Iron Ore (Mount Goldsworthy) Agreement Act 1964 (WA)

Western Australia Iron Ore (Mount Goldsworthy) Agreement Act 1964 Western Australia Iron Ore (Mount Goldsworthy) Agreement Act 1964 Contents 1. Short title 1 3. Terms used 1 4. Agreement approved and provisions to take effect 2 4A. First Variation Agreement approved 2 4B. Second Variation Agreement 2 4C. Third Variation Agreement 3 5A. Variation of Agreement to increase rates of royalty 3 5B. Fourth Variation Agreement 4 5C. State empowered under clause 9E(9)(a) 5 5D. Fifth Variation Agreement 5 5. By‑laws 5 First Schedule — Iron Ore (Mount Goldsworthy) Agreement Second Schedule — First Variation Agreement Third Schedule — Second Variation Agreement Fourth Schedule — Third Variation Agreement Fifth Schedule — Fourth Variation Agreement Sixth Schedule — Fifth Variation Agreement Notes Compilation table 189 Western Australia Iron Ore (Mount Goldsworthy) Agreement Act 1964 An Act in substitution for, and for the repeal of, the Iron Ore (Mount Goldsworthy) Agreement Act 1962 2, to approve an agreement relating to iron ore at Mount Goldsworthy iron ore deposits and for incidental and other purposes. 1. Short title This Act may be cited as the Iron Ore (Mount Goldsworthy) Agreement Act 1964 1. [2. Omitted by the Reprints Act 1984 s. 7(4)(f) and (g).] 3. Terms used In this Act, unless the contrary intention appears — Agreement means the agreement of which a copy is set out in the First Schedule, and, if that agreement is added to or varied or any of its provisions are cancelled, in accordance with the provisions thereof, includes the agreement as so altered from time to time; fifth Variation Agreement means the agreement a copy of which is set out in the Sixth Schedule; first Variation Agreement means the agreement a copy of which is set out in the Second Schedule; fourth Variation Agreement means the agreement a copy of which is set out in the Fifth Schedule; Joint Venturers has the same meaning as that expression has in, and for the purposes of, the Agreement; second Variation Agreement means the agreement a copy of which is set out in the Third Schedule; third Variation Agreement means the agreement a copy of which is set out in the Fourth Schedule. [Section 3 amended: No. 58 of 1971 s. 2; No. 29 of 1994 s. 4; No. 57 of 2000 s. 16; No. 34 of 2010 s. 15; No. 61 of 2010 s. 31; No. 62 of 2011 s. 8.] 4. Agreement approved and provisions to take effect (1) The Agreement is approved. (2) Notwithstanding any other Act or law, and without limiting the effect of subsection (1), — (a) the Joint Venturers shall be permitted to enter upon the lands mentioned in paragraph (c) of clause 2 of the Agreement, to the extent, and for the purposes, by that paragraph provided; and (b) the provision of subclause (2) of clause 3 of the Agreement shall take effect. (3) The provisions of section 96 of the Public Works Act 1902, do not apply to any railway constructed pursuant to the Agreement. (4) The provisions of section 277(5) of the Mining Act 1904 3, do not apply to any renewal of the rights of occupancy granted pursuant to paragraph (a) of clause 2 of the Agreement. 4A. First Variation Agreement approved The first Variation Agreement is approved. [Section 4A inserted: No. 58 of 1971 s. 3.] 4B. Second Variation Agreement (1) The second Variation Agreement is ratified. (2) The implementation of the second Variation Agreement is authorised. (3) Without limiting or otherwise affecting the application of the Government Agreements Act 1979, the second Variation Agreement shall operate and take effect notwithstanding any other Act or law. [Section 4B inserted: No. 29 of 1994 s. 5.] 4C. Third Variation Agreement (1) The third Variation Agreement is ratified. (2) The implementation of the third Variation Agreement is authorised. (3) Without limiting or otherwise affecting the application of the Government Agreements Act 1979, the third Variation Agreement is to operate and take effect despite any other Act or law. [Section 4C inserted: No. 57 of 2000 s. 17.] 5A. Variation of Agreement to increase rates of royalty (1) In this section — Agreement means the agreement a copy of which is set out in the First Schedule — (a) as varied from time to time in accordance with its provisions; and (b) as varied by these agreements — (i) the first Variation Agreement; (ii) the second Variation Agreement; (iii) the third Variation Agreement. (2) Clause 9(2)(j) of the Agreement is varied — (a) in subparagraph (ii) by deleting "3.75%" and inserting — 5.625% (b) in subparagraph (iia)(B) by deleting "3.75%" and inserting — 5.625% (c) in subparagraph (iii) by deleting "3.25%" and inserting — 5% (3) Clause 9(2)(j)(ii), (iia)(B) and (iii) of the Agreement as varied by subsection (2) operate and take effect despite — (a) any other provision of the Agreement; and (b) any other agreement or instrument; and (c) any other Act or law. (4) Nothing in this section affects the amount of royalty payable under clause 9 of the Agreement in respect of any period before the commencement of the Iron Ore Agreements Legislation Amendment Act 2010 Part 7 1. [Section 5A inserted: No. 34 of 2010 s. 16.] 