Document:

Purchase Agreement Dated January 30, 2004

 Exhibit 10.2 
  
 –NUMBER (protocol number)– 
  
 Given in Seville, my place of residence, on 30 January 2004. 
  
 Before me, Juan Solís Sarmiento, Notary of the Illustrious Institute of Seville, with
address in this city. 
  
 PARTICIPANTS 
  
 For one party, 
  
 María de la Concepción Soto de Luis, adult, widow, Spanish national, with address in Seville, Calle
Capitán Vigueras number 3, and holding National/Fiscal I.D. number 27.565.403-H. 
  
 And for the other party, 
  
 Gobain Ovejero
Zappino, adult, Spanish national, married, with address for the purposes of this contract in Avenida de la Arboleda s/n, Edificio Empresarial Aljarafe, Planta 1, Ala 3, Tomares (Seville Province), and holding National/Fiscal I.D number 780409-L.

  
 Ramón Naranjo Núñez, adult,
married, with address for the purposes of this contract in Avenida de la Arboleda s/n, Edificio Empresarial Aljarafe, Planta 1, Ala 3, Tomares (Seville Province), and holding National/Fiscal I.D. number 28.704.189-M. 
  
 PARTICIPATION 
  
 María de la Concepción Soto de Luis, 
  
 for and on behalf of the company “SERONCILLO, S.L.”,
incorporated in Spain, with address in Guillena (Seville Province), Aldea de Las Pajanosas, calle Conception Soto, number 29-31, holding Fiscal Identification Code B-41947169. 
  
 The company was incorporated under a deed given on 23 October 1998 before the Seville Notary, Antonio Ojeda Escobar, under
number 5,160 of his protocol. 
  
 Its registration appears in the
Seville Mercantile Register on page 92, tome 2,772, sheet SE-34,723, 1st inscription. 
  
 Her powers for this act are derived from her capacity as joint and several Managing Director of the Company, by virtue of her appointment in the Board of Directors Meeting on 12 November 2002, as recorded in the deed
given before the Seville Notary Antonio Ojeda Escobar, under number 5,294 of his protocol, inscribed in the Seville Mercantile Register in tome 2,772, page 104, sheet SE-34,723, 5th inscription. 
  
 Hereafter, when referring to the company “SERONCILLO,
S.L.”, the term THE VENDOR shall also be used.  
  
 She also participates for and on behalf of the company “SOTO DE LUIS, S.L.”, incorporated in Spain, with address in Guillena (Seville province), Aldea de Las Pajanosas, calle Conception Soto number 29-31, holding Fiscal
Identification Code B-41948266. 

 That company was incorporated under a deed given on 23 October 1998 before the Seville Notary Antonio
Ojeda Escobar, under number 5,160 of his protocol. 
  
 Its
registration appears in the Seville Mercantile Register on page 52, tome 2,772, sheet SE-34,719, 1st inscription. 
  
 Her powers for this act are derived from her position as joint and several Managing Director of the company, by virtue of her appointment in the Board of
Directors Meeting on 1 March 2000, as recorded in the deed given on the same date before the Seville Notary Javier de Pablo Carrasco, under number 765 of his protocol, inscribed in the Seville Mercantile Register in tome 2,772, page 65, section 8,
sheet SE-34,719, 3rd inscription. 
  
 “SOTO DE LUIS,
S.L.” takes part in this act through its representative in its capacity as corporate tenant of the property described in Recital I below, for the purposes to be stated below. 
  
 Gobain Ovejero Zappino and Ramon Naranjo Núñez, 
  
 for and on behalf of the company “COBRE LAS CRUCES, S.A.”, incorporated in Spain, with address in Gerena
(Seville province), Avenida El Garrobo, number 4, and holding I.D. Code number A-28814135. 
  
 The company was incorporated for an indefinite period of time under the name “BP MINERA ESPAÑA, S.A.”, under the deed authorized on 10 January 1983 before the Madrid Notary José María
Álvarez Vega. 
  
 It adapted its statutes to current
legislation under the public deed given in Madrid on 30 September 1991 before the same Notary, subsequently modifying its name to “RIOMIN EXPLORACIONES, S.A.”, and adopting the present name under a deed authorized by the Madrid Notary
Ignacio Martínez-Gil Vich on 13 October 1999, under number 2,996 of his protocol. 
  
 It is inscribed in the Seville Mercantile Register in tome 2,662, page 47, sheet number SE-31,598. 
  
 Their powers for this act derive from two powers of attorney given in their favor, which, in the case of Gobain Ovejero Zappino, comprises the deed
authorized by the Barcelona Notary María Isabel Gabarró Miquel on 31 July 2000, under number 3,206 of her protocol and inscribed in the Seville Mercantile Register in tome 2,662, page 44, sheet SE-35598, 16th inscription. 
  
 In the case of Ramón Naranjo Núñez, his powers are recorded in the deed authorized by the Seville Notary Luis Jiménez
Rodríguez, on 12 November 2003, under number 4,073 of his protocol, currently pending inscription in the Seville Mercantile Register. 
  
 Hereafter, when referring to the company “COBRE LAS CRUCES, S.A.”, the term THE PURCHASER shall also be used. 
  
 In accordance with the provisions of article 98.1 of Law 24/2001 of 27 December on Fiscal,
Administrative and Social Order Measures, I, the Notary, PLACE ON RECORD under my responsibility that, in my opinion, the representational powers that have been accredited to me by the persons participating hereto, as given in the documents
indicated hereunder, are sufficient to execute this deed. 
  
 The participants
hereto declare to me that their alleged representations and powers are current and valid for executing this deed, as is the legal existence of the entities represented. 
  

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 I know the persons participating, who have, in my opinion, and according to their participation, sufficient capacity to
execute this public deed for SALE, PRIOR SEGREGATION, AND CONSTITUTION OF EASEMENT, ALL SUBJECT TO A CONDITION PRECEDENT, and to this effect they set forth the following 
  
 RECITALS 
  

	I.	That THE VENDOR has legal ownership of the following rural property: 

  

RURAL. Estate called La Ramira and Seroncillo, situated in the municipalities of Gerena, Guillena and Salteras. It measures five hundred and ninety
three hectares and four areas and eighty nine meters square; according to a recent survey, five hundred and ninety
eight hectares, seventy five areas and twenty seven meters square (598.7527 hectares). 
  
 The difference between the registered surface area and the one resulting from the recent survey, five hectares forty areas and thirty eight meters square (5.4038 hectares), is located on the properties to be
segregated from the master property, which are described in Recital IV below, and which remain in the possession of THE VENDOR. 
  
 It borders overall: to the north, El Esparragal estate and a segregated property; east, Seville-Mérida highway, which crosses it; south, Las Cruces
farm, the El Almuédano estate and Ormaza Ranch; and west, Chamorro farm, El Esparragal estate and a segregated property. 
  
 Of the total surface area, four hundred and ninety seven hectares fifty nine areas and ninety seven meters square correspond to the municipality of Gerena
– according to a recent survey, five hundred hectares five areas and sixty four meters square; to Guillena municipality correspond sixty two hectares thirty two areas and two meters square – according to a recent survey, sixty three
hectares forty three areas and nineteen meters square; and to Salteras municipality correspond thirty three hectares forty two areas and ninety meters square – according to a recent survey, thirty five hectares twenty six areas and forty four
meters square. 
  
 The part of the property situated in Guillena
municipality has the following boundaries: north, El Esparragal estate; south, Las Cruces farm; east, Seville-Mérida highway that crosses it; and west, El Seroncillo estate. 
  
 The part of the property situated in Gerena municipality has the following boundaries: north, El Esparragal estate; south,
Almuhédano estate; east, La Ramira estate; and west, Chamorro farm, a segregated property and plot of this property lying in the municipality of Salteras. 
  
 The part of the property situated in Salteras municipality has the following boundaries: north, a segregated property;
south, Ormazo or Hormaza ranch; east, El Seroncillo property, i.e. the portion of this same property lying in the municipality of Gerena; and west, Chamorro farm. 
  
 TITLE: From the deed of full demerger from the company “Soto de Luis, S.L.” and the resultant creation of
“Seroncillo, S.L.”, executed on 23 October 1998 before the Seville Notary Antonio Ojeda Escobar, under number 5,160 of his protocol. 
  
 CADASTRAL REFERENCE: It is hereby stated that the cadastral reference of the property described is, for Guillena municipality,
R-049/2003/00/103/0000386/205-049/B41947169, for Gerena municipality R-045/2003/00/103/0000337/205-045/B41947169 and for Salteras municipality R-085/2003/00/103/0000307/205-085/*003782*. Copies of the supporting 
  

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 documents in which the cadastral reference numbers appear are entered into the records of the master copy
of this deed and attached as Documents numbers 1 to 3. 
  
 INSCRIPTIONS: In Seville Property Register number 8, tome 1,692, book 169, page 174, property 7,779, 2nd inscription. 
  
 In Seville Property Register number 2, tome 1,262, book 113, page 30, property 5,636, 2nd inscription. 
  
