of expenses for the duration of the period of renewal. At a later stage. BHP shall submit to the DNGM, at least one month
before the end of each year, a detailed programme of work and a forecast of expenditure. 

  

	7.4	 It is agreed that the officials of the DNGM shall be made available to BHP to participate in the preparation and execution of work programmes within
the framework of the present Convention. The costs of these officials shall be for 

	 	
the account of BHP. They shall fall under the authority of the local representative of BHP, designated by Article 6.1. The number of officials shall be determined by mutual agreement. The
provisions of the present paragraph shall not have as effect the modification of any responsibilities entrusted to BHP in paragraph 7.1 above. 

  

	7.5	Samples shall be analysed in Mali, either at existing analytical laboratories or in a fixed or mobile laboratory established for this purpose by BHP. However. BHP. on
providing the necessary proof, may send any samples taken during its exploration activities for analysis and/or processing outside Mali, including bulk samples destined for metallurgical studies. The DNGM should be informed of the results of the
analyses. 

  

	7.6	BHP shall take out all the insurance normally taken out by a diligent operator, including third party insurance, insurance covering the risk of loss or accidental
damage to equipment and insurance against death, disability and disease for the staff. 

 ARTICLE 8 : EXPENDITURE OBLIGATIONS
FOR EXPLORATION WORK 
  

	8.1	BHP undertakes exclusive responsibility for all necessary expenses in the programme of exploration work, from its own funds, except in a case where exploration is
conducted within the boundary of a mining permit. 

  

	8.2	BHP undertakes to spend a minimum amount equivalent in CFA francs to six hundred and fifty thousand US Dollars (650.000) on exploration work during the first
eighteen (18) months of validity of the exploration permit. 

  

	8.3	In accordance with Article 10.1 below BHP shall be entitled to relinquish its exploration work at any time before the expiry of the validity of the said exploration
permit. In a case where BHP should wish to exercise this right before the end of the first eighteen (18) months of the validity of the said exploration permit, it shall pay the State the difference between the exploration expenditure actually
incurred and the minimum expenditure amount laid down in Article 8.2. 

  

	8.4	BHP shall be entitled to renew the exploration permit for another period of three (3) years, under conditions laid down by mining legislation, if the accumulated
amount of exploration expenditure for the first three (3) years of validity of the said permit amounts to a minimum equivalent in CFA francs to two million three hundred and fifty thousand US Dollars ($ 2.350.000). 

 

	8.5	Over and above the salaries, wages and miscellaneous expenses relating to staff effectively employed for exploration work in Mali, only the following expenses shall be
taken into consideration in the calculation of minimum expenditure : 

  

	 	a)	depreciation of equipment actually used in exploration work in Mali for the period corresponding to their use; 

 

	 	b)	expenditure undertaken in exploration work per se in Mali, including expenses concerning amongst other things the establishment of programmes, tests, analyses, external
studies etc., as well as technical services carried out by BHP or an affiliate company at rates corresponding to the basic salary of the service provider, company benefits, contributions, welfare contributions, other expenses and related charges.
The head office expenses for BHP may be taken into consideration at a fixed rate of six per cent (6 %) of the said costs. In order to be able to verify these expenses, the accounting system shall be organised so as to allow exploration expenses to
be differentiated from administrative expenses. 

 ARTICLE 9 : INFORMATION DURING EXPLORATION 

 

	9.1	BHP shall supply the State with reports relating to exploration work required by the Mining Code. 

 

	9.2	At the expiry of the exploration permit and of all periods of renewal of the latter envisaged in Article 8.4. BHP shall submit a final report to the State, as well as
all maps, drilling logs, all airborne surveys and all crude data that it has acquired during the exploration period. This obligation shall also apply to all other exploration permits awarded within the framework of the present Convention.

  

	9.3	The reports and data referred to in Article 9.1 may not be communicated to a third party by the State without the prior written consent of BHP, which may not be
withheld without valid reason. In case of relinquishment of the exploration permit these reports and data shall become the property of the State. 

 ARTICLE 10 : CESSATION OF EXPLORATION WORK 
  

	10.1	Subject to the provisions of Article 8 of the present Convention and in accordance with the provisions of the Mining Code. BHP may cease exploration work before the
expiry of the validity period of the exploration permit, if it considers that the results obtained do not justify the continuation of the said work. 

  

	10.2	In case of final cessation of the exploration permit all mining titles and rights arising from the present Convention and held by BHP shall become null and void with
regard to the boundary areas covered by the Exploration Permit. BHP shall then send the State the final report referred to in Article 9.2 above. 

 ARTICLE 11 : DISCOVERY OF OTHER SUBSTANCES 

 

	11.1	If, during the execution of exploration work, BHP should discover the existence of substances other than mineral substances, BHP may extend the validity of its
exploration permit to these new substances under conditions laid down by the Mining Code. 

  

	11.2	The parties shall initiate negotiations to define the terms and conditions of an Establishment Convention allowing the exploration and mining of the said substances.

 ARTICLE 12 : FEASIBILITY STUDY 
  

	12.1	If BHP should decide to proceed with the mining of the deposit, on the basis of this study, the State shall have a period of ninety (90) days, starting from the
date on which the application for the mining permit is lodged by BHP- UTAH, to communicate in writing to BHP the percentage of its holding in the capital of the limited liability company, as set out in Article 14 below. 

SECTION III – MINING 
 ARTICLE 13
– PROCEDURES FOR MINING 
  

	13.1	Each time BHP takes a decision to mine a deposit, a new limited liability company may be created for the development of the said deposit, with the State and BHP as
shareholders. The limited liability company shall be governed, in particular, by the provisions of the present Convention, its Articles and the Commercial Code in force in Mali on the date of signature of the present Convention.

  

	13.2	By way of derogation from Article 13.1 above, it is hereby stated that the mining of a new deposit in the same boundary area may be done within the framework of an
existing limited liability company, with the consent of both Parties. 

  

	13.3	Within ninety (90) days following the lodging of the application for a mining permit by BHP, the State shall grant BHP a mining permit for this deposit BHP shall
immediately and without payment cede the mining permit to the limited liability company. BHP shall remain holder of the exploration permit in accordance with the provisions of the Mining Code so as to be able to continue exploration work in the area
where applicable. 

  

	13.4	As soon as the mining permit is granted, the limited liability company shall be authorised to start development work on the deposit and the construction of the mine.

 ARTICLE 14 : INTERESTS OF THE PARTIES 

 

	14.1	When the limited liability company is established in accordance with Article 13.1 the initial interest of each Party in the company capital of the limited liability
company shall be determined in accordance with expenses already incurred by each Party with regard to the deposit which is the purpose of the Mining Permit of which this limited liability company is the owner. This Interest shall be equal to the
ratio between expenses already financed by this Party and total expenditure already financed by the Parties as a whole. However, the cash Participation of the State shall be at most equal to 10 % of the company capital of the limited liability
company subject to the provisions of Article 14.6 below. 

 If the sum of expenses already incurred by the State
should be greater than 10 % of the company capital of the limited liability company, any excess shall be carried to the credit of the State for future requirements in company capital by the limited liability company, or shall be considered as a
shareholder’s advance and shall be repaid to the State by the limited liability company when its financial situation allows. The sum of expenses already incurred by the Parties and to be included into the initial company capital of an limited
liability company shall be determined by mutual agreement between the State and BHP. 
  

	14.2	At the date of signature of the present Convention, the following amount shall be considered, in terms of the contract, as “expenses already incurred” by the
State, for exploration work carried out within the boundary: One million six hundred thousand US Dollars (1.600.000 $ US) which shall bear interest at the LIBOR rate + 2 %. These expenses may only be used by the State for the constitution of the
first limited liability company established within the framework of the present Convention. 

  

	14.3	In accordance with Article 62 of the Mining Code, the cash participation of the State in the company capital of the limited liability company, envisaged in Article 14.1
above, shall be increased by a free participation equal to 10 % of the company capital of the limited liability company. This free Participation of the State equal to 10 % of the company capital shall have the same rights pari passu as
Participations held by other shareholders in the limited liability company. 

  

	14.4	The State shall have no obligation by virtue of its percentage free Participation stipulated in Article 14.3, to contribute to exploration and Feasibility Study
expenses or expenses related to the development of the deposit or any development works or mining expenses. 

Should an increase in the capital of the limited liability company be decided by an Extraordinary General Assembly, 10 % of the new
shares shall be allocated to the State free of charge so as to allow it to retain its percentage free Participation of 10 %. 
  

	14.5	However, for the 10 % stipulated in Article 14.1 and obtained by the State in exchange for expenses that it has already incurred, the State shall provide any
financial means and/or guarantees necessary for the development and mining by the limited liability company of the deposit in proportion to this 10 % Participation and shall subscribe to any increase in company capital.

	14.6	By way of exception, at the time of the establishment of the first limited liability company within the framework of the present Convention, the State may, instead of
participating in the capital of the said limited liability company, and according to the procedures stipulated in Articles 14.1 to 14.5 above, choose the following formula : 

 

	 	•	 	 to obtain automatically, in exchange for expenses already incurred and the free Participation of 10 % stipulated by Article 62 of the Order
pertaining to the Mining Code, 15 % of the initial company capital in the limited liability company, with the possibility of obtaining in cash from BHP an additional Participation of 5 % of company capital. 

The State shall notify BHP in writing of its decision on whether to accept this formula thirty (30) days after the establishment of
the first limited liability company at the latest. 
 The acquisition price of the cash Participation of 5 % shall equal the
percentage of 5 % multiplied by the coverall cost of Exploration Work and the Feasibility Study relating to the deposit, and carried by BHP before the establishment of the limited liability company, increased by interest at the LIBOR rate + 2
%. 
 Should the State decide to acquire from BHP the additional 5 % cash Participation, payment shall be made within three
months of the establishment of the limited liability company at the latest. 
 Should an increase in the capital of the limited
liability company be decided by an Extraordinary General Assembly prior to First Production, 15 % of the new shares shall be allocated to the State free of charge so as to allow it to retain its initial percentage of 15 %. 

The State shall have no obligation by virtue of its initial percentage of 15 % to contribute to exploration and Feasibility Study
expenses or expenses related to the development of the deposit or any development work or mining expenses up to First Production. 
 Should there be new investments and/or an increase in the capital after First Production, this 15 % Participation shall carry the same obligations pari passu as the Participations held by the other
shareholders in the limited liability company. 
  

	14.7	In any case, the stake of the State in the company capital of a limited liability company established within the framework of the present Convention may not at any time
during the validity of the said limited liability company exceed 20 % of the total of the said company capital. 

 ARTICLE 15 : PURPOSE OF THE LIMITED LIABILITY COMPANY 

 

	15.1	The purpose of the limited liability company shall consist in mining the deposit of mineral substances within the boundary area, which forms the subject of the
feasibility study and for which a mining permit shall have been granted and shall include all operations necessary or useful for the mining of the said deposit. 

 

	15.2	As soon as BHP cedes the mining permit to the limited liability company, the latter shall carry out in a diligent manner and in accordance with the rules of the art the
development and mining of the said deposit which forms the purpose of the feasibility study. 

 ARTICLE 16 : ORGANISATION OF
THE LIMITED LIABILITY COMPANY 
  

	16.1	The parties shall decide on the designation of the limited liability company at the time of its establishment. 

 

	16.2	The Head Office of the limited liability company shall be located in the Republic of Mali, at a location designated by mutual agreement between the parties.

  

	16.3	The financial year of the limited liability company shall start on the 1st of January of each calendar year and end on the 31st of December of the same year.

  

	16.4	The limited liability company may call in technical assistance from BHP and/or its affiliates. Technical services shall be supplied in accordance with the specimen
Technical Assistance Contract attached to the present Convention as Annexe IV that shall come into force on the establishment of a limited liability company. Services shall be invoiced to the limited liability company so as to cover the actual costs
incurred by BHP. 

  

	16.5	The limited liability company shall be governed by its Articles and by the provisions of the Code of Commerce of Mali (Act n° 86-13 AN-RM of 21 March 1986),
with the exception of Articles 419 to 450. 

 Should there be any contradiction between the provisions of the
Articles of the limited liability company and the provisions of the Code of Commerce, the provisions of the Articles shall prevail. 

ARTICLE 17 : RIGHTS OF THE STATE TO MINE A DEPOSIT ON ITS OWN 
 If the State considers that a new deposit within a boundary area should be mined, it may ask BHP to draw up a feasibility study on the mining of this deposit. Should BHP be of the opposite opinion and
consider that a feasibility study is not justified. the State may carry out its own feasibility study and submit it to BHP indicating that it wishes to proceed with mining. BHP shall notify the State, within a period of ninety

 
(90) days from the date of receipt by BHP of the feasibility study, whether it wishes to participate in the mining of the deposit that is the subject of the feasibility study. Should there be no
response from BHP within this period or should its response be negative, the State may proceed with mining the said deposit on its own and at its own expense and risk and no limited liability company shall be established. In this case the State
shall have a 100 % cash stake in the deposit being mined. If BHP should decide to participate in mining the deposit, a limited liability company shall be formed between the parties and the provisions of Articles 13 to 16 above shall be
applicable. 
 ARTICLE 18 : PURCHASES AND SUPPLIES 
 BHP, the limited liability company and their affiliates and sub-contractors shall, as far as possible, use services and raw materials obtained from Mali sources and products manufactured in Mali insofar
as these services and products are available at competitive conditions of price, quality, guarantees and delivery times. 
 ARTICLE 19 :
EMPLOYMENT OF MALI PERSONNEL 
  

	19.1	For the duration of the present Convention, BHP and the llimited liability company, their affiliates and sub-contractors undertake to : 

 

	 	a)	give preference to Mali personnel with equal qualifications ; 

  

	 	b)	implement a training and promotion programme for Mali personnel so as to ensure that they are used in all phases of activity related to the present Convention ;

  

	 	c)	provide housing for workers employed on the site under conditions of health and hygiene complying with current or future regulations : 

 

	 	d)	comply with legislation and regulations on public heath as they appear from texts currently in force or to come ; 

 

	 	e)	comply with labour regulations and legislation currently in force or to come and relating in particular to general working conditions, the salary system, the prevention
and compensation of industrial accidents and occupational diseases, as well as professional associations and trade unions. 