5B. Fourth Variation Agreement (1) The fourth Variation Agreement is ratified. (2) The implementation of the fourth Variation Agreement is authorised. (3) Without limiting or otherwise affecting the application of the Government Agreements Act 1979, the fourth Variation Agreement is to operate and take effect despite any other Act or law. [Section 5B inserted: No. 61 of 2010 s. 32.] 5C. State empowered under clause 9E(9)(a) The State has power in accordance with clause 9E(9)(a) of the Agreement. [Section 5C inserted: No. 61 of 2010 s. 32.] 5D. Fifth Variation Agreement (1) The fifth Variation Agreement is ratified. (2) The implementation of the fifth Variation Agreement is authorised. (3) Without limiting or otherwise affecting the application of the Government Agreements Act 1979, the fifth Variation Agreement is to operate and take effect despite any other Act or law. [Section 5D inserted: No. 62 of 2011 s. 9.] 5. By‑laws (1) The Governor may make by‑laws, for the purposes of, and in accordance with, the Agreement. (2) By‑laws made pursuant to this section — (a) shall be published in the Government Gazette; and (b) take effect and have the force of law from the date they are so published or from such later date as is fixed by the by‑laws; and (c) may prescribe penalties not exceeding $100; and (d) are not subject to the provisions of section 36 of the Interpretation Act 1918 2, but shall be laid before each House of Parliament within 6 sitting days of such House next following the publication of the by‑laws in the Government Gazette. [Section 5 amended: No. 113 of 1965 s. 8(1).] First Schedule — Iron Ore (Mount Goldsworthy) Agreement [s. 3] [Heading inserted: No. 58 of 1971 s. 4; amended: No. 19 of 2010 s. 4.] THIS AGREEMENT made the fifteenth day of October One thousand nine hundred and sixty‑four BETWEEN THE HONOURABLE DAVID BRAND M.L.A., Premier and Treasurer of the State of Western Australia, acting for and on behalf of the said State and Instrumentalities thereof from time to time (hereinafter called "the State") of the one part and CONSOLIDATED GOLD FIELDS (AUSTRALIA) PTY. LIMITED a Company incorporated under the Companies Ordinances of the Australian Capital Territory and having its executive office at A.M.P. Building Circular Quay, Sydney in the State of New South Wales and its registered office in the State of Western Australia (hereinafter referred to as "the said State") at London House Saint George's Terrace Perth CYPRUS MINES CORPORATION a Corporation incorporated in the State of New York in the United States of America and having its executive offices situate at 1234 Pacific Mutual Building 523 West Sixth Street Los Angeles Californa in the said United States of America and UTAH CONSTRUCTION & MINING CO. a Corporation incorporated in the State of Delaware in the United States of America and having its executive offices situate at 550 California Street San Francisco in the said United States of America (hereinafter called "the Joint Venturers" in which term shall be included the Joint Venturers and each of them and their and each of their respective successors and assigns) of the other part. WHEREAS: — (a) Pursuant to an agreement made between the parties and approved by the Iron Ore (Mount Goldsworthy) Agreement Act 1962 the Joint Venturers at a total cost in excess of the sum mentioned in clause 3(1) of that Agreement proceeded to the carrying out of the work in that subclause mentioned in relation to the export of iron ore both from Depuch Island and from elsewhere. (b) The Joint venturers firstly are satisfied that the mining area defined in Clause 1 of the said Agreement (being mining area A as defined in Clause 1 of this Agreement) contains iron ore of tonnages and grades sufficient to warrant economic recovery and marketing secondly have carried out certain investigations relating to the mining from that mining area of iron ore and the transport by rail and shipment of that ore thirdly desire to enter into a contract or contracts for the export sale of that ore based on export from a port or place other than Depuch Island and fourthly desire to have certain rights as hereinafter mentioned with