 The property is also inscribed in the Sanlucar la Mayor Property Register,
in tome 1,934, book 131, page 109, property 6,899, 1st inscription, although the registered owner is still shown as “Soto de Luis, S.A.”, by virtue of the grouping made under the public deed given on 31 July 1998 before Seville Notary
Antonio Ojeda Escobar, corrected under a different deed executed on 20 October 1998 before the same Notary. 
  
 The representative of THE VENDOR states that, on 26 January 2004, the deed of full demerger from “Soto de Luis, S.A.”, identified above and
under which THE VENDOR is owner of the property described in this Recital, was presented for inscription in the Sanlucar la Mayor Property Register, under entry number (number) of Log (number). It is presently awaiting inscription
there. 
  
 CHARGES: Free of charges, as stated by the representative of THE VENDOR. 
  
 LEASES: THE VENDOR states that the property cited is currently leased to the company “Soto de Luis, S.L.”, a party
hereto. 
  
 REGISTER INFORMATION: The description of the
property, ownership and charges, as set out in the above paragraphs, are taken from the statements made by the Vendor party, from the property ownership which is shown to me and from a simple information note from (place) Property Register,
received by fax at (time) on (date). 
  
 Notwithstanding the above, I the Notary warn the persons executing this deed that the register situation existing prior to
the presentation of this deed in the Property Register shall prevail over the register information set out herein. 
  

	II.	That THE PURCHASER is engaged in the exploration, investigation and exploitation of mineral deposits. 

  
 Under a Resolution from the Director General of Industry, Energy and Mines
of the Regional Ministry for Employment and Technological Development of the Junta de Andalucía dated 6 August 2003, THE PURCHASER has been awarded the Mining Concession named “Las Cruces”, number 7,532-A, of one hundred mining
squares, for a Section C resource, in the municipalities of Gerena, Guillena and Salteras (Seville province), the announcement of which was published in the Seville Province Official Gazette, number 241, on 17 October 2003. 
  

	III.	That part of the property described in Recital I above is included in the territorial area of the mining squares referred to in the aforementioned mining concession.

  
 For this reason, THE PURCHASER is interested in
acquiring four hundred and ninety nine hectares eighteen areas and three meters square of the property described in Recital I, following the segregation of said property by THE VENDOR of the surplus hectares, the boundaries of which are described
below, free of charges, encumbrances and tenants, under a condition precedent, in order to develop the “Las Cruces” Mining Project. 
  

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	IV.	That THE VENDOR wishes to segregate the property identified in Recital I, with regard to the parts described below, in order to form new and independent properties, and to transfer
to THE PURCHASER, under a condition precedent, the rest of the master property. 

  
 The difference between the registered surface area and the one resulting from the recent survey, five hectares forty areas and thirty eight meters square (5.4038 hectares), is located on the properties to be
segregated from the master property, which are described in Recital IV below, and which remain in the possession of THE VENDOR. 
  
 The properties to be segregated from the master property described in Recital I above will therefore have the following description: 
  

	 	a.	The boundaries of the part located in Guillena municipality are: to the north with the El Esparragal estate; to the south with the Las Cruces farm; to the east with the
Seville-Merida highway which divides it; and to the west with the property to be transferred, with a surface area of 13.5219 hectares. It corresponds to part of plot 2 of polygon 8 and all of plot 14 of polygon 53 of the municipality of Guillena.

  

	 	b.	The boundaries of the part located in Gerena municipality are: to the north with the Conti-La Ramira livestock trail which separates this part from the property to be transferred;
to the south with the El Hornito property; to the east with the El Martillo and El Hornito properties; and to the west with that part of the estate lying in Salteras and the Chamorro property, with a surface area 50.7861 hectares. It corresponds to
plots 4 and 5 of polygon 7 of Gerena. 

  
 The part
of the property situated in Salteras municipality has the following boundaries: north, the Seroncillo estate, that is, the portion of this same property lying in Gerena municipality; south, Ormazo or Hormaza ranch; east, El Seroncillo estate, i.e.
the portion of this same property lying in Gerena municipality; and west, Chamorro property. It has a surface area of 35.2644 hectares. 
  
 Incorporated into this master deed, as Document number 4, is an identification plan describing the current state of the master property, the
segregations to be made, and the state of the resulting master property after the segregation, to scale 1:15,000, which both parties state they acknowledge and accept. 
  

	V.	That, after the segregation described in Recital IV above, the master property itself, to be sold, will have the following description: 

  
 RURAL: Estate called La Ramira and Seroncillo, situated in the
municipalities of Gerena and Guillena. It has a surface area of four hundred and ninety nine hectares, eighteen areas and three meters square (499.1803 hectares). 
  
 Its overall boundaries are: north, with Las Catorce del Señor, El Manco, Galantero, Aparicio and the El Esparragal
estate; east, with the theoretical line marking the Guillena-Santiponce high voltage aerial power line; south, with Las Cruces and El Almuédano and the Conti-La Ramira livestock trail; and west with Las Setenta, Beneficio and Alcantarilla.

  
 Of the total surface area, four hundred and nine hectares,
twenty seven areas and three meters square (449.2703 hectares) correspond to Gerena municipality and forty nine hectares and ninety one areas (49.91 hectares) to Guillena. 
  
 The part of the property that is situated in Gerena municipality has the following boundaries: north, with Las Catorce del
Señor, El Manco, Galantero, Aparicio and El Esparragal estate; east, with the Molinos stream; south, with El Almuédano and the Conti- 
 La Ramira livestock trail; and west, with Las Setenta, Beneficio and Alcantarilla. This 
  

 5 

 property corresponds to the following cadastral plots, with the cadastral surface areas indicated in
hectares: 
  

			
	 Polygon-Plot

	  	Surface area (hectares)

	 5-25
	  	64.0463
	 5-26
	  	162.0268
	 5-27
	  	39.4735
	 5-28
	  	55.1787
	 6-41
	  	3.9365
	 6-43
	  	2.4392
	 6-44
	  	1.0582
	 6-45
	  	121.1111

  
 The part of the
property situated in Guillena municipality has the following boundaries: north, the El Esparragal estate; south, with Las Cruces; east, with the Guillena-Santiponce high voltage power line; and west, with the Molinos stream. This property
corresponds to the following cadastral plot, with the cadastral surface area indicated in hectares: 
  

					
	 Polygon-Plot
	 	Surface area (hectares)	 	 
	 8-2
	 	49.9100 of the total of 59.48 of the plot	 	 

  
 Attached to this
master deed, as Document number 5, is a plan identifying the resulting master property after the segregation described in the previous Recital, to scale 1:15,000, and description plans on the cadastral plots comprising it, which both
parties state they acknowledge and accept. 
  

	VI.	That, in accordance with all the above, the persons participating hereunder, according to their participation, 

  
 AGREE TO THE FOLLOWING 
  
 FIRST.– SEGREGATION 
  
 Subject to the condition precedent established in the Fourth Stipulation below, the company
“Seroncillo, S.L.”, through its legal representative, SEGREGATES from the master property described in Recital I the properties described in Recital IV above, so that the latter form new and independent properties with the description
contained also in Recital IV, and requests the affected Property Registers to enter this into the records as appropriate. 
  
 In accordance with article 259 point 3 of Royal Decree Law 1/1992 of 26 June approving the reworded text of the Law on the Land Regime and Urban Planning, and article 66
of the Andalusian Parliamentary Law 7/2002 of 17 December on Andalusian Town Planning, THE VENDOR signs in this act individual requests addressed to the Town Councils of Guillena, Gerena and Salteras, asking for them to grant any licenses required
for the segregations agreed hereunder or, as applicable, to issue the pertinent declarations of non-necessity of municipal licenses for such segregations. Said requests shall be presented to the corresponding Town Councils within a maximum of
forty-eight hours after execution of this deed. 
  
 Copies of the letters to be
presented to the Town Councils are incorporated into this master deed as Documents numbers 6 to 8. 
  

 6 

 I, the Notary, formally advise the parties that, in accordance with the aforementioned legislation, no inscription may be
made for any deed containing an act of plot division without providing the mandatory license, or the declaration of non-necessity, and therefore said licenses must be presented together with this deed. 
  
 The parties hereto also require that I, the Notary, to comply with the contents of article
66.5 of the Andalusian Parliamentary Law 7/2002, send by regulatory methods an authorized copy of this deed and the licenses or attested declarations of non-necessity to the corresponding Town Councils, in order to avoid them from expiring.

  
 SECOND.– CONSTITUTION OF EASEMENT 
  

	2.1.	In this act, under the condition precedent established in the Fourth Stipulation below, the company “Seroncillo, S.L.” constitutes the following easement:

  
 Subservient Estate: The segregated property
identified in part b) of Recital IV above. 
  
 Dominant Estate:
The rest of the master property identified in Recital V above. 
  
 Location of the easement: The configuration of the easement on the layout of the subservient estate is as shown in the plan attached to this document as Document number 9. 
  
 Purpose of the easement: The right of aqueduct and passage for underground
pipelines (approximately 125 mm in diameter) over a width of 3 meters and over a layout 373 meters long, equivalent to 0.112 hectares and the occupation and use of a 500 meters square service area, equivalent to 0.05 hectares, where two boreholes
forming part of the Mining Project dewatering-reinjection system to be undertaken by THE PURCHASER already exist, and the right of passage of persons and vehicles in the terms alluded to below. 
  