  

	19.2	From the date of first production of the first mine within the boundary area, the limited liability company undertakes to contribute to : 

 

	 	a)	the establishment, extension or improvement of the medical and educational infrastructure at a reasonable distance from the deposit relating to the normal needs of
workers and their families. 

  

	 	b)	the organisation, at a local level, of recreational facilities for its staff. 

	19.3	The State undertakes to grant BHP, the limited liability company, affiliates and sub-contractors the necessary authorisations to allow employees to work overtime and to
work during the night or on days that are usually paid or unpaid public holidays, in accordance with legislation in force. 

  

	19.4	The State undertakes not to pass any labour or social legislation measures with regard to BHP, the limited liability company, their affiliates or subcontractors, or
with regard to their personnel, which may be considered as being discriminatory in comparison with that which may be imposed on companies exercising a similar activity in Mali. 

 ARTICLE 20 : EMPLOYMENT OF EXPATRIATE PERSONNEL 
  

	20.1	BHP and/or the limited liability company and their affiliates and subcontractors may employ any expatriate staff for their activities in Mali which, in the respective
opinions of BHP and/or the limited liability company, may be necessary for the efficient conduct of mining and its ultimate success. The State shall facilitate the acquisition of permits and authorisations required for this expatriate personnel,
including entry and exit visas, work permits and residence permits, in accordance with current legislation. 

  

	20.2	The State undertakes, for the duration of the present Convention, not to enact or decree any measure with regard to BHP, the limited liability company and/or their
affiliates and sub-contractors implying the restriction of conditions in terms of which current or future legislation permits : 

  

	 	a)	the entrance, residence and exit of any member of staff of BHP, the limited liability company and/or their affiliates and sub-contractors, the families of these staff
members, as well as their personal effects. 

  

	 	b)	subject to Article 19.1 above, the employment and dismissal by BHP, the limited liability company and/or their affiliates and sub-contractors of any persons of their
choice, whatever may be their nationality or the nature of their professional qualifications. 

  

	20.3	The State however reserves the right to prohibit the entrance or residence of nationals of countries hostile to the Republic of Mali and any persons whose presence
would be of such a nature as to compromise security or public order or who indulge in political activity. 

 ARTICLE 21 :
GENERAL GUARANTEES GRANTED BY THE STATE 
  

	21.1	 The State undertakes to guarantee to BHP and to the limited liability company the continued existence of the economic and financial advantages and the
tax and customs conditions set out in the present Convention. Any modification that may be made in the future to legislation and regulations in Mali, and in particular to the Mining Code, shall not be applicable to BHP and to the limited

	 	
liability company without their prior written agreement. Any more favourable provision enacted after the date of signature of the present Convention, within the framework of general legislation,
shall automatically be extended to BHP and the limited liability company. 

  

	21.2	The State also guarantees to BHP, the limited liability company and/or their affiliates and sub-contractors and to persons duly employed by the latter that they shall
never in any way be subjected to any unfavourable legal or administrative discrimination either de jure or de facto. 

 ARTICLE
22 : TAX SYSTEM 
  

	22.1	The tax system applicable to the present Convention shall vary according to the various phases of operation. 

 

	22.2	From the date on which the present Convention comes into effect and for the first three years of production, BHP, the limited liability company and/or their affiliates
and sub-contractors, depending on the circumstances, shall be exempt from all tax (including Tax on Services Rendered (CPS), Value Added Tax and Tax on Services), duties, contributions or any other direct or indirect taxes that they may have to pay
personally or for which they may be liable with the exception of : 

  

	 	a)	fixed duty for the issuing of an exploration permit regardless of its surface area : 300.000 F ; 

 

	 	b)	the duty on the renewal of the exploration permit, at the time of each renewal : 300.000 F ; 

 

	 	c)	fixed duty on the issue of a prospecting authorisation: 300.000 F 

  

	 	d)	fixed duty on the issue of a mining authorisation: 7.000 F ; 

  

	 	e)	fixed duty on the issue of a mining permit: 1.000.000 F ; 

  

	 	f)	the additional surface fee for exploration permits and for authorisations to prospect, for the full duration of the Convention : 

 

	 	•	 	 50 F/km2 per year for the first period 

  

	 	•	 	 100 F/km2 per year for the first renewal 

  

	 	•	 	 200 F/km2 per year for the second renewal 

  

	 	g)	the additional surface fee for mining permits and authorisations : 

  

	 	•	 	 50.000
F/km2 per year ; 

	 	h)	the Employers’ Standard Contribution (CFE) at the rate in force on the date of signature of the present Convention (the basis being equal to the total gross sum of
wages, salaries and pay of employees, including expatriate employees); 

  

	 	i)	the social welfare levies and contributions due for employees, including expatriate employees, as provided for in current legislation ; 

 

	 	j)	General Tax on Revenue due by employees ; 

  

	 	k)	duties on vehicles except for on-site vehicles and other vehicles directly related to exploration operations ; 

 

	 	l)	stamp duties on intended imports with regard to vehicles as well as tax on related insurance contracts, with the exception of on-site vehicles and or other vehicles
directly related to exploration operations ; 

  

	 	m)	Ad Valorem tax at a rate of 3 % of the value ex field. By value ex field should be understood the value of Products sold to the refinery less all refining costs or
any other process or means of treatment necessary for the transformation of mineral substances into a commercial final product, commissions on marketing of the products, costs for transport, weighing, analysis, where applicable, which have not
already been deducted by the purchaser; 

  

	 	n)	tax on services rendered at a rate of 3 % of the value ex field as defined in Article 22.2 (m) above.; 

 

	22.3	After the first three years of production from a project that is the subject of a mining permit, BHP or the limited liability company, its affiliates and subcontractors
shall be bound to pay the following, with regard to this project : 

  

	 	a)	an additional surface fee for mining permits: 

  

	 	•	 	 75.000 F/ km2 per year; 

  

	 	b)	an additional surface fee for mining authorisations: 

  

	 	•	 	 50.000 F/
km2 per year ; 

 

	 	c)	registration duties ; 

  

	 	d)	stamp duties ; 

  

	 	e)	tax on income from land and tax on mortmain assets subject to exemptions set out in the Mining Code ; 

 

	 	f)	patent duties ; 

  

	 	g)	housing tax set at a rate of 1 % of the payroll of all employees ; 

	 	h)	the Employers’ Standard Contribution (CFE) at the rate in force on the date of signature of the present Convention, the basis being equal to the total gross sum of
wages, salaries and pay of employees, irrespective of their current or future nationality; 

  

	 	i)	General Tax on Revenue due by employees ; 

  

	 	j)	the social welfare levies and contributions normally due for employees. as provided for in current legislation ; 

 

	 	k)	tax on profits at a rate of 45 % subject to Article 22.4 below : 

  

	 	l)	duties on vehicles, with the exception of heavy equipment and/or other vehicles directly related to mining operations : 

 

	 	m)	Value Added Tax (VAT); 

 With
regard to domestic taxes on turnover, BHP and/or the Operator, the limited liability company, shall benefit from tax credits recorded in their favour by the application of the provisions of Article 513 of the General Code on Taxation, governing the
regulations of repayment of VAT or TPS to exporting companies. Should there be no reimbursement within a period of three (3) months, these reimbursable tax credits shall be used for the payment of other taxes and duties owing by the Company.

  

	 	n)	duties on insurance contracts taken out with insurance companies residing in Mali ; 

 

	 	o)	Ad Valorem tax at a rate of 3 % of the ex field value as defined in Article 22.2 above; 

 

	 	p)	Tax on Services Rendered at a rate of 3 % of the ex field value. 

 No other tax, duty, contribution or levy of any type, be it direct or indirect, which is or which may in the future be imposed by the State at any level whatsoever shall be payable by the parties, BHP and
the limited liability company, their affiliates or subcontractors, for the duration of the mining period. 
  

	22.4	Notwithstanding the provisions of Article 22.3 (k), BHP and/or the limited liability company shall be exempt from tax on industrial and commercial profits for the first
five years following the first production. 

  

	22.5	The net taxable profits of BHP or of the limited liability company subject to direct taxation at a rate of 45 % shall be determined according to the provisions of
Articles 103 and 104 of the Mining Code subject to the definitions and modifications set out below : 

  

	 	a)	the liabilities defined in Article 105 of the Mining Code shall consist both of claims of shareholders and/or their affiliates against the limited liability company as
well as dues to third parties ; 

	 	b)	BHP or the limited liability company shall be authorised to post to the debit of the operating account any actual interest paid to third parties as well as to its
shareholders and/or their affiliates insofar as the interest rates paid to such affiliates shall not exceed conditions on the international market; 

  

	 	c)	the depreciation rates applicable shall be those determined by texts in force on the date on which the present Convention is signed. and in particular Interministerial
Decree N° 236/MF-MDITP of 23 January 1975. 

 Depreciation shall come into effect from the date of first
production for assets acquired before this date. Depreciation for assets acquired after first production shall come into effect on the date on which the assets go into operation. 

Depreciation posted to books in deficit years may be deferred for the purposed of calculation of net profits subject to the tax on
profits. Amounts of deferred depreciation shall be deducted, after deduction of losses carried over, during the first tax year of the limited liability company that shows a profit and each following year that shows a profit. 

Exploration and mining expenses which cannot be allocated to depreciable assets shall be capitalised and depreciated by linear calculation
over the shorter of the following two periods : ten years or the estimated duration of mining of the mine. 
  

	 	d)	All technical assistance costs incurred by BHP, as listed in Annexe IV. shall be fully deductible for the calculation of the net annual profits that are liable for tax
on profits. BHP and/or the limited liability company undertake to supply the State with an annual certified attestation of the accounts in accordance with Article 104 (c) of the Mining Code. 

 

	 	e)	BHP and/or the limited liability company shall be authorised to carry over again for a period of five years all operating losses incurred after the first production.
For this purpose, operating losses shall mean the excess of all deductions laid down by Article 104 of the Mining Code on all revenue referred to in Article 103 of the said Code. 

 

	22.6	 In accordance with Article 96 of the Mining Code, the State guarantees BHP and the limited liability company that it shall maintain the tax system
subject to the provisions of Article 21.1 of the present Convention. During the duration of the validity of the present Convention, no modification may be made to the rules concerning the tax basis, the collection of statutory duties and tariffs
stipulated in the present convention without the prior written consent of BHP 

	 	
and/or the limited liability company depending on the circumstances. For the duration of the validity of the present Convention, BHP and the limited liability company shall not be liable for
taxes, duties and contributions collected and cleared by the State where their creation has just been decided. 

  

	22.7	With regard to the Internal Revenue Code of the United States of America, each limited liability company shall be considered as a partnership. In this regard, certain
federal taxes and federated States should be declared in the United States. This declaration shall be done at the sole responsibility of BHP but the limited liability company shall sign such declarations at the request of BHP. The intention of the
Parties is that the Malian tax on profits which shall be payable by BHP by virtue of the present Article 22 shall be considered as a tax credit in the meaning of the Internal Revenue Code of the United States of America. If the Internal Revenue
Service should determine that the above tax cannot be fully credited for the purposes of taxation on revenue due by BHP in the United States, the Parties agree to re-open negotiations on the present Article 22 so as to institute a tax on profits
which can constitute a tax credit in its entirety. However, such modifications can in no circumstances have the effect of modifying the economic or other advantages granted to the State in the present Convention. 

ARTICLE 23 : CUSTOMS SYSTEM 
  

	23.1	BHP and/or the limited liability company and their affiliates and subcontractors shall benefit from the following customs advantages while the exploration permit
remains valid and thereafter for the first three years of production. 

  

	 	a)	System of free temporary admission “prorata temporis” of equipment. machinery and apparatus, heavy vehicles, utilitarian vehicles and other goods destined to
be re-exported after the completion of exploration or mining work. 

  

	 	b)	Common law system for private vehicles used for the activities of BHP or the limited liability company as well as all vehicles destined for private used.

  

	 	c)	Exemption from import duties and taxes, including the Tax on Services Rendered (CPS or any other tax taking its place), payable on tools, chemical products, reagents,
petroleum products, oils and grease for machinery required for their activities, computer equipment and accessories, communication equipment and accessories, spares, (excluding those destined for private vehicles), materials and equipment, machinery
and apparatus destined for the operation of the mine and/or to be used permanently on the mine. BHP and/or the Operator, the limited liability company shall submit to the Customs Department a provisional annual statement of equipment, materials and
products to be imported and which would benefit from the customs advantages. This statement may be modified to take into account the development of the project and must be approved by the Direction Nationale de la Geologie et des Mines (DNGM).