respect to the mining areas defined as mining area B and mining area C in Clause 1 hereof. (c) The Joint Venturers agree to investigate in due course the feasibility of the beneficiation of ore from the mining areas hereinafter mentioned and of establishing within the State of Western Australia an industry for additional upgrading of such beneficiated ore and to review this matter from time to time with a view to their being in a position to submit to the State proposals for such establishment as hereinafter provided. NOW THIS AGREEMENT WITNESSETH: — Interpretation 4 1. In this Agreement subject to the context — "associated company" means — (a) any company having a paid‑up capital of not less than one million pounds (£1,000,000) notified in writing by the Joint Venturers or any of them to the Minister which is incorporated in the United Kingdom the United States of America or the Commonwealth of Australia and which — (i) is promoted by the Joint Venturers or any of them for all or any of the purposes of this Agreement and in which the Joint Venturers or any of them hold not less than twenty per cent. (20%) of the issued ordinary share capital; or (ii) is related within the meaning of the term subsidiary in section 6 of the Companies Act 1961 to any company in which the Joint Venturers or any of them hold not less than twenty per cent. (20%) of the issued ordinary share capital, and (b) any company approved in writing by the Minister for the purposes of this Agreement which is associated directly or indirectly with the Joint Venturers or any of them in their business or operations hereunder; "commencement date" means the date referred to as the commencement date in clause 7(3) hereof; "Commonwealth" means the Commonwealth of Australia and includes the Government for the time being thereof; "deposits townsite" means the townsite to be established on or near the mining areas pursuant to this Agreement; "direct shipping ore" means iron ore which has an average pure iron content or not less than sixty per cent. (60%) which will not pass through a one half (½) inch mesh screen and which is sold without concentration or other beneficiation other than crushing and screening; "export date" means the earlier of the following dates namely — (a) the date or extended date if any referred to in clause 9(1) of this Agreement; (b) the date when the Joint Venturers first export iron ore hereunder (other than iron ore shipped solely for testing purposes); "financial year" means a year commencing on and including the 1st day of July; "fine ore" means iron ore which has an average pure iron content of not less than sixty per cent. (60%) which will pass through a one half (½) inch mesh screen and which is sold without concentration or other beneficiation other than crushing and screening; "fines" means iron ore (not being direct shipping ore or fine ore) which will pass through a one half (½) inch mesh screen; "f.o.b. revenue" means the price for iron ore from the mineral lease the subject of any shipment or sale and payable by the purchaser thereof to the Joint Venturers or an associated company less all export duties and export taxes payable to the Commonwealth on the export of the iron ore and all costs and charges properly incurred and payable by the Joint Venturers from the time the ore shall be placed on ship at the Joint Venturers' wharf to the time the same is delivered and accepted by the purchaser including — (1) ocean freight; (2) marine insurance; (3) port and handling charges at the port of discharge; (4) all costs properly incurred in delivering the ore from port of discharge to the smelter and evidenced by relevant invoices; (5) all weighing sampling assaying inspection and representation costs; (6) all shipping agency charges after loading on and departure of ship from the Joint Venturers' wharf; and (7) all import taxes by the country of the port of discharge; "harbour" means the port or harbour at or near Port Hedland or such other port or place mutually agreed on and serving the Joint Venturers' wharf; "industry for additional upgrading of beneficiated ore" means an industry for the additional refining of beneficiated ore by some form of semi reduction direct reduction or other mutually agreed process; "iron ore contracts" means the contract or contracts referred to in clause 5(2)(b) hereof; "Joint Venturers' wharf" means the wharf to be constructed by the Joint Venturers pursuant to this Agreement for the shipment of iron ore from the mineral lease or (except for the purposes of the definition of "harbour") other the temporary wharf for the time being approved by the Minister as the Joint Venturers' wharf