 This purpose includes the occupation of the subsoil by the water pipelines
that will be necessary for the dewatering system mentioned to function correctly, with the characteristics as set out in applicable legislation, plus the right of passage or access to the currently existing track called the Camino de la Encarnation,
which runs parallel to the pipelines, and to the temporary occupation of land or other assets required for the construction, monitoring, preservation and repair of the corresponding installations. 
  
 The easement constituted hereunder shall entitle the owner of the dominant
estate to carry out the following in the easement zone: 
  

	 	a)	Install any underground facilities required, always with the limits of the zone identified as the easement. 

  

	 	b)	In general, the right of passage and access to the subservient estate by persons and all types of vehicles, for the time deemed necessary, to carry out the actions required directed
at performing, maintaining, operating, monitoring or removing all or part of the works or, subsequently, installing supplementary pipes and associated equipment, within the limits permitted by applicable regulations. Access to the property shall be
made via the aforementioned Camino de la Encarnación, which must be maintained by the owner of the subservient estate in suitable conditions for use and transit for the peaceable tenure of this easement. 

  

	 	c)	To act in the name of the owner of the subservient estate when the performance of any works required relating to the passage of pipes necessitates undertaking legal and/or
administrative procedures. 

  

 7 

	 	d)	In general, the owner of the subservient estate must abstain from any acts detrimental to the proper operation, maintenance and preservation of the pipes, installations and
associated works, and, specifically, is expressly prohibited from building any constructions that may affect the use and enjoyment of the easement, with any enclosure or the installation of any fences or other elements preventing the free movement
and communication between the master property and the segregated property along the common boundary affected by the easement being expressly forbidden. 

  
 VALUE: For fiscal purposes, it is valued at one thousand nine hundred and sixty four Euros and eighty cents (1,964.80
€). 
  

	2.2.	The company “Seroncillo, S.L.”, through its representative, executes the constitution of the easement in the manner stated above, and requests the affected Property
Registers to enter this into the records as appropriate. 

  

	2.3.	The duration of the easement shall coincide, as a maximum, with the duration of the mining operation to be developed under the Mining Concession obtained on 6 August 2003 and
identified in Recital II above, and during its successive renewals, as applicable, or of any other mining concessions related to that one. 

  

	2.4.	The price for constituting the easement is one thousand nine hundred and sixty four Euros and eight cents (1,964.80 €). This price will be paid by THE PURCHASER to THE VENDOR
jointly with the final payment of the postponed purchase price, in the manner, terms and conditions set out in the Eighth Stipulation below. 

  

	2.5.	Should the final layout of the Mining Project dewatering-reinjection system be modified as a result of administrative orders, both parties undertake to study, by mutual agreement,
the impact of the new layout on the subservient estate, and to take in good faith any measures as each other may require in order to adapt the present easement to any new conditions that may apply, including, as applicable, the payment of a higher
value that must be paid by the owner of the dominant estate to the owner of the subservient estate accruing as a result of the new layout of the easement. 

  
 THIRD.– SALE-PURCHASE. 
  
 Under the terms, conditions and statements established in this contract, THE VENDOR sells to THE PURCHASER, who buys and acquires, under the condition precedent
established in Clause four below, the property identified in Recital V above, after the segregation regulated under in the First Stipulation above has been effected, in order to develop the “Las Cruces” Mining Project, as a asset
determined by the boundaries set out in Recital V, with the constructions (the construction corresponding to the zone of the Farmhouse, with a built area of 1,112.02 meters square, and the zone adjoining the farm machinery storehouse with a built
area of 448.05 meters square), installations (overhead power line, wells and prospecting works), equipment, uses, accessions and elements incorporated thereto, which, as THE VENDOR declares, are those essential for the agricultural activity carried
out at present, free of any charges, encumbrances, attachments and tenants (with the exception of “Soto de Luis, S.L.”), free of employees and workers, and with all taxes, duties and rates paid to date. 
  
 FOURTH.– CONDITION PRECEDENT 
  

	4.1.	In accordance with the Stipulations in the Recitals of this deed, the property covered by this contract will be used to develop the “Las Cruces” Mining Project.

  

 8 

 To this effect, the segregation and subsequent sale regulated by this contract is dependent, as a
condition precedent, upon the regulatory authorities awarding, within a maximum period of eighteen months starting from the date when this contract is signed, the following licenses, permits and authorizations associated with the development of the
Mining Project: 
  

	 	1.	Concession for consumptive use of water. 

  

	 	2.	Delimitation of public water domain. 

  

	 	3.	Occupation of public water domain and policing zone. 

  

	 	4.	Diversion of streams. 

  

	 	5.	Integrated Environmental Authorization. 

  

	 	6.	Relocation of livestock trails. 

  

	 	7.	Occupation of livestock trails. 

  

	 	8.	High voltage power line. 

  

	 	9.	Works licenses for construction of the hydrometallurgical plant and annex installations. 

  

	 	10.	Activity license for operating the mining concession. 

  

	4.2.	The parties agree that the condition precedent has been established in the interests of THE PURCHASER, so that said party may relinquish that condition precedent at any time within
the period established in the preceding paragraph. Such relinquishment must be satisfactorily notified to THE VENDOR. 

  
 In the event the condition is relinquished, THE PURCHASER shall then pay the part of the price not satisfied at the date of the aforementioned
notification, and shall acquire ownership of the property in accordance with the procedure regulated in the Eight Stipulation. 
  
 FIFTH.– SALE PRICE AND PAYMENT METHOD 
  

	5.1.	The total sale price amounts to EIGHT MILLION SIX HUNDRED AND EIGHTY SIX THOUSAND EIGHT HUNDRED AND NINETY ONE Euros (8,686,891 €), distributed as follows:

  

	 	a.	EIGHT MILLION ONE HUNDRED AND THIRTY SIX THOUSAND SIX HUNDRED AND THIRTY NINE Euros (8,136,639 €) correspond to the value of the land to be sold, as described in Recital V.

  

	 	b.	FIVE HUNDRED AND FIFTY THOUSAND TWO HUNDRED AND FIFTY TWO Euros (550,252 €) correspond to the buildings and infrastructure forming an integral part of the property which are to
be transferred and which are essential for the agricultural activity carried out at present. 

  
 The agreed price is understood to be a certain and definite sum, and is not subject to revisions or other affects, and without detriment to any
responsibility regarding disencumbrance that may correspond to THE VENDOR. 
  

	5.2.	The agreed price shall be paid in the manner set out below: 

  

	 	a.	THE PURCHASER delivers in this act 10 per cent of the agreed price, i.e. EIGHT HUNDRED AND SIXTY EIGHT THOUSAND SIX HUNDRED AND EIGHT NINE Euros (868,689 €), plus the value
added tax corresponding to that sum, in a nominative 

  

 9 

	 	    	bank check issued in favor of THE VENDOR. A copy of the check is attached to this deed as Document Number 10. THE VENDOR delivers in this act to THE PURCHASER an
invoice for said amount, this being the most effective receipt. 

  

	 	b.	The rest of the price, amounting to SEVEN MILLION EIGHT HUNDRED AND EIGHTEEN THOUSAND TWO HUNDRED AND TWO Euros (7,818,202 €) shall be settled in two postponed payments for the
sums and in the conditions established in the following subparagraphs: 

  

	 	q	The first payment of part of the postponed price will be fifteen per cent of the agreed total, i.e. ONE MILLION THREE HUNDRED AND THREE THOUSAND AND THIRTY FOUR Euros (1,303,034
€), plus the corresponding value added tax. This payment will be made twelve months after the execution of this contract, in a nominative bank check in favor of THE VENDOR against delivery of the pertinent invoice. 

  

	 	q	The payment of the rest of the postponed price, amounting to 75 per cent of the total sale price, i.e. SIX MILLION FIVE HUNDRED AND FIFTEEN THOUSAND ONE HUNDRED AND SIXTY EIGHT
Euros (6,515,168 €), plus the corresponding value added tax, will be made, as appropriate, at the time of the effective delivery of the segregated property and transfer of ownership of it, in accordance with the procedure regulated in the
Eighth Stipulation below, within the maximum period of eighteen months referred to in the Fourth Stipulation, in a nominative bank check in favor of THE VENDOR. 

  
 SIXTH.– OBLIGATIONS OF THE VENDOR 
  
 Without detriment to any other obligations included elsewhere in the contract, the obligations of THE VENDOR are as follows: 
  

	6.1.	Segregation 

  
 THE VENDOR is obliged to carry out at its expense as many measures as may be required to obtain the inscription of the segregation executed in the preceding first clauses in the corresponding Property Register(s).

  
 Included as an integral part of this obligation is to request
as many licenses and administrative declarations as required for the inscription of said segregation, to legalize, as applicable, any prior inscriptions required to make good the registration chain, and to execute any deeds for correction,
clarification or rectification as necessary, and any other act that may be required or advisable to attain the desired result. 
  
 In any case, the failure to inscribe the segregation regulated hereunder shall not affect the right of THE PURCHASER as owner not its position as
peaceable holder of the property transferred, nor shall it entail for THE PURCHASER any greater cost for the transaction agreed hereunder. 
  