	23.2	The expatriate staff of BHP and the limited liability company shall benefit, as far as their personal effects are concerned, from exemption from duties and taxes,
including the Tax on Services Rendered or any tax taking its place, for a period of six months starting from their initial establishment in Mali. 

  

	23.3	At export, the products shall be exempt from all export duties and taxes, all taxes on turnover at export and all other duties levied at export while the present
Convention remains valid. The proceeds of sales of these exports shall not be liable for any tax, whether it is direct or indirect, and BHP and the limited liability company may hold the proceeds of such sales in foreign currency.

  

	23.4	At re-export, the equipment and supplies which were used to carry out exploration and mining work will be exempt from all exit taxes and duties including Tax on
Services Rendered, or any tax in its place, which may normally be payable. 

  

	23.5	Should goods imported duty free to Mali be resold in terms of the above provisions, BHP, the limited liability company, and/or their affiliates and subcontractors or
their staff shall go through the required formalities for this purpose and shall be liable for duties on the resold goods. These goods will be valued in accordance with the current legislative and statutory provisions. 

 

	23.6	After the first three years of production, BHP and/or the Operator, the limited liability company, their affiliates and sub-contractors shall be liable for the payment
of customs duties and taxes applicable on the date on which the present Convention is signed, with the exception of petroleum products, oils and greases necessary for the production of energy for the extraction, transport and processing of the ore.

 These petroleum products, oils and greases necessary for the production of energy for the extraction, transport
and processing of the ore shall remain exempt from all customs duties and taxes while the present Convention remains valid. 
 ARTICLE 24 :
ECONOMIC SYSTEM 
  

	24.1	Subject to the provisions of the present Convention, the State, while the present Convention remains in force, shall not pass or issue any measure with regard to BHP
and/or the limited liability company, their affiliates and sub-contractors, with the implication of a restriction on conditions in terms of which the legislation in force at the time when the present Convention is signed allows the following :

  

	 	a)	free choice of suppliers and sub-contractors (subject to Article 18 above); 

	 	b)	free import of goods, supplies, materials, equipment, machinery, spares and consumables (subject to the provisions of Article 23 above); 

 

	 	c)	free circulation throughout Mali of goods and equipment referred to in the above paragraph as well as all substances and products arising from exploration and mining
activities. 

  

	24.2	The State undertakes to supply all the necessary permits and authorisations for the exercise of rights guaranteed by Articles 23 and 24 of the present Convention.

  

	24.3	Subject to the provisions of the present Convention, BHP and/or the limited liability company shall be authorised to execute contracts at reasonable prices from the
point of view of the world market and to export products, as well as freely market these products, except to and with countries ... [missing]. 

  

	24.4	If during or at the end of its mining operations within the framework of the present Convention, BHP and/or the limited liability company should decide to put an end to
their activities, they may only transfer their facilities, machinery and equipment to third parties after giving the State priority to acquire these goods at their estimated value at the time of the above-mentioned decision.

  

	24.5	BHP, the limited liability company and/or their affiliates and sub-contractors shall be authorised to import duty-free any equipment and products directly or indirectly
needed for the project. For implementing the duty free import procedure, not only will conditions of quality and delivery times be taken into account but also the possibility of obtaining the equipment and products at competitive prices on the
domestic market. 

 ARTICLE 25 : FINANCIAL SYSTEM 

 

	25.1	Subject to the provisions of the present Convention, the State guarantees, for the duration of the present Convention, to BHP, the limited liability company and their
affiliates and sub-contractors : 

  

	 	a)	free conversion and free transfer of funds destined to settle all debts (principal and interest) in foreign currency with regard to suppliers and creditors who are not
nationals of Mali; 

  

	 	b)	free conversion and free transfer of net profits to be distributed to non Malian partners and all sums allocated to the repayment of financing obtained from non Malian
institutions and BHP affiliates, after payment of all duties and taxes laid down by the present Convention; 

  

	 	c)	free conversion and free transfer of profits and funds originating from the liquidation of assets, after payment of levies, customs duties and taxes laid down by the
present Convention. 

	25.2	In order to allow the limited liability company or BHP to meet its mining costs and to make payments to suppliers and creditors for goods and services purchased and
loans contracted and to service possible dividends, within the framework of its activities, the limited liability company or BHP is authorised by the present Convention to pay into an offshore account in US dollars or any other convertible currency,
the proceeds of its exports. 

  

	25.3	BHP and the limited liability company shall be authorised to open an account in foreign currency in Mali or abroad. 

 

	25.4	The State guarantees the free conversion and free transfer abroad of savings of expatriate staff working for BHP, the limited liability company, as well as their
affiliates and sub-contractors, made on their salaries or resulting from the liquidation of investments in Mali or the sale of personal effects in Mali. In pursuance of Article 6 of Act N° 89-12 AN-RM of 9 February 1989. the State shall
authorise its expatriate personnel residing in Mali to open accounts in foreign currency in Mali or abroad. 

 ARTICLE 26 :
ADMINISTRATIVE, MINING AND REAL ESTATE GUARANTEES 
  

	26.1	In terms of the conditions set out by the Mining Code the State guarantees BHP and the limited liability company the occupation and use of all terrain necessary for
exploration and mining work of the deposit or deposits which form the subject of this exploration and/or mining permit, both within as well as outside the boundary. 

The occupation and utilisation of the said terrain shall not give rise to BHP or the limited liability company having to pay any taxes,
duties, fees or levies other than those set out in the present Convention. At the request of the limited liability company or BHP, the State will proceed to re-settle any inhabitants whose presence on the said terrain would hinder exploration and/or
mining work. BHP and/or the limited liability company shall be bound to pay a fair compensation to the said inhabitants as well as for any deprivation of enjoyment or damage which their activities may cause to the holders of land titles, customary
law occupational titles or any beneficiaries of any rights whatsoever. 
  

	26.2	BHP and the limited liability company shall be entitled, at their own costs. to cut wood necessary for their work and to take and use the said wood. earth. stone, sand,
gravel, lime, gypsum and waterfalls and all other materials and elements which would be necessary to achieve the objectives of the present Convention, in accordance with legislation in force. 

 

	26.3	The Mining Code in force in Mali at the date of the present Convention shall govern the mining titles awarded or leased to BHP or to the limited liability company for
the duration of the validity of the present Convention. 

 ARTICLE 27 : EXPROPRIATION 
 The State assures BHP and the limited liability company and their affiliates and subcontractors that it has no intention of expropriating any future mines nor of seizing any of their assets. However, if
circumstances or a critical situation should demand such measures, the State acknowledges that it shall be bound to pay an adequate compensation for infringed interests, in accordance with international law. 

ARTICLE 28 : PROTECTION OF THE ENVIRONMENT 
 28.1 BHP, insofar as it relates to any Exploration work, and/or each limited liability company, insofar as it relates to any mining, undertakes the following: 

 

	 	a)	to preserve the environment and public infrastructure allocated to their use for the duration of the Convention ; 

 

	 	b)	to repair any damage caused to the environment and to any infrastructure, beyond normal usage ; 

 

	 	c)	to comply in all details with current legislation concerning dangerous waste, natural resources and the protection of the environment ; 

 

	 	d)	to develop the excavated terrain in accordance with internationally accepted uses in the mining industry ; 

 

	 	e)	to comply with the provisions of the Forestry Code in particular those relating to clearing along banks and watercourses and on slopes: 

 

	 	f)	to install a purification system for the waste water of the mine. 

 ARTICLE 29 : CULTURAL HERITAGE 
 In accordance with legislation in force on the protection
of the national cultural heritage, the mining phase should be preceded by an archaeological study conducted within the boundary area for mining by the relevant departments of the Ministry of Culture, and BHP and/or the limited liability company
shall bear the costs of such a study. 
 During exploration activities, if any movable or immovable elements of the national cultural heritage
should be revealed, BHP undertakes to inform the administrative authorities immediately, and not to remove any of these objects. The limited liability company and BHP undertake to participate in the rescue expenses. 

ARTICLE 30 : TRANSFER, SUBSTITUTION AND NEW PARTIES 
  

	30.1	 One of the parties may, with the prior written consent of the other, transfer to other legal entities, which are technically and financially qualified,
all or part of 

	 	
the rights and obligations that it has acquired by virtue of the present Convention including its interest in a limited liability company and in the exploration and mining permits. In this case,
the transferees shall assume all rights and obligations of the transferor defined by the present Convention or arising from its participation in the limited liability company as well as those arising from the exploration and mining permits. With
regard to the participation of a party in the limited liability company or the disposal of a permit, the other party shall have a pre-emptive right. 

  

	30.2	Article 30.1 above shall not apply to the disposal by a party of all or part of its rights arising from the present Convention or its interest or assets in a limited
liability company to an affiliate. 

  

	30.3	BHP shall be free to substitute for itself any affiliate company, after notifying the State, for the execution of the present Convention. 

 

	30.4	Should BHP be substituted by an affiliate company, BHP shall remain fully responsible for the execution of the obligations by the latter. 

SECTION IV – FINAL PROVISIONS 

ARTICLE 31 : ARBITRATION 
  

	31.1	The parties undertake: 

  

	 	a)	to come to an amicable settlement in all disputes concerning the interpretation or implementation of the present Convention ; 

 

	 	b)	in case of dispute or litigation which exclusively relates to technical aspects, to submit to an acknowledged expert for his technical knowledge, chosen jointly by the
parties and not having the same nationality as them or any link of any kind with them. The decision of this expert shall be given within 30 days of his appointment and shall be final and without appeal. In case of disagreement on the evaluation of
the nature of the dispute between the parties concerning the identity of the expert, this matter shall be decided by arbitration in accordance with the provisions of Article 31.2 below. 

The costs of technical arbitration shall be equally shared between the Parties. 

 

	31.2	Subject to the provisions of Article 31.1 above, any litigation or dispute relating to the present Convention shall be settled by arbitration in accordance with the
Convention for the settlement of disputes relating to investments between States and Nationals of other States, which came into effect on 14 October 1966 (hereinafter called the “Arbitration Convention”). 

 In the case of such arbitration : 

 

	 	a)	the arbitration shall take place in Paris, unless the parties shall decide otherwise ; 

 

	 	b)	the arbitration shall take place in French, with a translation into English; the applicable law shall be determined according to the provisions of Article 32 ;

  

	 	c)	the costs of arbitration shall be for the account of the losing party. 

  

	31.3	For the purposes of arbitration, the parties agree that the operations to which the present Convention refers shall constitute an investment in the meaning of Article
25, paragraph 1 of the Arbitration Convention. 

  

	31.4	In circumstances where, for any reason whatsoever, the International Centre for Settlement of Investment Disputes (ICSID) shall declare itself to be incompetent or
should refuse to arbitrate, the dispute shall then be finally decided in accordance with the Arbitration Regulations of the International Chamber of Commerce. A single arbitrator nominated by mutual agreement of the parties shall be responsible for
the arbitration. This arbitrator shall be of a nationality other than that of the parties and shall have proven experience in mining. In the case where the parties cannot reach agreement on the question of choice of an arbitrator, three arbitrators
appointed in accordance with the Arbitration Regulations of the International Chamber of Commerce shall be responsible for the arbitration. The provisions of Article 31.2 shall apply. 

 

	31.5	The parties undertake to carry out without delay any decision given by the arbitrators and relinquish any means of recourse. Any competent court may be requested to
confirm the judgement for the purposes of the order for enforcement. 

 ARTICLE 32 : APPLICABLE LAW 

The law applicable to the present Convention shall be the law of the Republic of Mali. 
 The State hereby declares that the present Convention is authorised in terms of Mali mining legislation. It is explicitly understood that while it remains valid, the Convention shall constitute the Law
applicable between the parties. subject to compliance with other provisions of public law and order. It follows that Mali legislation in force on the date of the signature of the present Convention shall play a supplementary role in the
interpretation of the present Convention, only insofar as the present Convention does not regulate the issue in full. 
 ARTICLE 33 :
DURATION 
  

	33.1	The present Convention shall have a maximum duration of 30 years from the date on which it comes into force. In a case where the period during which a

	 	
deposit is mined should exceed the duration of the present Convention, the parties undertake to apply for an extension, which, in accordance with Article 53 of the Mining Code, may only be
awarded by a special act. 

  

	33.2	The present Convention shall terminate before its term in the following cases : 

 

	 	a)	By written agreement of the parties ; 

  

	 	b)	In case of complete relinquishment by BHP and the limited liability company or limited liability companies of their mining titles, or if the latter should be annulled
in accordance with the provisions of the Mining Code ; 

  

	 	c)	In case BHP, during the exploration period, or the limited liability company, during the mining period, should go bankrupt, go into receivership, or their assets be
liquidated or undergo similar collective procedures. 

 ARTICLE 34 : COMING INTO FORCE 

The present Convention, which shall have force of law, shall come into force after its signature by both parties, on the latest of the following two
dates: 
  

	•	 	 The date on which the Exploration Permit is awarded to BHP by decree issued by the Minister of Mining. 

 

	•	 	 The date of the order or of the act approving the present Convention. 

