Iron Ore (Rhodes Ridge) Agreement Authorisation Act 1972 (WA)

Western Australia Iron Ore (Rhodes Ridge) Agreement Authorisation Act 1972 Western Australia Iron Ore (Rhodes Ridge) Agreement Authorisation Act 1972 Contents 1. Short title 1 1A. Terms used 1 2. Execution of agreement authorised 1 3. Executed agreement to operate and take effect 1 4. Variation of Agreement to alter rates of royalty 1 5. 2024 Variation Agreement ratified and implementation authorised 1 6. State empowered 1 7. Effect on other laws 1 Schedule 1 — Iron Ore (Rhodes Ridge) Agreement Schedule 2 — 2024 Variation Agreement Notes Compilation table 1 Defined terms Western Australia Iron Ore (Rhodes Ridge) Agreement Authorisation Act 1972 An Act to authorise the execution on behalf of the State of an agreement with Rhodes Ridge Mining Co. Ltd., Hancock Prospecting Pty. Ltd., Wright Prospecting Pty. Ltd., and Texas Gulf Inc. relating to the exploration for, and the development and treatment of, iron ore and for incidental and other purposes. 1. Short title This Act may be cited as the Iron Ore (Rhodes Ridge) Agreement Authorisation Act 1972. 1A. Terms used In this Act — 2024 Variation Agreement means the agreement a copy of which is set out in Schedule 2; current Agreement means the agreement referred to in section 2 as varied — (a) from time to time in accordance with its provisions; and (b) by the Iron Ore Agreements Legislation Amendment Act 2010 Part 9; and (c) by the 2024 Variation Agreement. [Section 1A inserted: No. 38 of 2024 s. 4.] 2. Execution of agreement authorised The execution by the Premier of the State of Western Australia acting for and on behalf of the State of an agreement in or substantially in accordance with the form set out in Schedule 1 is authorised. [Section 2 amended: No. 38 of 2024 s. 5.] 3. Executed agreement to operate and take effect When the agreement referred to in section 2 is duly executed by all the parties thereto, the agreement shall, subject to its provisions, operate and take effect as though those provisions were enacted in this Act. 4. Variation of Agreement to alter rates of royalty (1) In this section — Agreement means the agreement referred to in section 2 as varied from time to time in accordance with its provisions. (2) Section 21.01 of the Agreement is varied — (a) in paragraph (b) by deleting "seven and one half percentum (7½%)" and inserting — 5.625% (b) in paragraph (c) by deleting "fifteen cents ($0.15) per ton." and inserting — 5% of the FOB revenue (computed as aforesaid). (c) in paragraph (d)(ii) by deleting "fifteen cents ($0.15) per ton." and inserting — 5% of the FOB revenue (computed as aforesaid). (3) Section 21.01(b), (c) and (d)(ii) 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 section 21.01 of the Agreement in respect of any period before the commencement of the Iron Ore Agreements Legislation Amendment Act 2010 Part 9. [Section 4 inserted: No. 34 of 2010 s. 21.] (5) Nothing in this section affects the amount of royalty payable under section 21.01 of the current Agreement in respect of any period after the commencement of the Iron Ore Agreements Legislation Amendment Act 2024 Part 2. [Section 4 amended: No. 38 of 2024 s. 6.] 5. 2024 Variation Agreement ratified and implementation authorised (1) The 2024 Variation Agreement is ratified. (2) The implementation of the 2024 Variation Agreement is authorised. [Section 5 inserted: No. 38 of 2024 s. 7.] 6. State empowered The State has power in accordance with section 10.05(a) of the current Agreement. [Section 6 inserted: No. 38 of 2024 s. 7.] 7. Effect on other laws (1) The current Agreement operates and takes effect despite any enactment or other law. (2) If a provision of the agreement referred to in section 2 or the 2024 variation agreement expressly or by implication purports to modify or exclude the application or operation of an enactment for a purpose or in relation to a person or thing, the application or operation of the enactment is modified or excluded for that purpose, or in relation to that person or thing, to the extent or for the period mentioned in the provision or necessary for the provision to have effect. (3) To avoid doubt, it is declared that the provisions of the Public Works Act 1902 section 96 do not apply to a railway constructed under the current Agreement. (4) This section does not limit or otherwise affect the application of the Government Agreements Act 1979. [Section 7 inserted: No. 38 of 2024 s. 7.] Schedule 1 — Iron Ore (Rhodes Ridge) Agreement [s. 2] [Heading inserted: No. 38 of 2024 s. 8.] AN AGREEMENT MADE and executed this day of One thousand nine hundred and seventy‑two BETWEEN THE HONOURABLE JOHN TREZISE TONKIN, MLA, THE PREMIER OF THE STATE OF WESTERN AUSTRALIA acting for and on behalf of the said State and its instrumentalities from time to time (hereinafter called "the State") of the first part RHODES RIDGE MINING CO. LTD. a company incorporated in the State of Delaware in the United States of America and having its executive offices situate at the 55th Floor, 200 Park Avenue New York in the United States of America and registered in the State of Western Australia and having its registered office there situate at the 2nd Floor, 7 Havelock Street West Perth, HANCOCK PROSPECTING PTY. LTD. a company incorporated in the State of Western Australia and having its registered office situate at the 14th Floor Lombard House, 251 Adelaide Terrace Perth in that State and WRIGHT PROSPECTING PTY. LTD. a company incorporated in the State of Western Australia and having its registered office situate at the 14th Floor Lombard House, 251 Adelaide Terrace Perth aforesaid (hereinafter called "the Joint Venturers" which expression shall where the context so admits or requires extend to and include the Joint Venturers jointly and each of them severally their and each of their successors and permitted assigns and appointees) of the second part and TEXAS GULF INC. a company incorporated in the State of Texas in the United States of America and having its executive offices situated at the 55th Floor, 200 Park Avenue, New York aforesaid and having an address for the service of notices in the State of Western Australia at the 2nd Floor, 7 Havelock Street, West Perth aforesaid (hereinafter called "the Guarantor" which expression shall where the context so admits or requires extend to and include the Guarantor and also its successors and assigns) of the third part being the Agreement referred to in Section 2 of the enabling Act. WHEREAS: (a) For some time prior to the execution hereof exploration and investigations have been carried out as to the possibility of the mining areas hereinafter defined containing large deposits of iron ore and as a result of such exploration and investigation the parties hereto believe that in the mining areas there are substantial deposits of iron ore having an average grade of 60% Fe or better and certain lesser deposits of limited size of higher grade that may after further study be found to be useable as blending ore in conjunction with lower grade iron ores which may exist within the mining areas or elsewhere. (b) Research has been and is still being conducted by the Joint Venturers in both Australia and the United States of America with the object of establishing satisfactory ore crushing screening upgrading and pelletising procedures that could be used in the treatment of iron ore from the said deposits. (c) The Joint Venturers have also prior to the execution hereof caused preliminary engineering studies to be made as to the construction of a railway between the mining areas and a port site in or in the vicinity of the area between Dampier and Cape Lambert and the development of such a port site. (d) The said Rhodes Ridge Mining Co. Ltd. is a wholly owned subsidiary of the Guarantor which as the parent company has agreed to guarantee to the State performance by the said Rhodes Ridge Mining Co. Ltd. of its obligations hereunder upon and subject to the terms and conditions of the guarantee hereinafter contained. THEREFORE IT IS MUTUALLY AGREED between the State and the Joint Venturers as follows: — PART I Preliminary CLAUSE I SECTION 1.01 DEFINITIONS In this Agreement unless the context otherwise admits or requires each of the following words has the meaning hereby respectively assigned to that word namely — "apply", "approve", "approval", "consent", "certify", "direct", "notify", "require" or "request" means apply, approve, approval, consent, certify, direct, notify, require or request in writing, as the case may be; "assignee" means an associated company or a third party in whose favour the Joint Venturers jointly have or any of them has executed an assignment subletting or other disposition pursuant to paragraph (a) of Section 25.04 and includes an associated company or third party in whose favour an appointment has been made pursuant to paragraph (b) of Section 25.04. "associated company" means — (a) any company notified in writing by the Joint Venturers or any of them to the Minister which has a paid‑up capital of not less than two million dollars ($2,000,000) and 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 percentum (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 percentum (20%) of the issued ordinary share capital and — (b) any other company which is nominated by the Joint Venturers or any of them and of which the Minister approves as an associated company for the purposes of this Agreement. "commencement date" means the date on which this Agreement is executed by all parties hereto; "Commonwealth" means the Commonwealth of Australia and includes the Government thereof for the time being; "direct shipping ore" means iron ore which has an average pure iron content of not less than sixty percentum (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; "enabling Act" means the Act of Parliament of the said State entitled "Iron Ore (Rhodes Ridge) Agreement Authorization Act 1972"; "export date" means the date on which the ship carrying the first shipment of iron ore products shipped by the Joint Venturers under this Agreement (other than iron ore shipped solely for testing purposes) sails from the port at which it has been loaded; "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 sum of money remaining after deducting from the amount of the gross purchase price (net of any amounts which the purchaser is entitled to deduct from the gross purchase price by way of penalty or otherwise for any defect in quality quantity or delay in delivery) payable to the Joint Venturers or an associated company by a purchaser thereof in respect of a specified quantity of iron ore products sold by the Joint Venturers or the associated company to the purchaser for shipment beyond the Commonwealth the following items of cost namely — all export duties and export taxes payable on the iron ore products sold and shipped and all other costs and charges properly incurred and payable in respect of the iron ore products by the Joint Venturers or the associated company to the State or a third party between the point in time when the iron ore products are placed on ship at the Joint Venturers' wharf and the point in time when the iron ore products are delivered to and accepted by the purchaser there being included in such other costs and charges — (1) ocean