	6.2.	Bar on disposal 

  
 THE VENDOR is obliged not to make any deal to divest or dispose of, encumber in any fashion, or constitute any right of a personal or real nature over the
property to be sold and described in Recital V, during the validity of this contract. 
  

	6.3.	Authorization for access 

  
 THE VENDOR authorizes THE PURCHASER to gain free access (and without detriment to the contents of paragraph 7.3 below) to the property to be sold and to
the easement and 
  

 10 

 service zone identified in the easement regulated in the Second Stipulation, on which the “Las
Cruces” Mining Project is to be developed, “Las Cruces”, its tracks and thoroughfares, and to occupy and use the property with the equipment and machinery required, in order for THE PURCHASER to be able to perform in said land as many
works and measures of any type as may be necessary for the future development and start-up in operations of the aforementioned Mining Project and, in particular, to carry out prospecting, drilling, installations and other elements, during the
eighteen month period referred to in the Fourth Stipulation above. 
  
 If to attain these ends it were necessary to obtain access to the part of the property not affected by the Mining Project (i.e. the property to be sold and the service area identified in the easement regulated under the Second Stipulation),
THE PURCHASER shall request authorization from THE VENDOR for this, and such authorization may not be denied unreasonably. If any damage to THE VENDOR ensues as a result of said access, compensation for this must be provided by THE PURCHASER.

  
 Said authorization includes the right of access by the
personnel and vehicles of THE PURCHASER or by the entity or persons designated by that party for the relevant purposes hereunder, and subject to the access criteria set out at any given time by THE VENDOR and which have been notified in advance.
These criteria must always ensure the possibility of operating the minimum maintenance required for continuance of THE PURCHASER’S activity. In this respect, the conditions of access shall never mean an unjustified ignorance of the right of THE
PURCHASER to gain access to any zones for which notice has been given at least two (2) days in advance. 
  
 This authorization is granted ON SUFFERANCE, without determining the assignation to THE PURCHASER of any real, personal or possessive right other than
said title over the property to be sold. 
  
 In the event of
failure to fulfill the key events constituting the condition precedent regulated in the Fourth Stipulation above, THE VENDOR authorizes THE PURCHASER to extend the access, use and occupation of the property to be sold, in the same conditions stated
in the earlier paragraphs of this clause, for six (6) months following the date of notification of such non-fulfillment, so that THE PURCHASER can proceed to remove its equipment and installations. 
  

	6.4.	Duty of collaboration 

  
 THE VENDOR undertakes to collaborate with THE PURCHASER in carrying out any communications, applications or steps that may be necessary to obtain the
concessions, construction and activity licenses, permits and other authorizations required for the development and start-up of operations of the “Las Cruces” Mining Project. 
  
 In this respect, THE VENDOR shall collaborate in good faith with THE PURCHASER, so that all the applications and measures as
required can be carried out before any public administrations and public or private entities, in order to obtain the pertinent administrative concessions, authorizations, permits and licenses both for the development and start-up of operations of
the Las Cruces Mining Project, and for the urban administration and management of the property to be sold, linked to ownership of the property. THE VENDOR undertakes to collaborate and help as required for the successful outcome of such actions.

  

	6.5.	Disencumbrance 

  
 THE VENDOR is obliged to disencumber the property to be sold, in accordance with the provisions of the Civil Code. 
  

 11 

	6.6.	Delivery of the property and transfer of ownership 

  
 THE VENDOR undertakes to delivery the property and transfer its ownership in the form and under the conditions established in the Eighth Stipulation.

  
 SEVENTH.– OBLIGATIONS OF THE PURCHASER 
  

	7.1.	Administrative Measures 

  
 THE PURCHASER must undertake, at his own expense, as many measures as may reasonably be required to obtain the licenses, permits and administrative
authorizations to which condition precedent the sale regulated hereunder has been subjected, from any administrative authorities and competent bodies. 
  
 This duty of diligence does not extend to any budgets or conditions to which such licenses, permit and authorization may be subject, and which may not be
reasonably acceptable in normal market terms. 
  

	7.2.	Payment of sale price 

  
 THE PURCHASER undertakes to pay the price agreed by the parties in the manner, periods and conditions established in the Fifth Stipulation above.

  

	7.3.	Compensation for harvests 

  

	 	7.3.1.	THE PURCHASER undertakes to compensate “Soto de Luis, S.L.” for any loss or damage to crops caused as a result of the works performed by THE PURCHASER under the provisions
of clause 6.3. To this end, “Soto de Luis, S.L.” must notify THE PURCHASER of the occurrence of such damage within a maximum of fifteen days from becoming aware of them, together with the valuation given for them. To cover the case of
discrepancy between the parties regarding the economic assessment of the damages, they hereby designate by common agreement as independent technical experts to quantify the damage done to the crops, INAGRO (Calle Progreso 9, Seville) and, in their
absence, AGRARIA SIGLO XXI, S.L. (Grupo Detea) (Calle Charles Darwin, local 2, Isla de la Cartuja, Seville) as substitute technical experts. This valuation may not be subject to any appeal, dispute or discrepancy by either of the two parties.

  

	 	    	The amount resulting from said valuation will be paid by THE PURCHASER to “Soto de Luis, S.L.” in a maximum of one month from completion of the valuation and, at any
event, prior to the date of delivery of the property and total payment of the sale price. 

  

	 	    	The fees of the technician or engineer appointed will be paid in equal halves by both parties. 

  

	 	7.3.2.	THE PURCHASER also undertakes to indemnify “Soto de Luis, S.L.” for any loss or reduction in the harvest pending in the sold property at the time when ownership is
transferred, providing the crop has not been able to be harvested in normal conditions because of this reason. 

  

	 	    	To this effect, to cover the case of any discrepancy between the parties over the economic valuation of such damage, INAGRO is designated hereunder and by common agreement as
independent technical expert to assess the sum of the damage produced and, in their absence, AGRARIA SIGLO XXI, S.L. as substitute technical experts. 

  

 12 

 The amount resulting from this valuation, against which the parties may not appeal, shall be paid by THE
PURCHASER at the time of delivery of the property in accordance with the following Stipulation, if already determined or failing that within ten days after determination of the definitive amount. 
  

	7.4.	For proper performance of the conditions set out in this Stipulation, THE VENDOR and “Soto de Luis, S.L.” must send to THE PURCHASER within the first fifteen days of each
of the three half-years following signature of this contract, their planning schedule of harvests for that half-year, which shall necessarily adhere to what has been the normal practice during recent years. For the purposes of determining the
compensations regulated hereunder, only the crops planted and harvested included in said six-monthly planning schedule shall be taken into consideration. 

  
 EIGHTH.– DELIVERY OF THE PROPERTY. TRANSFER OF OWNERSHIP 
  

	8.1.	Cost Estimates for delivery of the property 

  

	 	8.1.1.	Within the time period set out in the Fourth Stipulation, THE PURCHASER may give good and proper notice to THE VENDOR of: 

  

	 	    	– Effective fulfillment of the condition precedent regulated under the Fourth Stipulation above, in the time period set out therein; 

  

	 	    	– Or its relinquishment to said condition precedent, with the maximum period agreed for such verification in the Fourth Stipulation above. 

  

	 	    	In either of the these two cases, the communication by THE PURCHASER must include the identification of the notary before whom the final payment set out in the Fifth Stipulation
will be executed and the date for this, which must be advised with a minimum of seven (7) days notice in advance. 

  

	 	8.1.2.	The final payment of the postponed sale price, payment of the easement price plus the corresponding Value Added Tax shall be made before the commissioner for oaths designated in the
above Stipulation, by means of delivery by the PURCHASER to the VENDOR of a nominative bank check in its favor, and against delivery of the pertinent invoice. 

  

	 	    	Should THE PURCHASER so require, THE VENDOR will execute in a public instrument the most effective receipt for the amount received, as well as any other documents that may be
necessary for the sale to take full effect and for the entry into the corresponding register(s) of the fee simple of THE PURCHASER. 

  

	8.2.	Delivery of the Property 

  
 On remittance of the notification mentioned in the previous paragraph and payment to THE VENDOR of the final part of the postponed price, the sale shall
be understood to be definitively performed and effective. 
  
 Should THE VENDOR fail to participate in a valid fashion in the execution of the final payment, by means of effecting the notification outlined in section 8.1 above and making available to THE VENDOR the corresponding sums before the Notary
set forth therein, the sale shall be understood to be definitively effected and good. 
  
 By means of said notification and payment (or, failing that, making available the corresponding sum), THE PURCHASER shall acquire ownership of the property to be sold, without any further requirement being necessary.
Likewise, it shall then take possession of it as owner. 
  

 13 

 The notarized act documenting the notification and offer of payment identified in the previous point
shall be drawn up expressly as sufficient title to enter into the corresponding property register(s) the fulfillment of the condition precedent set out in the Fourth Stipulation and the inherent transfer of ownership of the property described in
Recital V in favor of THE PURCHASER, after the properties identified in Recital IV have been segregated. 
  
 Until said notification and payment are effected (or, failing that, the final payment is made available), THE VENDOR shall be owner fee simple of the
property and may continue to exploit it as it deems appropriate, without detriment to the bar on disposal established in paragraph 6.2. of the Sixth Stipulation, or to the authorization acknowledged in paragraph 6.3 of the Sixth Stipulation.