 ARTICLE 35 : ANNEXES 
 Annexes I, II, III and IV, as well as any codicils to the present
Convention shall form an integral part of it. 
 ARTICLE 36 : MODIFICATIONS 

 

	36.1	Any clause that is not provided for in the text of the present Convention may be proposed by one or other of the parties and shall be given careful consideration. Each
party shall make every effort to reach a solution which is mutually acceptable, following which the said clause shall constitute the subject of a codicil which will be ratified by the State and annexed to the present Convention.

  

	36.2	 At the time of signing the said Convention, the rights and obligations of the parties arising from the present Convention are aimed at achieving
economic balance between the parties. If during the implementation of the Convention, very significant variations in economic conditions should lay a significantly heavier burden on one or the other of the parties than those foreseen at the time of
the signature of the said Convention, resulting in consequences which 

	 	
are unfair towards one or other of the parties, it is agreed that the parties shall reconsider the provisions of the present Convention in a spirit of objectivity and fairness so as to return to
the initial balance. 

 The present clause establishes for both parties a mere obligation to renegotiate with a
view to the possible adjustment of the Convention. Unless there is an express agreement between the parties, the Convention shall remain in force and shall continue to develop all its effects during the renegotiations. 

ARTICLE 37 : NON RELINQUISHMENT, PARTIAL NULLITY, RESPONSIBILITY 
  

	37.1	Unless there is an explicit written relinquishment, the fact that a party does not exercise all or part of the rights granted to it in terms of the present Convention
shall in no way constitute a relinquishment of the rights that it has not exercised. 

  

	37.2	If any one of the provisions of the present Convention were to be declared or deemed null and non applicable, either as a whole or in part, for whatever reason, such a
fact shall not annul the present Convention which will remain in force. 

  

	37.3	If a party should consider itself seriously injured by this partial nullity. it may request the review of the relevant provisions of the present Convention. The parties
shall then make every effort to reach a fair solution. 

 ARTICLE 38 : FORCE MAJEURE 

 

	38.1	The failure by one of the parties to execute any one of its obligations laid down by the present Convention other than obligations of payment or notification shall be
excused insofar as this failure is due to a case of force majeure. If compliance with an obligation affected by the force majeure is delayed, the period allowed for the execution of the latter, as well as the duration of the Convention set out in
Article 33, notwithstanding any provision to the contrary in the present Convention, shall automatically be extended by a period equal to the delay caused by the force majeure event. However, it is understood that neither the State nor BHP may
invoke in their favour as constituting a case of force majeure any act or action (or any omission to act) resulting by their fault. 

  

	38.2	In terms of the present Convention, the following should be interpreted as constituting a case of force majeure : any events, acts or circumstances independent of the
will of a party, such as acts of war, or conditions attributable to war, revolt, civil strife, blockades, embargoes, strikes or other social conflicts, riots, epidemics, earthquakes, floods or other weather phenomena, explosions, fire, lightning,
fiats and acts of terrorism. The intention of the parties is that the term “force majeure” shall be interpreted as closely as possible with the principles and usage of international law. 

 

	38.3	When one or the other of the parties deems that it has been prevented from fulfilling any one of its obligations by reason of a case of force majeure, it should
immediately notify the other party of this impediment in writing, giving the reasons. The parties should take all necessary steps to ensure that there is the shortest time possible before a return to the normal execution of obligations affected by
the force majeure, subject to a party not being bound to settle disputes with third parties, including labour conflicts, unless the conditions are acceptable to it or the settlement is made compulsory following a final arbitration judgement or a
decision by a competent court of law. The State undertakes to co-operate with BHP and/or the limited liability company for a mutual settlement of any labour conflict that may arise. 

 ARTICLE 39 : REPORTS, ACCOUNTS AND INSPECTIONS 

 

	39.1	BHP and/or each limited liability company, each insofar as it is concerned, for the duration of the present Convention, undertakes the following :

  

	 	a)	to keep accurate, true and detailed accounts in Mali, of all its transactions, accompanied by documentary proof allowing the accuracy to be verified. Representatives of
the State specially mandated for this purpose shall check these accounts ; 

  

	 	b)	to open for the inspection of the State or its duly authorised representatives all accounts or books which are abroad and relate to its operations in Mali.

  

	39.2	All the information brought to the attention of the State by BHP and/or the limited liability company in pursuance of the present Convention shall be considered as
confidential and the State undertakes not to reveal its contents to any third parties, without having first obtained the prior written consent of BHP and/or the limited liability company, depending on circumstances. which shall not be refused
without valid reason. 

 ARTICLE 40 : SANCTIONS AND PENALTIES 
 In case of failure to comply with any obligations arising from the laws and regulations in force on the date of signature of the present Convention, insofar as these laws and regulations apply to BHP
and/or the limited liability company subject to the provisions of Article 21, the sanctions and penalties set out in the same legislative or statutory texts shall be immediately applicable. 

 ARTICLE 41 : NOTIFICATIONS 
 All communications or notifications envisaged in the present Convention should be done by registered letter with acknowledgement of receipt or by telex confirmed by registered letter with acknowledgement
of receipt, as follows : 
  

	 	a)	All notifications to the State may be validly sent to the DNGM at the following address: 

Direction Nationale de la Géologie et des Mines 
 B.P. 223 Tel: (223) 22.58.21 Fax: (223) 22.71.74. 
 Bamako, Republic of Mali

  

	 	b)	All notifications to BHP shall be sent to the following address : 

 BHP Minerals International Inc. 
 550 California Street 

San Francisco, California 94104 
 Attention: Secretary 
 Telex: 6712202 UII UW 

Tel : (415) 981.15.15 
 Fax: (415) 398-0154 
 with a copy to the BHP office in Bamako, P.O. Box 2856,
Bamako, Republic of Mali. 
 From the time that the limited liability company is established, all notifications shall validly be
sent to the address of the limited liability company. 
 Any change of address should be given in writing as soon as possible by
one party to the other. 
 ARTICLE 42 : LANGUAGE OF THE CONTRACT AND SYSTEM OF MEASURE 

 

	42.1	The present Convention is written in French. All reports or other documents drawn up or to be drawn up in pursuance of the present Convention shall be drawn up in the
French language. 

 The translation of the present Convention into any other language shall be done for the
exclusive reason of facilitating its implementation. Should there be any contradiction between the French text and the English text, the French text shall prevail. 
  

	42.2	The system of measure applicable shall be the metric system. 

 ARTICLE 43 : INTERVENTION OF THE LIMITED LIABILITY COMPANY 
 When each limited liability
company envisaged by the present Convention is established, the limited liability company shall sign three original copies of the present Convention and shall by this signature accept the obligations incumbent upon it by virtue of the present
Convention. 

			
		  	 Done in Bamako, 28 April 1992
  

in four original copies

  

			
	 FOR BHP Minerals International Inc
 The Director General
 BHP Minerals Mali
	  	 For the GOVERNMENT OF THE REPUBLIC OF MALI
 THE MINISTER OF MINING, ENERGY AND WATER AFFAIRS

		
	 [Stamp : BHP UTAH MALI INC
 THE DIRECTOR GENERAL]
	  	 [Stamp : THE MINISTRY OF MINING, ENERGY AND WATER AFFAIRS
 THE MINISTER]

	D.A. HUGGINS	  	Karim DEMBELE
	[Signature illegible]	  	[Signature illegible]

			
	Translation	  	ANNEXE I

 POWER OF ATTORNEY 
 LET IT HEREBY BE KNOW THAT : 
 BHP Minerals International Inc, a company duly incorporated
and governed by the laws of the State of Delaware, United States of America, hereby designates, nominates and constitutes 
 DAVID A HUGGINS

 its legal representative for the purposes of acting as representative of the company in the Republic of Mali. 

Hereby GIVE and AWARD to the said Representative full powers and authority to do and accomplish all actions and objectives necessary and appropriate for
the execution of the above, and hereby ratifies and confirms everything that the said Representative shall intentionally do or shall cause to do by virtue of the presents. 
 The present power of attorney may be revoked but shall remain in force with regard to any person acting in belief of it until written notification of the revocation of this power of attorney has been
received. 
 IN TESTIMONEY WHEREOF, BHP Minerals International Inc has caused this power of attorney to be signed in its name and to bear its
seal by its duly authorised directors. 
 This 25th day of March 1992 

 

			
	BHP Minerals International Inc
		
	By:	 	  

	
	Deputy Director General
		
	By:	 	  

	
	Deputy Secretary General

 ANNEXE II 
 DESCRIPTION OF THE BOUNDARY AREA 
  

	A.	DESCRIPTION OF THE BOUNDARY AREA OF THE EXPLORATION PERMIT 

 Massigui Sheet, (IGN N° NC-29-XXIV), Morila Zone, Sikasso Region. 
 Boundaries of the Area:

  

							
	Point A	 	:	  	Co-ordinates	  	7° longitude west
		 		  		  	12° latitude north

 From point A to point B along the 12° north parallel 

 

							
	Point B	 	:	  	Co-ordinates	  	6°20’ longitude west
		 		  		  	12° latitude north

 From point B to point C along the 6°20’ west meridian 

 

							
	Point C	 	:	  	Co-ordinates	  	6°20’ longitude west
		 		  		  	11°30’ latitude north

 From point C to point D along the 11°30’ north parallel 

 

							
	Point D	 	:	  	Co-ordinates	  	7° longitude west
		 		  		  	11°30’ latitude north

 From point D to point A along the 7° meridian west 

Total surface area of the Permit: 3.989 km2 
 Following
page: map showing the location of the Morila Exploration Permit. 

  
 

 

 ANNEXE III 
 PROGRAMME OF ACTIVITIES AND BUDGET 
  

	A.	PROGRAMME OF ACTIVITIES 

 The programme of
activities proposed by BHP Minerals will be conducted over three years and will consist of two distinct phases, each lasting 18 months. 

Phase I : Duration 18 months : 
 This
phase consists of proving the economic viability of the anomaly by surface work (drilling, auger drilling, pits, trenches, diamond drilling, geophysicals, preliminary ore processing tests). At the end of this phase, BHP Minerals will decide whether
it is worth starting on Phase II. 
 The activities envisaged consist of the following: 

 

	•	 	 1.050 metres of auger drilling over a surface area of 1.000 x 800 m. 

 

	•	 	 2.520 metres of auger drilling over a surface area of 700 x 300 m. 

 

	•	 	 Trenches 

  

	•	 	 Pits 

  

	•	 	 Sampling 

  

	•	 	 Analyses 

  

	•	 	 Geophysics (VLF, mag) 

  

	•	 	 Preliminary processing tests 

  

	•	 	 Core drilling 2.000 m 

Total Phase I: the equivalent in CFA francs of 650.000 US $. 
 Phase II Duration 18 months : 
 This phase will include estimations of reserves and a
preliminary technical and economic investigation. 
  

	•	 	 Activities 

  

	 	•	 	 Core drilling 5.000 m 

  

	 	•	 	 Estimation of reserves 

  

	•	 	 Analyses 

  

	 	•	 	 Geophysics (VLF, mag) 

Total Phase II : the equivalent in CFA francs of 2.350.000 US $. 
 These estimated costs include direct expenses for the work (drilling, augers, analyses, geophysics, etc.), logistic support, consultancy fees and other technical assistance costs. 

N.B. The budgets are drawn up in US Dollars. 

 ANNEXE IV 
 SPECIMEN AGREEMENT FOR THE RENDERING OF TECHNICAL SERVICES 
 BETWEEN : 

BHP Minerals (hereinafter designated “BHP”), 
 AND 

                     (limited
liability company) (hereinafter designated (“limited liability company”)), 
 THE FOLLOWING WAS AGREED UPON : 

 

	A.	                     (limited liability company) undertakes to
develop and mine a zone in Mali which forms the purpose of mining permit No.                      (dated the
                     ) (hereinafter referred to as the “Boundary Area”); and 

 

	B.	BHP Minerals has the necessary technical knowledge and competence required for the exploration, development and mining of the gold-bearing subjects and
                     (limited liability company) wishes to make use of this technical knowledge and these technical skills. 

CONSEQUENTLY and in exchange for the reciprocal undertakings below. the parties have agreed as follows : 

 

	1.	PURPOSE 

 The purpose of the present
agreement is to transfer to                      (limited liability company) the technical knowledge and skills of BHP by the rendering of technical,
professional and consultancy services by BHP. 
  

	2.	DEFINITION OF THE SERVICES 

 The
technical, professional and consultancy services which can be rendered by BHP for the achievement of the purpose defined in Article 1 (hereinafter referred to as the “Services”) shall include but shall not be limited to the following
services : 
  

	(a)	Exploration activities relating to any additional exploration required in the Boundary Area; 

 

	(b)	Advice regarding the mining operations and the processing of ore; 

  

	(c)	Advice relating to the electrical facilities and their maintenance; 

  

	(d)	Advice relating to the design and construction of the processing plant and its maintenance; 

	(e)	Management of construction work; 

  

	(f)	Metallurgical tests and analyses, advice relating to the beneficiation of the ore, the design of the processing plants and modifications made to existing processing
plants; 

  

	(g)	Geotechnical engineering work relating to underground water, drilling equipment, etc; 

 

	(h)	Financial and technical review of budgets and feasibility studies: 

  

	(i)	Advice on the use, selection, commissioning and programming of computers, the use of facilities supplied by the central BHP Minerals computer, including the methodology
and programmes for the calculation of ore reserves, the planning, design and production of the mine: 

  

	(j)	Advice relating to the negotiation of sales contracts, price forecasts, means of transport and means of analysing the products; 

 

	(k)	Examination and evaluation of current or future insurance conditions and cover, the subscription of insurance contracts and the pursuit of legal actions:

  

	(l)	Professional services relating to the financing, the management of the debt and bank agreements, financing investigation of proposed fixed investments and the training
of staff for financial analysis; 

  

	(m)	Assistance in drawing up financial forecasts on behalf of the parties which have an interest in the Boundary Area; 

 

	(n)	Design and installation of construction and operation systems and accounting, financing, administration, personnel management, equipment and storage procedures;

  

	(o)	Purchase and dispatch of equipment, tools, supplies and services: 

  

	(p)	Supervision of consultants and contractors selected according to Article 3 of this agreement; and 

 

	(q)	Any other services of any kind whatsoever which may be requested by
                     (limited liability company). 