for the purposes hereof during the period to which such approval relates; "Land Act" means the Land Act 1933; "mineral lease" means the mineral lease referred to in clause 8(1) hereof or 8(2)(a) hereof and includes any renewal thereof and where the context so permits shall extend to and be deemed to include a mineral lease granted under the provisions of clause 11(6) hereof and any renewal thereof; "Mining Act" means the Mining Act 1904; "mining area "A" means the area delineated and coloured red on the plan marked "A" initialled by or on behalf of the parties hereto for the purposes of identification; "mining area "B" means the area delineated and coloured blue on the plan marked "B" initialled by or on behalf of the parties hereto for the purposes of identification; "mining area "C" means the area delineated and coloured green on the plan marked "C" initialled by or on behalf of the parties hereto for the purposes of identification; "Minister" means the Minister in the Government of the said State for the time being responsible (under whatsoever title) for the administration of the Ratifying Act and pending the passing of that Act means the Minister for the time being designated in a notice from the State to the Joint Venturers and includes the successors in office of the Minister; "month" means calendar month; "notice" means notice in writing; "person" or "persons" includes bodies corporate; "port townsite" means the townsite to be established pursuant to this Agreement near the harbour; "Ratifying Act" means the Act to ratify this Agreement and referred to in clause 3 hereof; "said State" means the State of Western Australia; "secondary processing" means concentration or other beneficiation of iron ore other than by crushing or screening and includes thermal electrostatic magnetic and gravity processing and agglomeration, pelletization or comparable changes in the physical character of iron ore; "special lease" means a special lease or license to be granted in terms of this Agreement under the Ratifying Act the Land Act or the Jetties Act 1925 and include any renewal thereof; "this Agreement" "hereof" and "hereunder" includes this Agreement as from time to time added to varied or amended; "ton" means a ton of two thousand two hundred and forty (2,240) lbs. net dry weight; "townsite" in relation to the townsite to be established near the harbour means a townsite (whether or not constituted and defined under section 10 of the Land Act) primarily to facilitate the Joint Venturers' operations in and near the harbour and for employees of the Joint Venturers and in relation to mining area "A" mining area "B" and mining area "C" means such a townsite or townsites which is or are established by the Joint Venturers for the purposes of their operations and employees on or near mining area "A" mining area "B" and mining area "C" or any one or more of them in lieu of a townsite or townsites constituted and defined under section 10 of the Land Act; "wharf" includes any jetty structure; "year 1" means the year next following the export date and "year" followed immediately by any other numeral has a corresponding meaning; reference in this Agreement to an Act shall include the amendments to such Act for the time being in force and also any Act passed in substitution therefore or in lieu thereof and the regulations for the time being in force thereunder; power given under any clause of this Agreement other than clause 24 hereof to extend any period or date shall be without prejudice to the power of the Minister under the said clause 24; marginal notes shall not affect the interpretation or construction hereof 4. any covenant or agreement on the part of the Joint Venturers hereunder will be deemed to be a joint and several covenant or agreement as the case may be. the phases in which it is contemplated that this Agreement will operate are as follows — (a) Phase 1 — the period from the execution hereof by the parties hereto until the commencement date; (b) Phase 2 — the period from the commencement date until a plant for secondary processing or an industry for additional upgrading of beneficiated ore is established by the joint venturers hereunder or by another company or party as referred to in clause 12 or clause 13 hereof whichever first occurs; (c) Phase 3 — (operative if the Joint Venturers commence secondary processing before establishing an industry for additional upgrading of beneficiated ore hereunder) — the period from the commencement of secondary processing by the Joint Venturers hereunder until the Joint Venturers have established an industry for additional upgrading of beneficiated ore hereunder