  
 Prior to delivery of the property to be sold, THE VENDOR is
obliged to move out, removing all its farm equipment, machinery and fixtures and those of its tenant, permitting THE PURCHASER to take immediate occupation. Should this not be done, THE PURCHASER is authorized to do so at the cost of THE VENDOR.

  
 NINTH.– CONSEQUENCE OF FAILURE TO FULFILL THE EVENT
CONSTITUTED AS CONDITION PRECEDENT 
  

	9.1.	Non-fulfillment of the milestone constituted as condition precedent in the Fourth Stipulation shall be understood to be the expiry of the term of eighteen months included therein
without verification of the events comprising the condition precedent and without THE PURCHASER having made any of the notifications set out in Stipulation 8.1.1 above. 

  

	9.2.	In the event of non-fulfillment of the condition precedent established in the Fourth Stipulation, the sale-purchase under this deed will become definitively, for all legal purposes,
null and void, and without needing any notice or notification whatsoever, and consequently the validity of this contract shall be null and void. 

  

Any of the parties may instigate the recording in the Property Register of the entry on the cancellation. Both parties are obliged to give their
collaboration as required to execute any documents that may be necessary to this end. 
  

	9.3.	In the event of non-fulfillment of the condition precedent, THE VENDOR shall keep the sums received up until that date as part of the sale price, as belonging to it in the concept
of compensation for any damages which the activities described in the above stipulations may have caused, and as loss of profit or business expectations frustrated as a result of the cancellation of the sale regulated hereunder.

  
 By receiving said amounts, full settlement of
such damages and loss of profit shall be made to THE VENDOR, and no other claim for any amount whatsoever may be made against THE PURCHASER as a result of non-fulfillment of the condition precedent, irrespective of any compensation which may be due,
as appropriate, by virtue of the provisions regulated under Stipulations 6.3 and 7.3. 
  

	9.4	Likewise, as set forth in Stipulation 6.3 above, in the event of non-fulfillment of the condition precedent, THE PURCHASER will remove all its installations, tools, materials, etc.
in the period set out therein. “COBRE LAS CRUCES, S.A.” undertakes to perform these operations with the least possible disturbance to THE VENDOR who will collaborate as much as necessary for this purpose. The costs of removing the
installations will be borne by THE PURCHASER. If this is not the case, THE VENDOR is authorized to do so at the cost of THE PURCHASER. 

  

 14 

 TENTH.– VENDOR STATEMENTS AND WARRANTIES  
  

	10.1.	THE VENDOR vouches in favor of THE PURCHASER that the following statements are correct, entire and accurate: 

  

	 	10.1.1.	Capacity 

  
 The company “SERONCILLO, S.L.” is duly incorporated and registered in accordance with Spanish law. It is not in any legal situation of insolvency or temporary receivership, and has the legal capacity to
perform the activities included in its Memorandum of Association, to be owner of and manage its assets and properties. 
  
 THE VENDOR and its representative in this act are duly empowered to execute this contract and to comply with each and every one of the commitments given
by virtue of it, such that the obligations derived from this contract and any other made to execute it, are valid and binding on THE VENDOR. 
  

	 	10.1.2.	Ownership of the property described in Recital I 

  
 THE VENDOR is owner fee simple of the property identified in Recital I, free of all charges and encumbrances, and has full powers to segregate and sell
it, since it is not subject to any mortgage, lien or embargo, or any other charge or encumbrance, nor are they any third parties who may exercise any rights or purchase options. 
  
 The property under this contract is and will be at all time during the eighteen months following signature of this
contract, free of tenants, sharecroppers, short-term lessees, and in general any type of occupant with or without title, other than those set forth in Recital I. 
  
 At the time of delivery of the property in accordance with the procedure as established, the property shall be free of the
tenants and occupants mentioned in Recital I, in such a way that its sale under this contract shall confer on THE PURCHASER fee simple and unconditional legal title and possession. 
  
 In any case, THE VENDOR shall be answerable to THE PURCHASER for the disencumbrance in the case of eviction, and for any
concealed defects which may become valid or affect in any way the property under this contract or any other statements or warranties made herein. 
  
 THE VENDOR also states that it does not know of any impediment to the segregation and sale regulated hereunder being admitted to the corresponding
Property registers, and undertakes to carry out any measures as may be necessary to achieve that result. 
  
 In this respect, it is placed on record that both parties consider as an essential element of this contract the inscription in the corresponding Property
Registers of the segregation and sale subject to condition precedent as regulated hereunder, as well as, should the condition precedent regulated under Fourth Stipulation above be verified, the fee simple title of THE PURCHASER and the easement
constituted in the Second Stipulation, bearing in mind the statements and warranties made by THE VENDOR. 
  
 THE VENDOR also vouches that after the segregation regulated hereunder, the property to be sold shall have the boundaries identified in Recital V and on
the map 
  

 15 

 attached hereto. Should any claim arise from a third party related to any registration or
non-registration discrepancies on boundaries, surface area or similar items which, in contradiction of the plans attached to this master copy as Documents numbers 4 and 5, may affect the master property hereunder, THE VENDOR shall be
solely responsible for any costs, expenses or other liabilities required to maintain THE PURCHASER as owner and peaceable holder of the property delimited by the boundaries agreed hereunder, as well as to cancel any charges, encumbrances,
restrictions, prohibitions or rights of any kind, excepting legal and register ones and the following livestock trails, Conti-La Ramira and the Salteras trail, and which the parties acknowledge, which may devolve on the property, until it is free,
clear and unburdened, and must compensate THE PURCHASER for any damage, harm or cost suffered by THE PURCHASER for this reason. 
  

	 	10.1.3.	Employees, payment of salaries and Social Security, Collective Agreements. 

  
 The condition of employer of any employees working for THE VENDOR on the property shall correspond solely and exclusively to THE VENDOR company, with THE
PURCHASER expressly exonerated from any claim of this nature which for any concept, whether regarding salary or another concept, may be made against it by any employee or worker of THE VENDOR, its tenants, contractors or subcontractors. 

 
 Furthermore, THE VENDOR declares that during the validity of this
contract there are and shall be no debts outstanding with the workers of THE VENDOR or its tenants or contractors, due to payment of salaries, nor any debts with the Social Security, specifically liberating the PURCHASER from any claim that may be
made to it in this respect. 
  

	 	10.1.4.	Lawsuits and claims 

  
 THE VENDOR declares, under its own responsibility, that there are no lawsuits, claims or actions filed against THE VENDOR or its tenants for any concept
whatsoever which may have any impact, bearing or effect on the property under this contract. 
  

	 	10.1.5.	Taxation Obligations 

  
 THE VENDOR declares, under its own responsibility, that it is up to date with its tax obligations and it will remain so during the validity of this
contract, and that there are no reports filed against the vendor Company or its tenants, or ongoing inspection claims or actions notified any of them, or significant fiscal risks or liabilities which may affect transfer of the property to be sold.

  
 In particular, THE VENDOR declares and vouches that there
are and during the validity of this contract shall be no pledges against the property, public prices, rates or any other encumbrances derived from its ownership thereof or the performance of any agricultural, business or industrial activity, which
may affect the transfer of the property to be sold or which might try to be discharged against THE PURCHASER in consideration of the activity carried out by THE VENDOR or its tenants, specifically liberating THE PURCHASER from any settlement,
self-assessment, surcharge or action related to activities carried out on the property hereunder and which might be claimed from it for any reason. 
  

	 	10.1.6.	Compliance with environmental, health and water regulations 

  

 16 

 THE VENDOR also declares, under its own responsibility, that the vendor Company and its tenants have
observed to date in the property hereunder and shall observe during the validity of this contract, strict compliance with environmental, health and water regulations. It also declares that there are no penalty proceedings filed against the vendor
Company or its tenants under this concept. 
  

	 	10.1.7.	Subsidies and public aid 

  
 THE VENDOR also declares, under its own responsibility, that there are no subsidies granted to the vendor Company or its tenants in connection with the
maintenance of the property identified in Recital I of this contract, which might affect THE PURCHASER other than the ones related to any crops being grown. 
  
 THE VENDOR expressly exonerates THE PURCHASER from any claim that may be related to the payment of subsidies granted to THE VENDOR or to other entities
(including the tenants) as a result of the segregation and sale under this deed. 
  

	 	10.1.8.	Licenses and permits 

  
 THE VENDOR, under it own responsibility, acknowledges that there are no penalty proceedings undergoing in relation to the town planning circumstances of
the constructions existing on the property to be sold. 
  
 THE
VENDOR personally assumes any liability relating to the town planning circumstances of the constructions and buildings existing on the property to be sold, expressly exonerating THE PURCHASER of any claim, penalty proceedings, fine or sanction that
may be demanded from it in consideration of said town planning situation. 
  

	10.2.	The validity of the statements and warranties made by THE VENDOR in this Stipulation (and those made by the tenant in the Fourteenth Stipulation) shall be extended until the date of
the effective delivery of the property under the terms of the Eighth Stipulation, and they shall be understood to be reiterated in any act documenting the final payment and delivery of the property. 