  

	3.	RENDERING OF SERVICES 

  

	(a)	BHP undertakes to carry out all or part of the Services at the request of
                     (limited liability company). In order to render the services requested, BHP may, when it considers it necessary, appoint
consultants and contractors to assist it in the execution of these Services and to supervise and manage these consultants and contractors. 

	(b)	BHP may request an affiliate to render the Services by means of a transfer or any other means. 

 

	(c)	The Services may be rendered within or outside the borders of Mali. 

  

	4.	REIMBURSEMENT OF COSTS AND EXPENSES 

  

	(a)	The Services requested by BHP and rendered in accordance with the present agreement shall be paid by
                     (limited liability company) to BHP or to its Affiliate, depending on the circumstances, in US currency of an amount equal to the
costs and expenses incurred by the execution of these services, including 

  

	 	(i)	Salaries, pay and bonuses for employees of BHP and its affiliates, including expatriate employees seconded to Mali, whose activities are related to the operations, the
cost of all benefits relating to the said employees, all taxes on salaries, social insurance and other insurance premiums, all costs related to the making available of these employees, including, without limitation, expatriation allowances and
transport costs, where applicable, and other costs relating to salaries. These salaries, pay and benefits shall comply with the BHP salary scale and its salary policy, but shall not exceed practices and salary rate in force in the mining industry
for employees with a level of education, experience and competence comparable in their respective countries. 

  

	 	(ii)	The time of staff of BHP and/or its affiliates who carry out work directly related to the operations, either on a part time or a full time basis, within the borders of
Mali or abroad, who do not fall within the framework of the provisions above, shall be divided in proportion to time spent and shall be invoiced at an hourly rate which will consist of the basic salary, in accordance with the standards of the
industry, increased by 100 % to cover the costs of BHP and/or its affiliates relative to the benefits given to employees and to the salaries and overheads of the offices of the company. 

 

	 	(iii)	The costs, expenses and fees arising from subcontracting done by BHP or by its affiliates with third parties, as set out in paragraphs (b) and (c) of Article
3 of the present Agreement for the execution of Services by these subcontractors, including all payments made to such third parties; 

  

	 	(iv)	Amounts paid by BHP or by its affiliates, depending on the circumstances, to staff for transport, travel and subsistence and other expenses necessary within the
framework of travelling done on behalf of or for the benefit of BHP in Mali in accordance with this agreement; 

	 	(v)	Costs of equipment and supplies used by BHP and by its affiliates, depending on the circumstances, with a view to the execution of these Services;

  

	 	(vi)	Costs of telephone communications incurred for the execution of these Services; 

 

	 	(vii)	All sums paid by BHP or its affiliates for the purchase of equipment, supplies or services rendered on behalf of or for the benefit of the limited liability company in
accordance with this agreement; 

  

	 	(viii)	All expenses arising from financing operations to be for the account of BHP or its affiliates, and relating to the rendering of financial services within the framework
of the present agreement, and which are not reimbursed to BHP by virtue of other agreements concluded between parties; 

  

	 	(ix)	The price of hiring equipment from the BHP computer centre used within the framework of this agreement, in accordance with a price list, periodically invoiced by this
centre to companies usually associated with BHP but not exceeding prices normally asked in the industry for comparable services; 

  

	 	(x)	Fees for analyses done within the framework of this agreement, in accordance with price lists, periodically invoiced by the BHP metallurgical laboratory to companies
associated with BHP, but not exceeding prices normally asked in the industry for comparable services; 

  

	 	(xi)	Fees for geochemical analyses done within the framework of this agreement, in accordance with price lists, periodically invoiced by the BHP metallurgical laboratory,
but not exceeding prices normally asked in the industry for comparable services; 

  

	 	(xii)	Any other expenses or costs considered as reasonable and necessary, relating to the execution of these Services. 

 

	(b)	Management, overheads and other services of a general nature rendered by the BHP head office, shall be invoiced at a rate of
             per cent of construction and development costs and              per cent for mining costs of the mine.

  

	5.	ACCOUNTING 

 BHP undertakes to keep and to
cause to be kept by its affiliates accounting records on all expenses incurred, in accordance with Article 4 above, according to generally accepted accounting principles and practices. For the duration of this agreement
                     (limited liability company) may request, and BHP shall supply it or cause it to be supplied by its affiliates, with copies of
any receipts, invoices, extracts 

 
from accounting records, files or other documents in the possession of BHP or its affiliates, which may reasonably be required by
                     (limited liability company) to justify expenditure incurred in accordance with Article 4 above. 

 

	6.	PAYMENT FOR SERVICES 

 On the tenth of
each calendar month, or as soon as possible after this date, following a calendar month during which the services were rendered, BHP shall draw up and submit, or shall cause to be drawn up and submitted by its affiliates, in writing, a statement of
costs and expenses incurred in accordance with Article 4 above for Services rendered during the previous calendar month, or before this month if such Services were not previously invoiced. This statement shall be accompanied by copies of documentary
proof corresponding to these costs or expenses. Within a period of 21 days following the dispatch of this statement,                      (limited
liability company) shall pay in US dollars to BHP or its affiliates, depending on the circumstances, at the BHP office, the amount due according to the statement. 
  

	7.	RESPONSIBILITY OF BHP 

  

	(a)	For the execution of the Services, BHP undertakes to comply with and cause to be complied with by its affiliates, all standards with regard to quality, competence and
diligence which are customary in the execution of services similar to those set out in this agreement. In order to supply these Services, BHP or its affiliates may apply to
                     (limited liability company) for any information relating to the legislation in force in Mali or any other regulations relevant
to this country or any other information, equipment or data that it may need and may rely on the accuracy of this information, equipment or data within the framework of the presents. 

 

	(b)	BHP and its affiliates undertake to compensate                     
(limited liability company) for any legal action, damage, sentence, judgement, loss and expenses, including attorneys’ fees and other legal costs, by virtue of the responsibility or loss suffered by
                     (limited liability company) for any reason including but not limited to bodily harm (including cases of death arising from this)
or following material damage due to (i) gross negligence or wilful misconduct by BHP, its affiliates or their employees or (ii) the intentional failure to execute this agreement by BHP or its affiliates.
                     (limited liability company), hereby discharges BHP, its board members, directors, managers (officials) and employees, for other
such responsibilities towards                      (limited liability company) or any claim and, save for the above, shall indemnify BHP or its
affiliates, where applicable, for any loss, cost (including legal), responsibility or damage suffered and for any expense related to it, incurred by BHP or its affiliates within the framework of the execution [part left out.]

	8.	INDEPENDENT CONTRACTORS 

 BHP or its
affiliates, depending on the circumstances, shall act as independent contractor for the execution of services and shall be fully responsible for the staff employed to carry out these Services. 

 

	9.	TERMINATION 

 One or other of the parties
may terminate this agreement sixty days after giving written notice to the other party. Should such a termination take place.                     
(limited liability company) undertakes to pay BHP or its associates, depending on the appropriate procedures set out in Article 4, for all costs and expenses incurred up to the date of termination of the services rendered in accordance with this
agreement. 
  

	10.	APPLICABLE LAW 

 This agreement shall be
governed and interpreted according to the laws of 
  

	11.	GOVERNMENT AUTHORISATIONS 

                     (limited liability company)
agrees to make all declarations or all applications so as to obtain the permits or authorisations required with regard to national or local authorities in Mali insofar as it concerns the execution of this agreement. 

 

	12.	NOTIFICATION 

 Any notifications or
communications which are to be given in writing by one of the parties to the other party for any reason shall be considered as having been duly given if it is sent by telex, fax or telegraph or sent to the address of the other party as indicated
below: 
  

	
	TO                      (LIMITED LIABILITY COMPANY)
                     TO BHP

 

									
		 	  
	 		 	  
	 	
		 	  
	 		 	  
	 	

 or to any other address that the Parties may from time to time give in writing, and this notice or any other
communication shall be deemed to have been received on the first working day following its transmission, it being agreed that if, at the time that this notice is given a labour conflict, a natural disaster or any other event were to delay receipt of
this notification or any other communication, it shall only come into effect if it has indeed been received. 

	13.	TRANSFER 

 No party to the presents may
transfer this agreement without the prior written agreement of the other party, unless by special provision of the presents to an affiliate [...? something omitted]. 

 

	14.	EFFECTS OF THE AGREEMENT 

 The provisions
of the present agreement shall benefit the Parties and shall bind them, their successors and their authorised transferees. 
 IN WITNESS
WHEREOF, the parties to the presents have signed the present agreement which comes into effect on the date of its signature. 
 Done in
                                         on
                                        

  

									
	BHP Minerals	 		 	Limited liability company
					
	BY	 	  
	 		 	BYEX-4.37

 Exhibit 4.37 
  

 TOLL TREATMENT AGREEMENT 
 THIS AGREEMENT is dated 1 June 2011 
 PARTIES 

SOCIÉTÉ DES MINES DE LOULO S.A. a company incorporated and registered in the Republic of Mali with Company
Number: MA.BKO.2006.B.4716 and having a place of business at FALADIÉ, 6446, Avenue de L’OUA, BP.E 1160 Bamako, Mali (“Somilo”); and 
 SOCIÉTÉ DES MINES DE GOUNKOTO S.A. a company incorporated and registered in the Republic of Mali with Company Number: MA.BKO.2011.B.02 and having a place of business at FALADIÉ, 6446,
Avenue de L’OUA, BP.E 1160 Bamako, Mali (“Gounkoto”). 
 AGREED TERMS 

INTERPRETATION 
 The following
definitions and rules of interpretation apply in this Agreement. 
  

	1.1	Definitions 

  

			
	“Additional Capacity”	 	 means such additional tonnage Somilo can offer to accept from Gounkoto over and above the Guaranteed Capacity.

 

 ACCORD DE TRAITEMENT PAR FACTURATION 
 CET ACCORD est daté du ler juin 20011 
 LES PARTIES 

LA SOCIÉTÉ DES MINES DE LOULO S.A. une société incorporée et enregistrée en
République du Mali au Registre de Commerce sous le numéro: MA.BKO.2006.B.4716 et ayant son siège social à FALADIÉ, 6446, Avenue de L’OUA, BP.E 1160 Bamako, Mali ci-après dénommée
“Somilo” et 
 LA SOCIETE DES MINES DE GOUNKOTO S.A. une société incorporée et
enregistrée en République du Mali au Registre de Commerce sous le numéro: MA.BKO.2011.B.02 et ayant son siège social à FALADIÉ, 6446, Avenue de L’OUA, BP.E 1160 Bamako, Mali ci-après
dénommée “Gounkoto”. 
 TERMES CONCLUS 
 INTERPRETATION 
 Les définitions et règles d’interprétation
suivantes s’appliquent à ce contrat: 
  

	1.1	Définitions 

  

			
	“Capacité additionnelle”	  	désigne le tonnage supplémentaire de minerai en provenance de la mine de Gounkoto que Somilo peut accepter de traiter au-delà de la Capacité Garantie
telle que définie ci-après.

 
 

			
	“Agreement”	 	means this agreement as amended from time to time.
		
	“assay”	 	means the process of determining the metallurgical content of Ore and Doré which is performed by an accredited independent laboratory.
		
	“Business Day”	 	means a day other than a Saturday and Sunday or public holiday or other statutory holiday in South Africa, Mali or Jersey, when banks in Jersey are open for general banking
business.
		
	“Doré”	 	means the product produced by the metallurgical process at Loulo which assays about 85% gold and 10% silver, with copper and other impurities which are sent to Rand Refinery for
further refining.

			
	“Accord”	  	désigne le présent Accord tel que modifié de temps à autre.
		
	“Essais”	  	désigne le processus de détermination de la teneur métallurgique du minerai et du Doré qui est effectué par un laboratoire indepéndant
agrée.
		
	“Jours Ouvrables”	  	désigne un jour autre que le Samedi et le dimanche ou un jour férié ou autre jour chômé prévu par la loi en Afrique du Sud, au Mali ou en
Jersey, quand les banques en Jersey sont ouvertes pour les transactions générales bancaires.
		
	“Doré”	  	désigne le produit obtenu par le procédé métallurgique à Loulo qui

 
 

			
		
	“Gounkoto Ore Body”	 	means the body of Ore situated approximately 30km south of Loulo.
		
	 “Guaranteed

Capacity”
	 	means 120 000 tonnes per calendar month (or such other amount as the parties may agree from time to time) plant throughput capacity at the Loulo Metallurgical Plant allocated
exclusively to Gounkoto subject to the terms of this Agreement.
		