which period shall include a continuation of Phase 2 operations; and (d) Phase 4 — the period after the Joint Venturers have established an industry for additional upgrading of beneficiated ore hereunder which period shall include a continuation of Phase 2 operations. Obligations of the State during Phase 1 4 2. The State shall — (a) upon application by the Joint Venturers at any time prior to the 31st day of March, 1965 (and surrender of the then existing rights of occupancy already granted in respect of any portions of mining area "A") cause to be granted to the Joint Venturers and to the Joint Venturers alone rights of occupancy for the purposes of this Agreement (including the sole right to search and prospect for iron ore) over the whole of mining area "A" under section 276 of the Mining Act at a rental at the rate of four pounds (£4) per square mile per annum payable quarterly in advance for the period expiring on the 31st December, 1965 and shall then and thereafter subject to the continuance of this Agreement cause to be granted to the Joint Venturers as may be necessary successive renewals of such last‑mentioned rights of occupancy (each renewal for a period of twelve (12) months at the same rental and on the same terms) the last of which renewals notwithstanding its currency shall expire — (i) on the date of application for a mineral lease by the Joint Venturers under either clause 8(1) or clause 8(2)(a) hereof; (ii) at the expiration of one month from the commencement date; (iii) on the determination of this Agreement pursuant to its terms; or (iv) on the day of the receipt by the State of a notice from the Joint Venturers to the effect that the Joint Venturers abandon and cancel this Agreement, whichever shall first happen; (b) introduce and sponsor a Bill in the Parliament of Western Australia to ratify this Agreement and endeavour to secure its passage prior to the 15th day of December, 1964; (c) to the extent reasonably necessary for the purposes of clauses 4, 5 and 11 hereof allow the Joint Venturers to enter upon Crown lands (including land the subject of a pastoral lease) and survey possible sites for a harbour wharf railway townsite (both in or near the harbour and on or near mining area "A" mining area "B" and mining area "C") stockpiling processing and other areas required for the purposes of this Agreement; and (d) at the request and cost of the Joint Venturers co‑operate with the Joint Venturers in the discharge of their obligations under clause 4(1)(a) hereof. Ratification and operation 4 3. (1) Clauses 8, 9, 10 (other than paragraphs (d) and (1) thereof) 12‑22 both inclusive and 24 of this agreement shall not operate unless and until the Bill to ratify this Agreement as referred to in clause 2(b) hereof is passed as an Act before the 31st day of December, 1964, or such later date if any as the parties hereto may mutually agree upon. If the Bill is not so passed before that date or later date (as the case may be) this Agreement will then cease and determine and neither of the parties hereto will have any claim against the other of them with respect to any matter or thing arising out of done performed or omitted to be done or performed under this agreement except as hereinafter provided in clause 10(d) hereof. (2) If the Bill to ratify this Agreement is passed as an Act before the date or later date if any referred to in sub‑clause (1) of this clause the following provisions of this clause shall notwithstanding the provisions of any Act or law thereupon operate and take effect namely — (a) the provisions of clause 8 the proviso to paragraph (a) of subclause (2) of clause 9 subclause (3) of clause 9 paragraphs (a) (f) (g) (h) (i) (k) and (m) of clause 10 and clauses 21, 23, 24, and 27 shall take effect as though the same had been brought into force and had been enacted by the Ratifying Act; (b) subject to paragraph (a) of this subclause the State and the Minister respectively shall have all the powers discretions and authorities necessary or requisite to enable them to carry out and perform the powers discretions authorities and obligations conferred or imposed upon them respectively hereunder; (c) no future Act of the said State will operate to increase the Joint Venturers' liabilities or obligations hereunder with respect to rents or royalties; and (d) the State may as for a public work under the Public Works Act 1902, resume any land or any estate or interest in land required for the purposes of this Agreement and may lease or otherwise dispose of the same to the Joint Venturers; (e) on the coming into operation of the Ratifying Act the said recited agreement approved by the