freight; (2) marine insurance; (3) port and handling charges at port of discharge; (4) costs of delivery from port of discharge to a smelter nominated by the purchaser; (5) weighing, sampling, assaying, inspection and representation costs incurred on discharge or delivery; (6) shipping agency charges; (7) import taxes payable to the country of the port of discharge; (8) demurrage incurred after loading and at port of discharge; (9) such other costs and charges as the parties (having regard inter alia to such matters as the parties to and the bona fide nature of the transaction as the result of which the cost or charge was incurred) shall mutually agree to include or failing agreement as fixed by arbitration as hereinafter provided. For the purpose of this definition — (a) the Minister may from time to time in respect of any of the costs or charges mentioned in items (1) to (8) (inclusive) above incurred in relation to any particular shipment or sale notify the Joint Venturers in writing that he does not regard the cost or charge as being properly incurred and in that event should the Joint Venturers disagree with the Minister's decision they may refer the matter in question to arbitration as hereinafter provided but unless and until it is otherwise determined such cost or charge shall be treated as being not properly incurred and if otherwise determined the State will refund to the Joint Venturers any royalty paid by the Joint Venturers on the basis that the charge was not properly incurred; (b) unless and until the Minister determines that the same is a cost or charge coming within the category of those mentioned in item (9) above a cost or charge mentioned in any of the said items (1) to (8) (inclusive) which is directly or indirectly imposed upon or incurred by the Joint Venturers or an associated company pursuant to an arrangement entered into between the Joint Venturers and the State shall be treated as being not properly incurred; (c) in the event of the parties failing to agree to the inclusion of a cost or charge which might be included pursuant to item (9) and referring the same to arbitration then unless and until it is otherwise determined such cost or charge shall be excluded but if it is determined that the same should be included the State will refund to the Joint Venturers any royalty paid by reason of the same having been excluded. "iron ore" means iron ore from the mineral lease; "iron ore concentrates" means products (whether in pellet or other form) resulting from secondary processing but does not include metallised agglomerates; "iron ore pellets" means iron ore in pellet or other form produced by pelletisation or a more advanced reduction or other treatment or process from iron ore mined on the mineral lease; "iron ore products" is an inclusive term covering iron ore of all grades obtained from the mineral lease and also all products produced by secondary processing any part of such iron ore; "Joint Venturers' wharf" means any wharf utilised by the Joint Venturers for the purpose of shipping iron ore products produced as the result of the operation of this Agreement and whether the same be a wharf constructed by or on behalf of the Joint Venturers a wharf used by the Joint Venturers in conjunction with another or others (including the State) or any temporary structure approved by the Minister as the Joint Venturers' wharf for the time being for the purposes of this Agreement; "Land Act" means the Land Act 1933; "locally used ore" means iron ore used by the Joint Venturers or an associated company within the Commonwealth for secondary processing or in an integrated iron and steel industry or any plant for the production of steel; "metallised agglomerates" means products resulting from the reduction of iron ore or iron ore concentrates by any method whatsoever and having an iron content of not less than eighty‑five percent (85%); "mineral lease" means the mineral lease referred to in Section 9.01 and includes any renewal thereof and according to the requirements of the context shall describe the area of land demised as well as the instrument by which it is demised; "mine townsite" means a townsite or townsites established by the Joint Venturers on or near the mining areas pursuant to this Agreement and may include any existing townsite approved by the Minister; "Mining Act" means the Mining Act 1904; "mining areas" means the land described in the "particulars of mining areas" appended to Section 3.02; "Minister" means the Minister of the Government of the said State for the time being responsible for the administration of this Agreement; "Minister for Mines" means the Minister in the Government of the said State for the time being responsible for the administration of the Mining Act and includes any other Minister in the said Government for the time being temporarily undertaking such responsibility; "Minister for Works" means the Minister for Works in the Government of the said State or such other member of the Executive Council as the Governor may appoint to administer the Rights in Water and Irrigation Act 1914; "month" means calendar month; "mortgagee" means an associated company or a third party in whose favour the Joint Venturers jointly have or any of them severally has executed a mortgage or charge pursuant to paragraph (a) of Section 25.04; "notice" means notice in writing; "ore" means iron ore; "parties" means the parties to this Agreement of the first and second parts; "person" or "persons" includes bodies corporate; "the port" means and is primarily used to designate the new port to be established in implementation of proposals made by the Joint Venturers pursuant to Clause