	“Loulo”	 	means Somilo’s gold processing mine situated in the Kenieba Region, Mali.

 

			
		  	par essai contient environ 85% d’or et 10% d’argent avec du cuivre et d’autres impuretés qui sont envoyés à Rand Rafinery pour davantage de
raffinage.
		
	“Corps Minéralisé de Gounkoto”	  	désigne le corps minéralisé en provenance du gisement de Gounkoto situé approximativement à 30km au sud de la mine de Loulo.
		
	“Capacité Garantie”	  	désigne une quantité de 120 000 tonnes de minerai par mois civil out tout autre quantité pouvant être convenue par les parties de temps à autre et
constituant aux termes du présent Accord, la capacité de traitement à l’usine Métallurgique de Loulo exclusivement allouée au minerai de la mine de Gounkoto.
		
	“Loulo”	  	désigne la mine d’or de Somilo située dans la Région de Kayes, Cercle de Kéniéba au Mali.

 
 

			
	“Loulo ROM pad”	 	means the elevated area at the Loulo crushing plant to enable Ore to be fed to the plant crusher.
		
	“the Ore”	 	means the crushed material bearing gold and silver extracted from the Gounkoto Ore Body.
		
	“Party”	 	means a party to this Agreement.
		
	“the Plant”	 	means the metallurgical complex at Loulo, including all associated infrastructure required to produce Doré.
		
	“Plant Recovery”	 	means the percentage of the actual amount of gold extracted from the Ore processed.
		
	“Rand Refinery”	 	means Rand Refinery Limited, a public company duly registered and incorporated in terms of the company laws of South Africa, with its principal place of business situated at
Refinery Road, Industries West, Germiston, South Africa.

 

			
	“Tas de Tout-venant de Mine de Loulo” ROM pad	  	désigne la zone élevée à l’usine de concassage de Loulo permettant l’alimentation du concasseur en minerai.
		
	“le Minerai”	  	désigne le matériau concassé contenant de l’or et de l’argent extrait du corps minéralisé de Gounkoto.
		
	“Partie”	  	désigne une partie à cet Accord.
		
	“l’usine”	  	désigne le complexe métallurgique à Loulo, y compris les infrastructures connexes nécessaires pour produire du Doré.
		
	“Taux de Récupération de l’Usine”	  	désigne le pourcentage réel de la quantité d’or extraite du Minerai traité.
		
	“Rand Refinery”	  	désigne Rand Refinery Limited, une société publique dûment enregistrée et incorporée selon les lois de société de
l’Afrique du Sud, avec son siège principal à Refinery Road, Industries West, Germiston, South Africa.

 
 

	1.2	Clause headings shall not affect the interpretation of this Agreement. 

  

	1.3	Unless the context otherwise requires, words in the singular shall include the plural and in the plural shall include the singular. 

 

	1.4	A refer to any party shall include that party’s personal representatives, successors and permitted assigns. 

 

	1.5	A reference to a statute or statutory provision is a reference to it as is in force as at the date of this Agreement. 

INTRODUCTION 
  

	2.1	The Parties record that Gounkoto was created to exploit the Gounkoto Ore Body, and the Parties have agreed that it would be in both their interests that the Ore is to
be treated at the Plant. 

  

	2.2	Somilo agrees to treat the Guaranteed Capacity of the Ore through the Plant and to produce Doré which it will have refined at Rand Refinery.

  

	2.3	Should Somilo have any Additional Capacity available to treat ore through the Plant and produce Doré for refinement at Rand Refinery (or such other international
refinery as the Parties may agree to use), the Parties agree that the Additional Capacity shall be offered by Somilo to Gounkoto.

	1.2	Les entêtes de clause n’affectent pas l’interprétation du présent Accord. 

 

	1.3	A moins que le contexte ne s’y oppose, les mots au singulier comprennent le pluriel et le pluriel inclut le singulier. 

 

	1.4	Une référence à toute partie inclut les personnes représentant cette partie, successeurs et ayants droit. 

 

	1.5	Une référence à un statut ou une disposition d’une loi est une référence à celui-ci tel qu’en vigueur a la date de
cet Accord. 

 INTRODUCTION 
  

	2.1	Les Parties notent que Gounkoto a été créée pour exploiter le Corps Minéralisé de Gounkoto, et les Parties ont convenu
qu’il serait de leur intérêt que le Minerai soit traité à l’Usine. 

  

	2.2	Somilo s’engage à traiter dans son Usine la Capacité Garantie de Minerai et à produire le Doré qui serait raffiné à Rand
Refinery. 

  

	2.3	Au cas où Somilo aurait une Capacité Additionnelle disponible de traiter le minerai en Usine et de produire du Doré pour le raffinage à Rand
Refinery (ou tout autre raffinerie internationalement reconnue que les <Parties peuvent convenir d’utiliser), les Parties conviennent que la Capacité Additionnelle sera offerte à Gounkoto par Somilo.

 

	3	SCOPE OF WORK 

  

	3.1	Gounkoto shall transport the Ore by truck from the Gounkoto crushing facility to the Loulo ROM pad. 

 

	3.2	Somilo shall feed the Ore on the Loulo ROM pad into the Loulo Metallurgical Plant. 

 

	3.3	Somilo shall treat the Ore as a blend fed to the Plant with the other ores being processed through the Plant. The Parties agree that there is no obligation on Loulo to
campaign treat the Ore in an attempt to produce specific “Gounkoto Doré” as this is not technically possible unless the entire CIL treatment circuit in the Plant is cleansed of Loulo ore. 

 

	3.4	The gold and silver content in the Ore shall be determined by assay and shall form the basis on which Somilo shall pay Gounkoto for the gold and silver produced in
terms of clause 7 hereof. 

	3	CHAMP D’APPLICATION 

  

	3.1	Gounkoto doit transporter le minerai par camion de l’installation de concassage de Gounkoto au site de stockage prévu à la mine de Loulo.

  

	3.2	Somilo doit alimenter l’Usine Métallurgique de Loulo en minerai à partir du stock de tout-venant de Gounkoto. 

 

	3.3	Somilo doit traiter le Minerai en mélange introduit à l’Usine avec les autres minerais en cours de traitement à l’Usine. Les Parties
acceptent qu’il ne pèse sur Somùilo aucune obligation de faire une campagne de traitement en vue de produire du “Doré spécifique de Gounkoto” dans la mesure où cela n’est pas technique possible
sauf si le circuit entier de traitement par lixiviation en cuve (CIL) est curé du minerai de Loulo. 

  

	3.4	La teneur en or et en argent du Minerai doit être déterminée par Essais et constitue la base sur laquelle Somilo paie Gounkoto pour l’or et
l’argent produits selon la clause 7 du présent Accord. 

 

	3.5	Once the Ore has been processed, Somilo shall send the Doré to Rand Refinery (or such other internationally recognised refinery as the parties may agree) for
further refining. 

  

	4	METAL ACCOUNTING 

  

	4.1	The Ore treated in the Plant shall lose its identity once it enters the Plant. 

 

	4.2	The volume of the Ore treated shall be determined as follows: 

  

	 	4.2.1	Ore tonnage accounting shall take place by means of the Gounkoto crusher weightometer prior to the Ore being stockpiled and transported to Loulo in terms of clause 3.1
hereof or by using an agreed truck factor (if the weightometer is not operational); and 

  

	 	4.2.2	At the end of the processing period at the Plant, Somilo shall determine the mass of the Ore processed by correcting the total mass of the Ore delivered in terms of
clause 3.1 hereof, as measured in terms of clause 4.2.1 hereof, by stockpile movements at Gounkoto and Loulo. 

  

	4.3	The grade of the Ore treated shall be determined as follows: 

  

	 	4.3.1	composite samples shall be taken from the crushed product belt at Gounkoto on a shift basis, and sent to the assay laboratory at Loulo to determine the contained gold
and silver in the Ore. 

	3.5	Une fois que le Minerai est traité, Somilo envoie le Doré à Rand Refinery (ou tout autre raffinerie internationalement reconnue) que les Parties
peuvent convenir d’utiliser) pour un meilleur raffinage. 

  

	4	COMPTABILITE DU METAL 

  

	4.1	Le Minerai traité en Usine perd son identité dès son entrée en Usine ; 

 

	4.2	Le volume du Minerai traité doit être déterminé comme suit: 

 

	 	4.2.1	La comptabilité du tonnage de Minerai se fait au moyen du lecteur de poids du concasseur de Gounkoto avant que le minerai ne soit mis en tas et transporté
à Loulo conformément à la clause 3.1 du présent Accord ou par l’usage d’un facteur de charge par camion convenu (si le lecteur de poids n’est pas opérationnel); et 

 

	 	4.2.2	A la fin de la période de traitement à l’Usine, Somilo détermine la masse du Minerai traité en corrigeant la masse totale de Minerai
livrée selon la clause 3.1 du présent Accord, telle que mesurée selon la clause 4.2.1 ci-dessus par les mouvements du dépôt à Gounkoto et à Loulo. 

 

	4.3	La teneur du Minerai traité doit être déterminée comme suit: 

 

	 	4.3.1	des échantillons composites doivent être prélevés par poste de travail à partir de la bande convoyeuse du produit concassé
à Gounkoto et 

 

	 	4.3.2	taking crushed ore stockpile depletion and addition into account, a weighted average grade shall be determined by the Parties and applied to the calculated throughput
attributable to Gounkoto to calculate the contained gold and silver. 

  

	 	4.3.3	the overall Plant Recovery percentage shall be applied to the contained gold to determine the gold content attributable to Gounkoto. 

 

	4.4	Gounkoto shall be paid (pursuant to the terms of this Agreement) for its contained gold and silver after taking into account any refinery adjustments which will be made
in proportion to the gold content calculated for Loulo and Gounkoto. 

  

	4.5	Should the situation change and the method of measurement above is no longer appropriate, then the Parties will agree a revised measure of calculation as appropriate.

  

	5	FEES PAYABLE BY GOUNKOTO TO SOMILO 

  

	5.1	For the duration of this Agreement, Somilo shall charge Gounkoto for treating the Ore as follows: 

 

	 	5.1.1	Plant costs shall be calculated at the actual Loulo metallurgical rate per ton milled, including engineering costs, plus a mark-up

	 	    	envoyés au laboratoire d’analyse à Loulo pour déterminer l’or et l’argent contenu dans le Minerai. 

 

	 	4.3.2	en prenant en compte l’épuisement et l’augmentation du dépôt de minerai concassé une teneur moyenne pesée doit être
déterminée par les Parties et appliquée à la capacité de traitement calculée et allouée à Gounkoto pour déterminer la teneur en or et en argent. 

 

	 	4.3.3	le pourcentage globale du taux de Récupération de l’Usine doit être applicable à la teneur en or pour déterminer la teneur en or
affectable à Gounkoto. 

  

	4.4	Gounkoto doit être payée conformément aux termes du présent Accord pour la teneur en or et en argent déterminée de son minerai
, après prise en compte de tous les ajustements de raffinage qui seront effectués au prorata de la teneur en or calculée pour Loulo et pour Gounkoto. 

 

	4.5	Au cas où la situation changeait et la méthode de mesure ci-dessus ne conviendrait plus alors les Parties décideront d’une mesure
révisée de calcul, le cas échéant. 

  

	5	FRAIS PAYABLES PAR GOUNKOTO A SOMILO 

  

	5.1	Pendant la durée du présent Accord, Somilo facture Gounkoto pour le traitement du Minerai comme suit: 

 

	 	5.1.1	 les coûts d’Usine doivent être calculés au taux réel métallurgique de Loulo par tonne broyée, y

 

	 	
of 3%, multiplied by the calculated Gounkoto tonnage as measured in terms of clause 4.2.1 hereof; 

  

	 	5.1.2	General and Administration (“G&A”) costs, shall be calculated at the actual Loulo G&A rate per ton milled, including outside engineering costs,
including a mark-up of 3%, multiplied by the calculated Gounkoto tonnage as measured in terms of clause 4.2.1 hereof; 

  

	 	5.1.3	A plant usage fee shall be charged at a rate equal to the depreciation rate for the Plant expressed as cost per ton milled; and 

 

	 	5.1.4	Where costs are incurred by Somilo on behalf of Gounkoto which are not covered in the cost per ton milled, such costs shall be charged to Gounkoto by Somilo at cost.

  

	5.2	The total fees payable by Gounkoto to Somilo as described in this clause 5 shall be invoiced to Gounkoto on a monthly basis in arrears, and payment of such invoices
shall be subject to set-off as set out in clause 7 hereof. 

  

	6	PAYMENT DUE TO GOUNKOTO BY SOMILO 

  

	    	After taking into account the process losses of the Ore treated at the Plant, Somilo shall pay Gounkoto for the gold and silver content based on the final precious
metal receipt from Rand Refinery. 

	 	    	compris les coûts d’ingénierie, plus une majoration de 3%, multipliée par le tonnage calculé de Gounkoto tel que mesuré
conformément à la clause 4.2.1 du présent Accord : 

  

	 	5.1.2	Les frais Généraux et d’Administration (“G&A”) doivent être calculés au taux réel du G&A par tonne
broyé, y compris les frais d’ingénierie externe, y compris une majoration de 3%, multipliée par le tonnage calculé de Gounkoto tel que mesuré conformemént à la clause 4.2.1 du présent
Accord ; 

  

	 	5.1.3	un honoraire pour l’utilisation de l’usine doit être facturé à un taux égale au taux d’amortissement de l’Usine
exprimé comme coût par tonne broyée; et 

  

	 	5.1.4	lorsque des coûts sont supportés par Somilo au compte de Gounkoto ne sont pas couverts dans le coût par tonne broyée, ces coûts doivent
être facturés à Gounkoto par Somilo au coût. 