Iron Ore (Mount Goldsworthy) Agreement Act 1962, is cancelled except as to any antecedent liability accrued thereunder and undischarged. Obligations of Joint Venturers during Phase 1 4 4. (1) The Joint Venturers (having at a total cost in excess of one million pounds (£1,000,000) as from the 27th day of February 1962 been continuously engaged in the matters hereinafter in this subclause mentioned) shall prior to the 31st day of December 1964 (or such extended date if any the Minister may approve or as may be determined by arbitration in manner hereinafter provided) complete the matters hereinafter in this subclause mentioned and everything necessary to enable them to finalise and to submit to the Minister the detailed proposals and other matters referred to in clause 5(2)(a) hereof. The matters first referred to in this subclause are — (a) a thorough geological and (as necessary) geophysical investigation of the iron ore deposits in mining area "A" and the testing and sampling of such deposits; (b) a general reconnaissance of the various sites of proposed operations pursuant to the Agreement; (c) an engineering investigation of the route for a railway from the mining area "A" to the harbour and wharf installation for the export of the iron ore; (d) an engineering investigation of a harbour site at or near Port Hedland or such other port or place mutually agreed on and a wharf site therein for the purposes of the Joint Venturers but having regard to the proper development use and capacity of the harbour as a whole by persons and corporations other than the Joint Venturers; (e) an investigation of suitable water supplies for the townsites and harbour or port services; (f) the planning of suitable townsites in consultation with the State but having due regard to the general development of the port townsite and (if and to the extent applicable) the deposits townsite for use by others as well as the Joint Venturers; and (g) metallurgical and market research. (2) The Joint venturers shall keep the State fully informed at least quarterly commencing within one (1) quarter after the execution hereof as to the progress and results of the Joint Venturer's operations under subclause (1) of this clause. (3) If the State concurrently carries out its own investigations and reconnaissances in regard to all or any of the matters mentioned in subclause (1) of this clause or any alternative harbour site the Joint Venturers shall co‑operate with the State therein and so far as reasonably practicable will consult with the representatives or officers of the State and make full disclosures and expressions of opinion regarding matters referred to in this subclause. (4) The Joint Venturers will employ and retain expert consultant engineers to investigate report upon and make recommendations in regard to the sites for and design of the Joint Venturers' wharf (including areas for installations stockpiling and other purposes in the harbour area) reasonably required by the Joint Venturers under this Agreement but in such regard the Joint Venturers will require the consultant engineers to have full regard for the general development of the harbour area and the dredging thereof and of approaches thereto with a view to the reasonable use by others of the harbour area and approaches and the Joint Venturers will furnish to the State copies of such report and recommendations. When submitting to the Minister detailed proposals as referred to in clause 5(2)(a) hereof in regard to the matters mentioned in this subclause the Joint Venturers will so far as reasonably practicable ensure that the detailed proposals — (a) do not materially depart from the report and recommendations of the consultant engineers; (b) provide for the best overall development of the harbour area so far as the same relates to the Joint Venturers' activities; and (c) disclose any conditions of user and where alternative proposals are submitted the Joint Venturers' preferences in regard thereto. Joint Venturers to submit proposals 4 5. (1) The Joint Venturers having submitted to the Minister their proposals for the location of a site for the harbour the Minister will within one month after execution of this Agreement notify the Joint Venturers of his approval or otherwise or may submit an alternative proposal. (2) Subject to agreement (as to which the provisions of clause 25 do not apply) being reached as to the site for the harbour then by the 31st day of December 1964 or such extended date if any as the Minister may approve or as may be determined by arbitration as aforesaid the Joint Venturers will where not already done submit to the Minister — (a) to the fullest