  
 Without detriment to the above, THE VENDOR undertakes to inform THE
PURCHASER of any incident arising between the signature date of this contract and the delivery date of the property, which may be relevant with regard to the statements and warranties contained herein. Such communication must be made before THE
VENDOR takes any action, and such action shall not be taken until written authorization from THE PURCHASER is obtained, unless irreparable harm could come to THE PURCHASER because of inaction by THE VENDOR. 
  

	10.3.	To ensure the above, compliance of this contract and, specifically the statements contained in the two previous sections, THE VENDOR undertakes and vouches, personally and without
limit, to indemnify THE PURCHASER and keep it immune from any claim, damage, harm, cost, expense or proprietary impairment of any kind arising from the inaccuracy of any of the statements made by THE VENDOR. 

  
 The term for this personal warranty shall be as corresponds to each of the
different claims or damage that may arise. 
  
 THE PURCHASER
shall immediately advise THE VENDOR in writing of any claim, summons, law suit, demand or other action made against it by a third party and which has resulted from actions prior to the property delivery date. THE VENDOR must advise within five days
if it wishes to take on the legal proceedings for such litigation or claims. 
  

 17 

	  	Should this not be the case, or if no reply is received, THE PURCHASER may exercise the procedural defense it deems most suitable. 

  

	  	Should THE VENDOR choose to take on legal action to oppose the claim or damage, THE VENDOR shall always maintain THE PURCHASER immune, with the former bearing all expenses,
warranties and costs of any kind related with the case, and without any deal reached by THE VENDOR being able to result in higher costs for THE PURCHASER. 

  

	  	Should ultimately THE PURCHASER suffer any loss, cost, harm, expense or proprietary impairment of any kind, arising from the inaccuracies of the statements and warranties made by
THE VENDOR, THE PURCHASER shall have the right to reimbursement within a maximum period of fifteen days from when the quantification of its actual sum is notified and justified to THE VENDOR. 

  
 ELEVENTH.– ASSIGNMENT OF CONTRACT 
  
 THE PURCHASER may assign its contractual position hereunder to a third party at any time. In
this case, all THE PURCHASER’s rights and obligations arising from this contract would be subrogated to the third party. 
  
 TWELFTH.– COSTS AND TAXES 
  

	12.	All costs, taxes, duties, and fees becoming due as a result of the process for segregation and those becoming due as a result of the inscription of the easement regulated hereunder
shall be paid half by each party. 

  

	12.1.	All the costs becoming due as a result of executing and, insofar as pertinent, inscribing this deed of sale shall be paid by the parties as stipulated in the Law.

  

	12.2.	THE VENDOR declares that the transfer of the property described in Recital V does not include all the assets that it owns to carry out its corporate objectives.

  

	  	For this reason, the sale operation formalized in this deed does not verify the circumstance covered under article 7. 1o. a) of Law 37/1992 on Value Added Tax, with the result
that this transfer of assets and rights is subject to said tax. 

  

	  	It is hereby set down, for the purposes of article 20.Two of Law 37/1992 of 28 December on Value Added Tax and art. 8.1 of Royal Decree 1624/1992 of 29 December approving the
Regulation on Value Added Tax, that THE VENDOR hereby advises THE PURCHASER, of its condition as being liable to Value Added Tax and its relinquishment to exemption from that tax on the sale (art. 20 One 20 VAT Law) executed under this deed.

  

	  	In this respect, THE PURCHASER hereby also states its condition as being liable to Value Added Tax with the right to full deduction of the tax paid on the sale of the aforementioned
building and executed under this deed. The charging of this tax by THE VENDOR in each payment as a result of the transfer, may be deducted in its entirety. 

  

	  	Consequently, the full amount of this sale is charged with Value Added Tax at the prevailing rate, the amount of the price paid in this act corresponding to the sum of ONE HUNDRED
AND THIRTY EIGHT THOUSAND NINE HUNDRED AND NINETY EUROS AND TWENTY FOUR CENTS (138,990.24), which is duly invoiced by THE VENDOR and satisfied by THE PURCHASER by means of a nominative bank check in favor of the latter. This deed serves as receipt
for said concept and THE VENDOR undertakes to pay in that amount into the Public Revenue in the legally set timeframe. 

  

 18 

	  	Attached to this deed as Document number 11 is a photocopy of the invoice issued to these purposes by THE VENDOR in compliance with applicable legislation.
 

  
 THIRTEENTH.– CIVIL LIABILITY

  
 THE VENDOR may continue to carry out in the property described in Recital
V its agricultural and livestock activities during the eighteen months following signature of this contact unless its effective transfer takes place prior to that time. THE PURCHASER itself will perform the works and measures required to develop and
start-up the operation of the “Las Cruces” Mining Project in the terms described in Stipulation 6.3 above. 
  
 Both parties will be responsible for any damage they cause to each other because of the activities mentioned in the previous paragraph, in accordance with the provisions
established under article 1903 of the Civil Code. For these purposes, THE PURCHASER must contract a general civil liability insurance with an insurance company of proven solvency, and THE VENDOR undertakes to maintain valid the civil liability
insurance currently held by “SOTO DE LUIS, S.L.” up until the delivery of the property to be sold. A copy of each of these insurances shall be made available to the other party. 
  
 FOURTEENTH.– STATEMENTS BY THE TENANT 
  
 “SOTO DE LUIS, S.L.”, through its representative, expressly and formally states that: 
  

	1.	No rights of first refusal exist as a result of the current lease contract of the property identified in Recital I above, signed between THE VENDOR as lessor and “SOTO DE LUIS,
S.L.” as lessee or tenant, on 23 October 1998, made under a public deed executed on 6 November 1998 before the Seville Notary Pedro Antonio Romero Candau under number 6,309 of his protocol. 

  

	2.	It relinquishes any right of first refusal over the property described in Recital V that may be legally applicable to it. 

  

	3.	“SOTO DE LUIS, S.L.” states that the lease contract current in force shall be annulled at the time when the property to be sold is transferred, with the right to receive
the compensations set out in Stipulation 7.3 above. 

  

	4.	It acknowledges and accepts all the details of the segregation and sale which, subject to the condition precedent, are formalized under this deed, and therefore, in the event of
execution of the sale, undertakes to remove at its own cost and prior to delivery of the property, all its farm equipment, machinery, fixtures and other installations which are not to be transferred. If this is not the case, THE PURCHASER is
authorized to do so at the expense of “Soto de Luis, S.L.”. 

  

	5.	It relinquishes any deal to wholly or partially sublet or assign the property hereunder, during the validity period of this contract. 

  

	6.	It acknowledges and accepts all the details of the statements and warranties given by THE VENDOR in Stipulations 10.1.3, 10.1.4, 10.1.5, 10.1.6, 10.1.7 and 10.1.8, and the regime of
responsibility regulated under Stipulation 10.2, which is expressly adopts as its own as regards the field of activity it carries out, assuming the same responsibilities as THE VENDOR and expressly liberating THE PURCHASER from any claim related to
the facts and circumstances identified in said Stipulations. 

  

 19 

 The representative of “Soto de Luis, S.L.” expressly places on record that this company assumes
its standing as sole employer of all the workers giving their services in the property to be transferred, and that it will remain up to date at all times with any debt with its workers and the Social Security, exonerating THE PURCHASER from any
claim which for any salary or non-salary based concept may be directed against THE PURCHASER for facts of this nature. 
  
 The representative of “Soto de Luis, S.L.” also places on record that it will remain, during the validity of this contract, up to date with its
tax obligations, expressly liberating THE PURCHASER from any claim that may be directed against it in the future for taxation reasons related to the activity carried out by the tenant in the property to be transferred. 
  
 FIFTEENTH.– NOTIFICATIONS 
  
 Any notifications that must be made on the basis of what is agreed herein shall be made in a
good and effective manner in the respective corporate addresses appearing in the heading of this contract, and a minimum of five (5) days in advance. 
  
 SIXTEENTH.– INSCRIPTION IN THE PROPERTY REGISTER 
  
 Both parties agree to collaborate with each other to successfully achieve the inscription in the competent Property Register(s) of the following documents: 
  

	q	The segregation, constitution of easement and sale subject to condition precedent, regulated under this deed. 

  

	q	In any of the cases provided in Stipulation 8.1.1., the condition precedent being confirmed, and the inherent inscription of the segregation regulation under the First Stipulation,
of the easement regulated under the Second Stipulation, and the title fee simple of THE PURCHASER; or in any other case, the cancellation of the inscriptions subjected to condition precedent. 

  
 SEVENTEENTH.– APPLICABLE LEGISLATION AND JURISDICTION 
  
 This sale is civil in character and is governed by the conditions set down in this deed and,
in their absence, by the provisions of the Civil Code. 
  
 The parties, to resolve
any problems or doubts which may arise concerning the interpretation of and/or compliance with the obligations derived hereunder, expressly surrender any jurisdiction that may correspond to them under Law and submit themselves, also expressly, to
the jurisdiction of the Courts and Tribunals of Seville, without detriment to the application of mandatory regulations on competence. 
  