  

	5.2	Le montant total des honoraires payables par Gounkoto à Somilo comme décrit dans la clause 5 sera facturé à Gounkoto sur une base mensuelle
à terme échu et le paiement de ces factures pourra être soumis à compensation conformément à la clause 7 du présent Accord. 

 

	6	PAYMENT DU A GOUNKOTO PAR SOMILO 

  

	    	Après prise en compte des pertes de traitement du Minerai traité à l’Usine, Somilo doit payer à Gounkoto pour la teneur en or et en
argent sur la base du rapport final de raffinage du métal précieux reçu de Rand Rafinery.

 

	7	SET-OFF AND PAYMENT 

  

	7.1	The total fees due by Gounkoto to Somilo in terms of clause 5 hereof shall be set-off against the amount due by Somilo to Gounkoto for the gold and silver content as
referred to in clause 6 hereof (the “Payable Amount”). 

  

	7.2	Somilo shall pay Gounkoto the Payable Amount by means of electronic transfer into a banking account previously nominated by Gounkoto in writing, within two Business
Days of receiving the funds into its bank account from Rand Refinery in respect of the Doré sent to Rand Refinery from time to time in terms of clause 3.5 hereof. 

 

	8	TERMINATION 

  

	8.1	Subject to the provisions of clause 8.2 hereof, this Agreement shall terminate on 30 May 2031. 

 

	8.2	The Parties may terminate this Agreement by mutual agreement on 6 (six) months’ written notice or such shorter time period as may be agreed upon in writing between
the Parties. 

	7	COMPENSATION ET PAIEMENT 

  

	7.1	Le montant total des honoraires dû par Gounkoto à Somilo conformément à la clause 5 du présent Accord pourra être
compensé sur le montant dû par Somilo à Gounkoto pour la teneur en or et en argent tel que visé à la clause 6 du présent Accord (le “Montant Payable”). 

 

	7.2	Somilo doit verser à Gounkoto le Montant Payable par virement électronique dans un compte bancaire préalablement notifié par écrit
à Somilo par Gounkoto dans les deux Jours Ouvrables suivant la réception dans son compte bancaire, des fonds envoyés par Rand Refinery relativement au Doré expédié à Rand Refinery de temps en temps
conformément à la clause 3.5 du présent Accord. 

  

	8	RESILIATION 

  

	8.1	Sous réserve des dispositions de la clause 8.2 ci-après, le présent Accord prend fin le 30 mai 2031. 

 

	8.2	Les Parties peuvent mettre fin au présent Accord par consentement mutuel au moyen d’un préavis écrit de six (6) mois ou toute autre
période plus courte telle que convenue par écrit entre les Parties. 

 

	9	DEFAULT 

  

	9.1	Each of the following shall constitute an event of default (“Event of Default”) for purposes of this Agreement: 

 

	 	9.1.1	failure by Somilo to make payment on the due date for payment, as provided in clause 0 hereof: 

 

	 	9.1.2	failure to observe or perform any other obligations or undertakings contained in this Agreement; on the proviso that if any such failure which is capable of being
remedied is not remedied within five Business Days of receipt by the defaulting Party of a notice from the non defaulting requiring same to be remedied: 

  

	 	9.1.3	by or under the authority of any government or regulatory authority: 

  

	 	(a)	the management of a Party is wholly or partially displaced or the authority of a Party to conduct its business is wholly or partially curtailed; or

  

	 	(b)	all or a majority of the issued shares of a Party or any of its revenues, or assets is seized, nationalised, expropriated or compulsorily acquired.

  

	 	9.1.4	if any distress, execution, or other process is levied or enforced upon the whole or any substantial part of the assets of either Party, and this materially adversely
affects the ability of either Party to perform its

	9	DEFAILLANCE 

  

	9.1	Chacun des éléments suivants constitue un cas de défaillance (“Cas de Defaillance” dans le cadre du présent Accord:

  

	 	9.1.1	non-respect par Somilo d’effectuer le paiement à la date d’échéance telle que prévue à la clause 7.2 du présent
Accord; 

  

	 	9.1.2	inobservation ou non exécution de toute autre obligation ou engagements contenus dans le présent Accord à la condition qu’ un tel manquement
qui est susceptible d’être réparé ne le soit pas dans les cinq Jours Ouvrables de la réception par la Partie défaillante d’un avis de la Partie non défaillante exigeant la correction de la
défaillance ; 

  

	 	9.1.3	Par ou sous le pouvoir de toute autorité gouvernementale ou réglementaire : 

 

	 	(a)	la direction d’une Partie est totalement ou partiellement déplacée, ou l’autorité d’une Partie de mener ses affaires est totalement
ou partiellement réduite ; ou 

  

	 	(b)	la totalité ou une majorité des actions émises d’une Partie ou n’importe quel de ses revenus ou actifs est saisi, nationalisé,
exproprié ou acquis par force ; 

  

	 	9.1.4	 si n’importe quelle saisie, exécution, ou autre procédure est opérée ou mise en vigueur sur l’ensemble ou une
partie substantielle des actifs de chacune des Parties, et cette incidence

 

	 	    	obligations under this Agreement, and such process is not discharged within five Business Days of it being so enforced; 

 

	 	9.1.5	either or both Parties are declared bankrupt or insolvent or an order is made by a competent court, or a resolution is passed by either of the Parties, for the winding
up or dissolution of themselves (other than for the purpose of a merger, reconstruction or amalgamation whilst able to pay their debt as they fall due); and 

 

	 	9.1.6	if any representation or warranty of either or both Parties contained in this Agreement, or any document or certificate furnished to either or both of the Parties in
connection with this Agreement shall be found to be false or incorrect in any material respect, and which false or incorrect representation or warranty materially affects the rights of either or both of the Parties under this Agreement.

  

	9.2	Upon the occurrence of an Event of Default or at any time thereafter (for so long as such Event of Default continues) both Parties shall be entitled (without prejudice
to any other rights hereunder or in law) by notice to the other Party, to treat such event as a repudiation/breach by the defaulting Party of its obligations under this Agreement, and the non defaulting Party, in its sole discretion, may at any time
thereafter: 

	 	    	défavorable affecte matériellement de façon négative la capacité de l’une ou l’autre des Parties de s’acquitter de ses
obligations en vertu du présent Accord, et cette procédure n’est pas accomplie dans l’intervalle de cinq Jours Ouvrables de sa mise en vigueur ; 

 

	 	9.1.5	l’une ou les deux Parties sont déclarées en faillite ou insolvables ou une injonction est faite par un tribunal compétent, ou une
résolution est adoptée par l’une ou l’autre des parties, pour leur liquidation ou dissolution (autre que pour les fins d’une fusion, reconstruction ou absorption pendant qu’elle est en mesure de payer ses dettes
à leur échéance) ; et 

  

	 	9.1.6	si une représentation ou garantie de l’une ou des deux Parties contenue dans le présent Accord, ou tout document ou certificat fourni à
l’une ou aux deux Parties en rapport avec cet Accord est réputée être fausse ou inexacte de façon substantielle, laquelle représentation ou garantie fausse ou inexacte a une incidence matérielle sur les
droits de l’une ou des deux Parties en vertu du présent Accord. 

  

	9.2	Lors de la survenance d’un Cas de Défaillance ou à tout moment par la suite (pour autant que ce Cas de Défaillance continue), les deux Parties
ont le droit (sans préjudice de tout autre droit en vertu des présentes ou en droit) par notification à l’autre Partie, pour traiter le cas comme une répudiation / violation par la Partie défaillante, de ses
obligations en vertu du présent Accord, et la partie non défaillante, à sa seule discrétion, peut à tout moment par la suite:

 

	 	9.2.1	terminate this Agreement; or 

  

	 	9.2.2	claim immediate payment and/or performance by the defaulting Party of all of the defaulting Party’s obligations whether or not the due date for payment and/or
performance shall have arrived, 

 in either event without prejudice to the non defaulting Party’s rights to
claim damages. The foregoing is without prejudice to such other rights as the non defaulting Party may have at law. For the avoidance of doubt, the non defaulting Party shall have no further obligation to the defaulting Party under this Agreement
after its termination. 
  

	10	CONFIDENTIALITY 

  

	10.1	Each of the Parties shall at all times treat all information in connection with and/or relating to this Agreement, or either of them, and all matters incidental thereto
(the “Confidential Information”) as strictly confidential and shall not, without the prior written consent of the other Party (which consent may, for the avoidance of doubt, be withheld in the unfettered discretion of such other Party)
disclose such Confidential Information to any Party, and/or make use of such Confidential Information for any purposes other than in connection with the provisions of this Agreement. 

 

	10.2	Notwithstanding the stipulations of clause 10.1, information shall be deemed not to be Confidential Information, and the provisions of clause 10.1 shall not apply to a
Party in connection with any information which: 

  

	 	10.2.1	is or becomes generally available to the public other than as a result of disclosure by such Party in violation of this clause 100;

	 	9.2.1	résilier le présent Accord ou 

  

	 	9.2.2	réclamer le paiement immédiat et/ou I’exécution par la Partie défaillante de toutes les obligations de la Partie défaillante
qu’il s’agisse ou non de la date d’écheance de paiement et/ou I’exécution qui serait arrivée, 

 dans I’un ou I’autre cas sans préjudice des droits de la Partie non défaillante de réclamer des dommages intérêts. Ce qui précède est sans
préjudice à tous autres droits que la Partie non défaillante pourrait avoir en matière de droit. Pour éviter tout doute, la Partie non défaillante n’aurait aucune obligation envers la Partie
défaillante en vertu du présent Accord après sa résiliation. 
  

	10	CONFIDENTIALITE 

  

	10.1	Chacune des Parties doit à tout moment traiter toutes les informations en rapport avec et/ou relatives au présent Accord, ainsi que toutes les questions y
afférentes (les “Informations Confidentielles”) comme strictement confidentielles et ne doit, sans I’accord préalable par écrit de I’autre Partie (qui ne peut, sans doute, être refusé à la
discrétion de cette autre Partie) divulguer ces Informations Confidentielles à aucune Partie, et/ou les utiliser à des fins autres que celles relatives aux dispositions du présent Accord. 

 

	10.2	Nonobstant les stipulations de la clause 10.1 ci-dessus, les informations sont considérées comme n’étant pas des Informations Confidentielles
et les dispositions de la clause 10.1 ne s’appliquent pas à une Partie en rapport avec toute information qui: 

  

	 	10.2.1	est ou devient généralement à la disposition du public sans que cela ne soit dû à la divulgation faite par cette Partie en violation
de cette clause 10 ; 

 

	 	10.2.2	is or was independently developed by such Party or on its behalf by persons having no access to such Confidential Information: 

 

	 	10.2.3	was in such Party’s possession prior to the date of this Agreement: 

  

	 	10.2.4	is required to be given, made or published by law or under the rules and regulations of any relevant stock exchange or any applicable regulatory authority: and

  

	 	10.2.5	is required to be disclosed by either Party (or any of its advisers) to any provider of finance (“the Bank”) in order for the Bank to take informed decisions
regarding the Parties, provided that such Party shall use its reasonable endeavours to procure that the Bank shall keep such information confidential. 

  

	11	DISPUTE RESOLUTION 

  

	11.1	If a dispute arises out of or in connection with this Agreement or the performance, validity or enforceability of it (the “Dispute”) then, except as expressly
provided in this Agreement, the Parties shall follow the dispute resolution procedure set out in this clause 11: 

  

	 	11.1.1	either Party shall give the other written notice of the Dispute, setting out its nature and full particulars (“Dispute Notice”), together with relevant
supporting documentation. On service of the Dispute Notice the Mine Manager of Gounkoto and the General Manager of Somilo shall attempt to resolve the Dispute.

	 	10.2.2	est ou a été développée de manière indépendante par cette Partie ou en son nom par des personnes n’ayant pas accès
à ces Informations Confidentielles; 

  

	 	10.2.3	était en possession de cette Partie avant la date du présent Accord; 

 

	 	10.2.4	et doit être donnée ou publiée selon la loi ou en vertu des lois et règlements de toute Bourse ou tout pouvoir règlementaire
applicable et 

  

	 	10.2.5	doit être divulguée par I’une des Parties (ou I’un quelconque de ses conseillers) à tout bailleur de fonds (“la Banque”) pour
que la Banque puisse prendre des décisions en toute connaissance de cause concernant les Parties, pourvu que cette Partie s’assure que la Banque ne communique à personne ces informations. 

 

	11	RESOLUTION DES DIFFERENDS 

  

	11.1	En cas de differend découlant de ou en rapport avec le présent Accord ou son exécution, sa validité ou son application (le
“Différend”), alors sauf dispositions expresses du présent Accord, les Parties doivent suivre la procédure de résolution des différends indiquée dans la présente clause 11:

  

	 	11.1.1	L’une des Parties donne à I’autre une notification écrite du Différend, indiquant sa nature et tous les détails
(“Notification du Différend”), ensemble avec les pièces justificatives. Dès l’émission de la Notification du Différend, le Directeur de la Mine de Gounkoto et le Directeur Général de
Somilo essaient de résoudre le Différend. 