extent reasonably practicable their detailed proposals (including plans where practicable and specifications where reasonably required by the Minister) with respect so far as relevant — (A) to the mining area "A" (or so much thereof as shall be comprised within the mineral lease) by the Joint Venturers during the three (3) years next following the commencement of such mining with a view to the transport and shipment of the iron ore mined and their outline proposals with respect to such mining during the next following seven (7) years; and (B) to the transport and shipment of iron ore to be mined by the Joint Venturers hereunder during the operation of Phase 2 of this Agreement — and including the location area lay‑out design number materials and time programme for the commencement and completion of construction or the provision (as the case may be) of each of the following matters namely — (i) the harbour and harbour development including dredging the depositing of spoil the provision of navigational aids the Joint Venturers' wharf (the plans and specifications for which wharf shall be submitted to and be subject to the approval of the State) the berth and swinging basin for the Joint Venturers' use and harbour installations facilities and services all of which shall permit of adaptation so as to enable initially the use of the harbour and wharf by vessels having an ore carrying capacity of not less than thirty thousand (30,000) tons and thereafter to progressively develop the harbour installation facilities and services so as to enable within the next three (3) years the use of the harbour and wharf by vessels having an ore‑carrying capacity of not less than forty thousand (40,000) tons; (ii) the railway between mining area "A" and the Joint Venturers' wharf and works ancillary to or connected with the railway and its proposed operation including fencing (if any) and crossing places; (iii) townsites on mining area "A" and near the harbour and development services and facilities in relation thereto; (iv) housing; (v) water supply; (vi) roads (including details of roads in respect of which it is not intended that the provisions of clause 9(2)(b) shall operate); and (vii) any other works services or facilities proposed or desired by the Joint Venturers; and (b) (subject to the provisions of subclause (4) of this clause) satisfactory evidence firstly of the making or likelihood of making a suitable contract or suitable contracts or the sale by the Joint Venturers hereunder and shipment from the Joint Venturers' wharf of not less than ten million (10,000,000) tons of iron ore (and/or processed iron ore) from the mineral lease including not less than two million (2,000,000) tons in the aggregate in the first two (2) years next following the export date and not less than one million (1,000,000) tons per year in each and every year of each succeeding year thereafter secondly of the availability of finance necessary for the fulfilment of the Joint Venturers' proposals hereunder relating to the iron ore export project the subject of Phase 2 of this Agreement and thirdly of any necessary license to the Joint Venturers from the Commonwealth to export hereunder iron ore the subject of the iron ore contracts in the quantities at the rate or rates and in the years stated in the contracts. (3) The Joint Venturers shall have the right to submit to the Minister their detailed proposals aforesaid in regard to a matter or matters the subject of any of the subparagraphs numbered (i) to (vii) inclusive of paragraph (a) of subclause (2) of this clause as and when the detailed proposals become finalised by the Joint Venturers PROVIDED THAT where any such matter is the subject of a subparagraph which refers to more than one subject matter the detailed proposals will relate to and cover each of the matters mentioned in the subparagraph PROVIDED FURTHER that the first detailed proposals submitted to the Minister relate to and cover the matters mentioned in subparagraph (i) of the said paragraph (a) of the said subclause (2) and that the last two detailed proposals submitted to the Minister relate to and cover the iron ore contracts and the finance necessary for the iron ore export project. (4) If the Joint Venturers should in writing and within the time later in this subclause mentioned request the Minister to grant an extension or any further extension of time beyond the 31st day of December, 1964 (or such later date if any previously granted or approved by the Minister) within which to make the iron ore contracts and then demonstrates to the satisfaction of the Minister that the Joint Venturers have duly complied with their