 INSCRIPTION REQUEST 
  
 The participating parties leave this deed in the terms set forth, and request the Property Registrar to enter this deed, even partially, into the records, as appropriate, subject to any qualification in the register
should any of its clauses or legal facts, acts or deals contained herein and liable to inscription, suffer from any defect which, in the opinion of the Registrar, could prevent said inscription being performed. 
  

 20 

 Attachments 
  
 Documents numbers 1 to 3: Copy of the supporting documents setting forth the cadastral reference numbers 
  
 Document number 4: Identification plan describing the current state of the master
property, the segregations to be made and the state of the resulting master property following the segregation. 
  
 Document number 5: Plan identifying the resulting master property following the segregation, and descriptive plans of the plots comprising it. 

 
 Documents numbers 6 to 8: Copy of the letters addressed to the Town Councils of
Guillena, Gerena and Salteras. 
  
 Document number 9: Plan of the
configuration of the easement on the subservient estate plan view. 
  
 Document number 10: Copy of bank check 
  
 Document
number 11: Copy of the invoice issued by the Vendor, corresponding to the payment of VAT by the Purchaser. 
  
 EXECUTION AND AUTHORIZATION 
  
 I informed them of their right to read this public instrument for themselves, which they did not exercise, and instead I the Notary read it all out loud, with the participants giving their agreement and, after becoming fully aware of its
contents, sign hereunder with me. 
  
 I CERTIFY: that I have identified the
participants through their aforementioned identity documents; I have set out to them the reservations and warnings of a legal and, especially, fiscal nature. 
  

 21Senior Executive Employment Contract

 Exhibit 10.3 
  
 COBRE LAS CRUCES, S.A. 
  
 and 
  
 Mr. FERNANDO FERNANDEZ TORRES 
  
 SENIOR EXECUTIVE EMPLOYMENT CONTRACT 

 SENIOR EXECUTIVE EMPLOYMENT CONTRACT 
  
 This Senior Executive Employment Contract (the “Contract”) is made on 26 March 2004. 
  
 BY AND BETWEEN 
  

	(1)	Mr. Thomas E. Mara, of legal age, of US nationality, with professional address in 315 Park Avenue South, New York, New York 10010, and with Passport number
207.591.117. 

  
 And 
  

	(2)	Mr. Fernando Fernandez Torres, of legal age, of Spanish nationality, with address in C/ Juan Pablos no 4, 2o E, 41013 Sevilla, and holder of the National
Identity Card number 31.180.996-B. 

  
 ACTING 
  

	(1)	Mr. Thomas E. Mara who is acting in the name of and representing Cobre Las Cruces, S.A., by virtue of the powers granted by the Board of Directors. Cobre Las Cruces, S.A.
shall be hereinafter referred to as the “Company”. 

  
 And 
  

	(2)	Mr. Fernando Fernandez Torres, who is acting in his own name and representation. He shall be hereinafter referred to as the “Executive”.

  
 Both of the acting parties have the full and necessary legal
capacity to enter into and execute this Contract and for all effects and purposes they  
  
 STATE 
  
 That the Company desires to
enter into an employment relationship with the Executive and the Executive desires to be employed by the Company on the terms and subject to the conditions contained herein; 
  
 NOW THEREFORE, the Parties mutually agree to execute a senior executive employment contract in accordance with the provisions of Royal
Decree 1382/85 of August 1, pursuant to the following: 
  

 1 

 TERMS AND CONDITIONS 
  

	1	Appointment and duties 

  
 The object of this Contract is the fulfilment by the Executive of the management responsibilities corresponding to his position as Managing Director of
the Company, which shall be carried out independently and with full responsibility, subject only to the directions and instructions of the Company’s Board of Directors as well as of the Board of Directors of MK Gold. 
  
 The Executive shall hold the powers of attorney that are required for the
proper performance of his duties hereunder. 
  

	2	Term 

  
 This Contract is hereby established for an indefinite period and shall take effect on 1 May 2004, date of commencement of the employment relationship. 
  

	3	Confidence 

  
 The special labour relation which is constituted in this Contract is based on the mutual trust and understanding between the parties through which they
shall exercise the rights and obligations contained in this contract in accordance with the principle and requirements of good faith.  
  

	4	Place of work and working conditions 

  

	4.1	The Executive shall render his services on a regular basis at the Company premises located in Seville, Spain. However, the Executive expressly agrees to travel in and outside
of Spain, if necessary, or at the request of the Company. 

  

	4.2	The working conditions applicable to the Executive are as follows: 

  

	 	4.2.1	The length of the working day and the amount of working hours shall be determined in accordance with the terms and conditions of this Contract, and shall not therefore be
subject to the restrictions nor the distribution of working hours established by Spanish law governing ordinary labour contracts. 

  

	 	4.2.2	Subject to the flexibility agreed to with respect to working hours and work schedule, the Executive shall have the benefit of official holidays, unless, under occasional or
exceptional circumstances, such holidays convert to working days due to business-related travel or meetings. 

  

	4.3	The Executive’s annual holidays will be 25 working days, and shall conform as closely as possible to Company holidays; nevertheless, such holidays may be taken on
different dates and under other conditions, accommodating both Company interests and the Executive’s convenience, subject to the terms and conditions of this Contract. 

  

 2 

	5	Exclusive dedication 

  

	5.1	The Executive may not provide services to or take up employment with or act in an executive capacity for any other company during his employment, without the written consent
of the Company. 

  

	5.2	During his employment the Executive will not be directly or indirectly engaged or concerned in the conduct of any activity which is similar to or competes with any activity
carried on by the Company or in any way affects his ability to perform his duties for the Company (except as a representative of the Company or with the written consent of the Company). 

  

	6	Salary 

  
 As compensation for the services to be rendered to the Company during the period of his employment, the Executive shall receive the following: 

 

	6.1	Gross annual base salary in the amount of 250,000 Euros, payable in twelve monthly disbursements. 

  

	6.2	Such amount shall be reviewed every year, at least, in accordance to the Consumer Price Index. 

  

	6.3	Bonus: The Executive shall be entitled to a variable salary of up to 100% of the annual gross base salary established in clause 6.1 above, depending on the level of
achievement of the annual targets established by the Company and approved by the Board. 

  

	6.4	Success Fee: There shall be a success fee upon the sale of MK Gold’s interests in Cobre Las Cruces in an amount equal to 1 x of the Executive annual base gross salary as
defined in Clause 6.1 above. 

  

	6.5	Reasonable Moving Expenses: The Company shall be responsible for all the reasonable costs arising from the relocation of the Executive, his family and their household
belongings from Antwerp to Seville. 

  

	6.6	Stock options: MK Gold will grant the Executive 200,000 options to acquire 200,000 MK Gold shares. Although a copy of the Stock Options Plan will be provided to the Executive
once approved by the Board of Directors of MK Gold, the main features of the options are as follows: 

  

	 	(a)	Date of Grant: the stock options will be granted on the start date of employment i.e. 1 May, 2004. 

  

	 	(b)	Vesting period: the stock options, once granted, will vest equally over three years as from the Date of Grant; that is, at the end of year 1 as from the Date of Grant, the Executive
may exercise 1/3 of the stock options (approximately, 66,666 options); at the end of year 2, another 1/3 and at the end of year 3, the remaining third. 

  

	 	(c)	Exercise period: the stock options, once issued, may be exercised over a maximum period of 10 years. 

  

	 	(d)	Exercise price: the amount to be paid upon exercise of one option to acquire one MK Gold share. This is the closing price of a MK Gold share on the Date of Grant.

  

 3 

	 	(e)	Expiration of the exercise right: if the Executive ceases to be an employee of the Company for whatever reason, the options already vested may be exercised within 90 days as from
the termination date. Otherwise, the options shall immediately forfeit. 

  

	7	Expenses. 

  
 The Executive shall be reimbursed for any travel or other expenses incurred on behalf of the Company, which are commensurate with the Executive’s
position and responsibilities, provided that the Executive provides justification for such expenses. 
  

	8	Company car 

  
 The Executive will be entitled to use any of the existing company cars (i.e. three) which are parked at the Company premises for use by its personnel.

  

	9	Savings and Retirement Plan 

  
 The Executive shall additionally receive an annual gross amount in order to subscribe to a pension plan. This annual gross amount is calculated on base
wage (as defined in Clause 6.1 above) and shall determined in accordance with the schedule below and paid quarterly. 
  

							
	 Age

	  	 Age-Based Percent

	  	 Years of Service

	  	 Service-Based Percent

	 34 & under
	  	0%	  	0-9    	  	2%
	 35-39
	  	1%	  	10-14	  	3%
	 40-44
	  	2%	  	15-19	  	4%
	 45-49
	  	3%	  	20-24	  	5%
	 50-54
	  	4%	  	25-29	  	6%
	 55-59
	  	6%	  	30-34	  	7%
	 60 & over
	  	8%	  	      35 & over	  	8%

  

	10	Withholdings 

  
 The withholding on account of the Personal Income Tax and the relevant Social Security contributions payable by the Executive under the current statutory
provisions, including those corresponding to any benefits in kind, shall be deducted from the remuneration in cash paid to the Executive.  
  