 

	 	11.1.2	if for any reason the Dispute is not resolved within 10 Business Days of service of the Dispute Notice, the Dispute shall be submitted by either Party to arbitration.

  

	11.2	The service of a Dispute Notice under clause 11.1 hereof shall not prevent the Parties commencing or continuing court proceedings. 

 

	11.3	Where the Dispute is not resolved within the time period set out in clause 11.1.2, the Dispute shall be referred to and finally resolved by arbitration under the LCIA
Rules, which Rules are deemed to be incorporated by reference into this clause 11.3. 

 The number of arbitrators
shall be: three (or a sole arbitrator if the Parties otherwise agree). The seat, or legal place, of arbitration shall be: London, United Kingdom.

	 	11.1.2	Si pour une raison quelconque le Différend n’est pas résolu dans un délai de 10 Jours Ouvrables à compter de l’émission de
la Notification du Différend, il sera soumis par I’une des Parties à un arbitrage. 

  

	11.2	L’émission d’une Notification de Différend conformément à la clause 11.1 n’empéche pas les Parties d’entamer ou
de continuer une procédure judiciaire. 

  

	11.3	Si le Différend n’est pas résolu dans le délai indiqué dans la clause 11.1.2, il est soumis à un arbitrage et résolu
finalement conformément aux Règles LCIA, qui sont considérées comme étant intégrées dans cette clause 11.3 par référence. 

Les arbitres sont au nombre de: trois (ou un seul arbitre si les Parties en décident autrement). L’arbitrage se
déroule à: Londres, Royaume Uni. 

 

 The language to be used in the arbitral proceedings shall be: French 

The governing law of the contract shall be the substantive law of: Jersey 

 

	12	FORCE MAJEURE 

 Neither
Party shall be in breach of this Agreement nor liable for delay in performing or failure to perform, any of its obligations under this Agreement if such delay or failure results from events, circumstances or causes beyond its reasonable control. In
such circumstances the affected Party shall be entitled to a reasonable extension of time for performing such obligations, provided that if the period of delay or non-performance continues for 2 months, the Party not affected may terminate this
Agreement by giving 14 Business Days written notice to the other Party. 
  

	13	ENTIRE AGREEMENT 

  

	13.1	This Agreement constitutes the entire agreement between the Parties and supersedes and extinguishes all previous drafts, agreements, arrangement and understandings
between them, whether written or oral, relating to its subject matter.

 La langue devant être utilisée dans la procédure d’ arbitrage
est: le Français 
 Le droit applicable du contrat est le droit positif de: Jersey 

 

	12	FORCE MAJEURE 

 Aucune
des Parties n’est ni en violation du présent Accord ni responsable du retard dans l’exécution ou de la non-exécution de I’une quelconque de ses obligations en vertu du présent Accord si ce retard ou cette
défaillance découle d’évènements, de circonstances ou de causes indépendantes de sa volonté. Dans ces circonstances, la Partie concernée a droit à une prorogation raisonnable de
délai d’exécution de ces obligations, mais si le retard ou la non-exécution continue pendant 2 mois, la Partie non concernée peut résilier le présent Accord en donnant une notification écrite de
14 Jours Ouvrables à I’autre Partie. 
  

	13	ACCORD TOTAL 

  

	13.1	 Le présent Accord constitue I’accord total entre les Parties et annule tous les projets et accords, dispositions et ententes
précédents entre elles, oraux ou écrits, relatifs à son objet.

 

	13.2	Each Party agrees that it shall have no remedies in respect of any representation or warranty (whether made innocently or negligently) that is not set out in this
Agreement. No Party shall have any claim for innocent or negligent misrepresentation based upon any statement in this Agreement. 

  

	14	SEVERANCE 

  

	14.1	If any court or competent authority finds that any provision of this Agreement (or part of any provision) is invalid, illegal or unenforceable, that provision or
part-provision shall, to the extent required, be deemed to be deleted and the validity and enforceability of the other provisions of this Agreement shall not be affected. 

 

	14.2	If any invalid, unenforceable or illegal provision of this Agreement would be valid, enforceable and legal if some part of it were deleted, the provision shall apply
with the minimum modification necessary to make it legal, valid and enforceable. 

  

	15	LANGUAGE 

  

	15.1	This Agreement is drafted in the French language. If this Agreement is translated into any other language, the French language text shall prevail.

  

	15.2	Any notice given under or in connection with this

	13.2	Chaque Partie convient de n’avoir aucun recours en ce qui concerne toute assurance ou garantie (faite innocemment ou négligemment) non indiquée dans
le présent. Aucune Partie ne peut faire une réclamation quelconque pour une déformation innocente ou par négligence basée sur toute déclaration dans le présent Accord. 

 

	14	INDEPENDANCE DES CLAUSES 

  

	14.1	Si un tribunal ou une autorité competénte trouve qu’une disposition quelconque du présent Accord (ou une partie de toute disposition) est
invalide, illégale ou inapplicable, cette disposition ou partie de la disposition est considérée, dans la mesure nécessaire, comme étant supprimée et la validité et I’applicabilité des
autres dispositions du présent Accord ne sont pas affectées. 

  

	14.2	Si une disposition invalide, inapplicable ou illégale quelconque du présent Accord serait valide, applicable et illégale et si une partie en
était supprimée, la disposition s’applique avec la modification minimum nécessaire afin de la rendre légale, valide et applicable. 

 

	15	LANGUE 

  

	15.1	Le présent Accord est rédigé en Français. S’il est traduit dans toute autre langue, la version française fait foi.

  

	15.2	Toute notification donnée en vertu de ou dans le cadre

 

	15.2	Any notice given under or in connection with this Agreement shall be in the French language. All other documents provided under or in connection with this Agreement
shall be in French language, and accompanied by a certified French translation. If such document is translated into any other language, the French language text shall prevail unless the document is a constitutional, statutory or other official
document. 

  

	16	NOTICES 

  

	16.1	A notice served under this Agreement: 

  

	 	16.1.1	shall be in writing in the French language; 

  

	 	16.1.2	shall be signed by or on behalf of the party giving it; 

  

	 	16.1.3	shall be sent for the attention of the person, and to the address or fax number, given in this clause 16 (or such other address, fax number or person as the relevant
party may notify to the other party in accordance with the provisions of this clause 16); and 

  

	 	16.1.4	shall be delivered personally; or 

  

	 	16.1.5	sent by fax; or

	15.2	Toute notification donnée en vertu de ou dans le cadre du present Accord doit être en Français. Tous autres documents fournis en vertu de ou dans le
cadre du présent Accord doivent être en Français. Si ce document est traduit dans toute autre langue, le texte français fait foi à moins qu’il ne s’agisse d’un document constitutionnel, statutaire ou
officiel. 

  

	16	NOTIFICATIONS 

  

	16.1	Une notification donnée en vertu du présent Accord: 

  

	 	16.1.1	doit être écrite en Français; 

  

	 	16.1.2	doit être signée par ou au nom de la partie qui l’émet; 

 

	 	16.1.3	doit être envoyée à l’attention de la personne, et à l’adresse ou au numéro de fax donné dans la présente
clause 16 (ou telle autre adresse, numéro de fax ou personne que la partie concernée pourrait notifier à l’autre partie conformément aux dispositions de cette clause 16) ; et 

 

	 	16.1.4	doit être livrée en mains propres; ou 

  

	 	16.1.5	envoyée par fax ; ou

 

	16.2	The addresses for service of notice are: 

  

	 	16.2.1	Somilo 

  

	 	 	Address: FALADIÉ, 6446, Avenue de L’OUA, BP.E 1160 Bamako, Mali 

 

	 	 	For the attention of: General Manager 

	 	 	Fax number: +223 20 20 44 07 

  

	 	16.2.2	Gounkoto 

  

	 	 	Address: FALADIÉ, 6446, Avenue de L’OUA, BP.E 1160 Bamako, Mali 

	 	 	For the attention of: Mine Manager 

	 	 	Fax number: +223 20 20 44 07 

  

	16.3	A notice or any other communication given in connection with this Agreement is deemed to have been received: 

 

	 	16.3.1	if delivered personally, at the time of delivery; or 

  

	 	16.3.2	in the case of fax, at the time of transmission; or

	16.2	Les adresses pour les notifications sont: 

  

	 	16.2.1	Somilo 

  

	 	 	Adresse: FALADIÉ, 6446, Avenue de L’OUA, BP.E 1160 Bamako, Mali 

 

	 	 	A l’attention de: Directeur Général 

	 	 	Numéro de fax: +223 20 20 44 07 

  

	 	16.2.2	Gounkoto 

  

	 	 	Adresse: FALADIÉ, 6446, Avenue de L’OUA, BP.E 1160 Bamako, Mali 

	 	 	A l’attention de: Directeur de la Mine 

	 	 	Numéro de fax: +223 20 20 44 07 

  

	16.3	Toute notification ou communication donnée en rapport avec le présent Accord est considérée comme ayant été reçue

  

	 	16.3.1	Si elle livrée en mains propres, au moment de la livraison; ou 

  

	 	16.3.2	S’agissant du fax, au moment de la transmission: ou

 

	16.4	For the purposes of this clause 16: 

  

	 	16.4.1	all times are to be read as local time in the place of deemed receipt; and 

 

	 	16.4.2	if deemed receipt under this clause 16 is not within business hours (meaning 9.00 a.m. to 5.30 p.m. Monday to Friday on any Business Day), the notice shall be deemed to
have been received at the opening of business on the next Business Day in the place of receipt. 

  

	16.5	To prove delivery, it is sufficient to prove that the notice was transmitted by fax to the fax number of the party. 

 

	17	FURTHER ASSURANCE 

 Each
Party shall (at its own expense) promptly execute and deliver all such documents, and do all such things, or procure the execution and delivery of all documents and doing of all such things as are required to give full effect to this Agreement and
the transactions contemplated by it. 
  

	18	ASSIGNMENT AND OTHER DEALINGS PROHIBITED 

  

	18.1	This Agreement is personal to the Parties and neither Party shall assign, transfer, mortgage, charge,

	16.4	Aux termes de la présente clause 16: 

  

	 	16.4.1	Toutes les heures doivent être considérées comme étant l’heure locale du lieu de réception estimée; et

  

	 	16.4.2	Si la réception estimée en vertu de la présente clause 16 est en dehors des heures ouvrables (c.-à-d. entre 9h et 17h30, du lundi au
vendredi pendant tout Jour Ouvrable), la notification est considérée comme ayant été reçue à la reprise des activités le Jour Ouvrable suivant du lieu de réception. 

 

	16.5	Pour prouver la livraison, il suffit de démontrer que la notification a été transmise par fax au numero de fax de la partie.

  

	17	AUTRE ASSURANCE 

 Chaque
Partie doit (à ses propres frais) signer rapidement et délivrer tous les documents, et faire tout ce qui est nécessaire, ou obtenir la signature et la délivrance de tous les documents et faire tout ce qui est
nécessaire pour l’entrée en vigueur du présent Accord et des transactions qui y sont envisagées. 
  

	18	INTERDICTION DE CESSION OU D’AUTRES TRANSACTIONS 

  

	18.1	 Le présent Accord est personnel et aucune des Parties ne doit céder, transferer, hypothequer, faire payer,

 

	 	
subcontract, or deal in any other manner with any of its rights and obligations under this Agreement without the prior written consent of the other Party. 

 

	18.2	Each Party confirms it is acting on its own behalf and not for the benefit of any other person. 

 

	19	GOVERNING LAW AND JURISDICTION 

  

	19.1	This Agreement and any Dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall
be governed by and construed in accordance with the law of Jersey. 

  

	19.2	The Parties irrevocably agree that the courts of Jersey shall have exclusive jurisdiction to settle any Dispute or claim that arises out of or in connection with this
Agreement or its subject matter or formation (including non-contractual disputes or claims). 

 This Agreement has been entered
into on the date stated at the beginning of it. 

	 	
sous-traiter, ou traiter autrement ses droits et obligations en vertu du présent Accord sans l’accord préalable par écrit de l’autre Partie.

  

	18.2	Chaque Partie confirme qu’elle agit en son nom propre et non en faveur de toute autre personne. 

 

	19	DROIT APPLICABLE ET JURIDICTION 

  

	19.1	Le présent Accord et tout différend ou toute réclamation y découlant ou y afférente ou en rapport avec son objet ou son
élaboration (y compris les différends ou réclamations non-contractuelles) sont régis par et interprétés conformemént à la législation de Jersey. 

 

	19.2	Les Parties conviennent irrévocablement que les tribunaux de Jersey ont la compétence exclusive de résoudre tout Différend ou
réclamation découlant de ou en rapport avec le présent Accord ou son objet ou son élaboration (y compris les différends ou réclamations non-contractuelles). 

Le présent Accord est conclu à la date susmentionnée.

 

 For and on behalf of SOCIÉTÉ DES MINES DE LOULO S.A. 

 
 

 
 Graham Patrick Shuttleworth 
 Director 
 For and behalf of SOCIÉTÉ DES MINES DE GOUNKOTO S.A. 

 
 

 
 Christoffel Johannes Prinsloo 
 Director

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