	11	Confidential Information 

  

	11.1	The Executive agrees that he will not, except in the proper performance of his duties, use or disclose to any person any of the Company’s trade secrets or confidential
information. This restriction will continue to apply after the termination of the Executive’s employment for 12 months but will not apply to trade secrets or confidential information, which become public other than through unauthorised
disclosure by the Executive, without prejudice of the obligations set forth in the Unfair Competition Law. The Executive will use his best endeavours to prevent the unauthorised use or disclosure of such information. 

  

 4 

 For the purposes of this Contract, trade secrets and confidential information include but will not be
limited to commercial arrangements, and any other information, data, drawings, experience and know how relating to the business or the marketing or promotion of the business and any other information concerning the confidential affairs of the
Company. 
  

	11.2	In the course of the Executive’s employment he is likely to obtain trade secrets and confidential information belonging or relating to other Associated Companies. The
Executive will treat such information as if it falls within the terms of clause 11.1. A list of the Associated Companies will be made available upon request of the Executive. 

  

	12	Industrial and Intellectual property 

  

	12.1	Any industrial or Intellectual Property or other work, discovery, invention, secret process or improvement made or discovered by the Executive (either alone or with others)
during his employment hereunder (whether during the course of his normal duties or other duties specifically assigned to him and whether during normal working hours or at any time), in connection with or in any way affecting or relating to the
business of the Company or any Associated Company or capable of being used or adapted for use therein or in connection therewith, shall forthwith be disclosed in writing within one month of the date of the creation with full details to the Company
and shall belong to and be the absolute property of the Company or such other body corporate as the Company may designate and for the purposes of Articles 15 and 17 of the Spanish Patent Act 11, 1986, the Executive shall be deemed to have a special
obligation to further the interests of the Company. For the avoidance of doubts this clause (12.1) shall not derogate from the statutory rights of the Executive in such inventions. It is agreed that for the purposes of Article 51 of the Spanish
Intellectual Property Act, the Company shall be treated for the purpose of such Act as the original proprietor of any design of which the Executive may be the author in the circumstances described in this clause (12.1). 

  

	12.2	The Executive hereby assigns to the Company all present and future exploitation rights, copyright, design rights, and other proprietary rights (if any) for the full term
thereof throughout the world in respect of all Intellectual Property, except only those designs or other works written, originated, conceived, or made by him wholly outside his normal working hours hereunder and wholly unconnected with his service
hereunder. The Executive shall at the request and cost of the Company (and notwithstanding the termination of his employment) apply or join in applying for patent or other similar protection in any part of the world for any such invention,
discovery, process or improvement as aforesaid and execute all instruments and do all such things necessary for vesting the said patent or other similar protection when obtained, or the benefit or any application, and all right, title to and
interest in the same in the Company or its nominee absolutely. 

  

	12.3	The Executive agrees and undertakes that he will execute such deeds or documents and do all such acts and things as may be necessary or desirable to substantiate the rights
of the Company in respect of the matters referred to in this clause (12). 

  

	13	Return of company property. Information received. 

  
 Upon termination of this Contract, the Executive he shall return all property belonging or relating to the Company, and all documents of whatever kind
concerning the Company’s business, which have been entrusted to him or to which he has had access to by other means. By documents is meant also copies and notes, his own or by other parties, of 
  

 5 

 whatever kind, on paper, computer or other medium, which the Executive holds and which relate to the
Company’s business. 
  

	14	Data protection 

  

	14.1	For the purposes of the Organic Law 15/1999, of 13 December, on Personal Data Protection, the Executive consents the processing of his personal data contained in this
Contract as well as the data compiled during the induction process, and all such data which is necessary for carrying out management services related to the employment relationship, and all other services related to his professional career and
related to the Human Resources Department purposes. These data will be understood as non-sensible personal data, excluding, at any case, financial data. 

  
 It is hereby informed to the Executive, his right to access, rectify and, if so, once the employment relationship has terminated, to cancel the personal data by means of written notice to the Human Resources Department. 
  

	14.2	Likewise the Executive consents the Company to transfer his data to any Associated Company or to other companies with whom the Company may have entered into cooperation
agreements for the best performance of the services described herein, whether domiciled in Spain or abroad, and, at any case, in compliance with the Spanish data protection legislation. 

  

	15	Termination. 

  
 This Contract may be terminated for the following reasons: 
  

	15.1	The Executive may terminate this Contract without cause after providing the Company with three months’ prior notice, in which case no severance indemnity shall be paid
to the Executive. In the event of the Executive failure to comply with this prior notice obligation, the Company shall be entitled to a compensation in the amount of the Executive’s gross annual salary corresponding to the period for which
notice was not given. 

  

	15.2	The Company may terminate this Contract without cause after providing the Executive with three months’ prior notice. In the event of the Company failure to comply with
this prior notice obligation, the Executive shall be entitled to a compensation in the amount of the Executive’s gross annual salary corresponding to the period for which notice was not given. 

  
 Should this be the case, the Company shall pay the Executive a gross
severance payment which amount shall depend on the number of years of service rendered to the Company and which shall be calculated on the basis of the Executive’s annual gross base salary as defined in Clause 6.1 above, as follows: 

 

			
	Years of service	  	Gross Severance payment
		
	1	  	3 x Annual Base Salary (as defined in clause 6.1 above)
		
	2	  	2 x Annual Base Salary (as defined in clause 6.1 above)
		
	3	  	1.75 x Annual Base Salary (as defined in clause 6.1 above)
		
	4	  	1.50 x Annual Base Salary (as defined in clause 6.1 above)
		
	5	  	1.25 x Annual Base Salary (as defined in clause 6.1 above)
		
	6-10	  	1x Annual Base Salary (as defined in clause 6.1 above)

  

 6 

	15.3	By the Executive’s dismissal, according to Article 11.2 of the R.D. 1382/85. In such case, the Executive will not be entitled to receive any kind of indemnity. Should
the Executive be dismissed and such dismissal be proved unfair or null and void, the Executive shall be entitled to a severance payment as established in Clause 15.2 above. 

  

	15.4	In the event of change of control of the Company (whether of its ownership or management) or transfer of undertaking, the Executive shall be entitled to terminate this
Contract and to receive the compensation stated in clause 15.2 above provided that the Executive exercises this right during the three months following the change of control or transfer of undertaking. 

  

	16	Waiver and severance. 

  

	16.1	If either party agrees to waive their rights under a provision of this Contract, that waiver will only be effective if it is in writing and if it is signed by them. A
party’s agreement to waive any breach of any term or condition of this Contract will not be regarded as a waiver of any subsequent breach of the same term or condition or a different term or condition. 

  

	16.2	In the event that any clause or provision in this Contract is held to be void or legally invalid, the validity or effect of the remaining clauses or provisions of the
Contract will not be affected. 

  

	17	Opportunity to Review and Effective Date 

  
 Both Parties acknowledge that the terms and conditions of this Contract reflect the correct understanding and intent of both parties. The Executive and
the Company acknowledge that they have carefully reviewed the terms and conditions of this Contract and that their entry into this Contract is a free and willful act. The Effective Date of this Contract shall be the date on which the Executive
shall have affixed signature thereto. 
  

	18	Biding effect; Counterparts 

  
 This Contract shall be binding upon and shall inure to the benefit of the parties hereto, their successors, heirs, executors, administrators and permitted
assigns. 
  
 This Contract may be executed in two or more
counterparts, each of which shall constitute an original but which shall together constitute one and the same instrument. 
  

	19	Applicable law. 

  
 This Contract, which is drawn up to govern the top management labour relationship of one of the parties, shall be governed by: 
  

	 	(a)	The intention of the parties that is expressly contained in this Contract. 

  

	 	(b)	Royal Decree 1382/85, of August 1, 1985, whereby the special employment relationship of executive personnel is regulated. 

  

 7 

	 	(c)	The rules of the ordinary labour legislation, including the Workers’ Statute in all cases where Decree 1382/85 makes reference thereto or in all those cases where express
references to that provision are contained in this Contract. 

  

	 	(d)	With respect to all matters not governed by the ordinary common labour law, by Royal Decree 1382/85 on Labour Relations for Executive Personnel and by the intention of the parties,
the provisions of civil or commercial law and its general principles shall govern it. 

  

	20	Whole agreement. 

  
 This Contract constitutes the entire agreement and understanding between the parties in respect of the subject matter hereof. This Contract supersedes and
cancels all previous agreements, negotiations, commitments and understandings with respect to the subject matter hereof, whether oral or written. This Contract may not be amended or modified in any manner except in writing, signed by the Executive
and a duly authorised officer or representative of the Company. 
  

	21	Language clause 

  
 This Contract is signed in English and Spanish; in the event of discrepancy with regards to its interpretation, the Spanish version shall prevail.

  
 IN WITNESS WHEREOF, the parties hereto have caused this Contract to be
executed in two (2) duplicate originals, as the date first below-written by the Executive. 
  

					
	 THE COMPANY
  
 Signature:
	 	 	 	 THE EXECUTIVE
  
 Signature:

			
	/s/    Thomas E. Mara        	 	 	 	/s/    Fernando Fernández Torres        
	
	 	 	 	

	Name: Thomas E. Mara	 	 	 	Name: Fernando Fernández Torres
	 Title: Member of the Board of Directors
 Date:

	 	 	 	  
 Date: 

  

 8

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