V whether the same be established by the Joint Venturers exclusively or by them in conjunction with another or others (including the State) and should no such new port be established the term means any existing port developed or used by the Joint Venturers for the purposes of this Agreement by arrangement with another or others (including the State) and in either case the term extends to and includes as well as the land upon which the Joint Venturers' wharf is erected also the adjacent land serving the Joint Venturers' wharf and the adjacent land on which it is proposed to locate or on which could be located or in fact is located secondary and tertiary processing plants crushing grinding and screening facilities stockpiling yards electric power generating plant petroleum storage and other ancillary facilities; "port townsite" means the townsite to be expanded or developed near the port; "said State" means the State of Western Australia; "secondary processing" means the concentration or other beneficiation of iron ore otherwise than by crushing or screening and includes thermal electrostatic magnetic and gravity processing and the production of pellets iron ore concentrates metallised agglomerates and sponge iron; "tertiary processing" means the production of pig iron by blast furnace smelting and the production of steel by any means whatsoever; "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; "Transfer of Land Act" means the Transfer of Land Act 1893; "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. SECTION 1.02 CAPTIONS (a) The captions of the Parts into which this Agreement is divided and the Schedule to this Agreement and each plan or other document referred to in this Agreement which is marked by the parties for identification are part of this Agreement. (b) The Table of Clauses included in this Agreement and the captions of the Clauses and any headings to sections are for convenience only and do not constitute part of this Agreement and the same are not to be deemed to define or limit any of the terms of this Agreement nor to be construed as giving any indication as to how such terms are to be construed or interpreted. SECTION 1.03 CONSTRUCTION (a) References to money are to be construed as referring to Australian currency. (b) References to an Act are to be construed as referring to the amendments to such Act for the time being in force and also to any Act passed in substitution therefor or in lieu thereof and also to the regulations for the time being in force thereunder. (c) Where any provision of this Agreement constitutes an agreement or undertaking by one of the parties to make a payment or to perform some act or to carry out some obligation or to assume some responsibility or liability or to grant some right concession or advantage that party by its execution hereof will be deemed to have covenanted and agreed with the other party accordingly. (d) By virtue of Section 3 of the enabling Act this Agreement operates and takes effect as from the commencement date according to the tenor of the provisions thereof notwithstanding the provisions of any other relevant existing Act of the said Parliament and of any rule or law to the contrary. (e) The State and the Minister will be deemed to have power and authority to exercise all such powers and discretions and to do all such other acts matters and things as may be required or be necessary to be exercised or done in order to carry out and give effect to the provisions of this Agreement and in particular the State and the Minister will be deemed to have power — (i) to close or vary the alignments or boundaries of any public road and — (ii) to resume as and for a public work any land or other estate right or interest in land. SECTION 1.04 EXISTING ACTS For the purposes of this Agreement (and for those purposes only) the provisions of any relevant existing Act will be deemed to be modified or amended to the extent necessary to enable this Agreement to be given full force and effect and in particular without limiting the generality of the foregoing the Acts mentioned in Sections 1.05 to 1.08 inclusive shall be deemed to be amended to the extent indicated therein. SECTION 1.05 MINING ACT The Mining Act will be deemed amended as if Sections 277 and 282 thereof were both deleted therefrom. SECTION 1.06 LAND ACT The Land Act will be deemed amended as if — (a) subsections (1) and (2) of Section 45A thereof were deleted therefrom and the following substituted therefor — 45A (1) Notwithstanding anything contained in the last preceding Sections of this Part (Part IV) of this Act the Governor may dispense with the requirements thereof as to the sale of town or country lands and may approve of any lot being offered for sale or for leasing in the manner prescribed in subsection (2) of this Section. (2) Upon the Governor signifying approval pursuant to subsection (1) of this Section in respect of any such lands the Minister may offer the said lands or any part thereof for sale or may grant leases or licences thereof for such price or prices and for such period or periods (including rights of renewal) and upon and subject to such other terms and conditions and in such form as the Minister may think fit provided that the price period or other terms and conditions shall not be inconsistent with the provisions of any agreement executed by the Premier of the State of Western Australia acting for and on behalf of the said State pursuant to the authority in that behalf given by an Act of the Parliament of the said State. ; (b) the proviso to Section 116 thereof was deleted therefrom; (c) Sections 135 and 143 thereof were deleted therefrom. SECTION 1.07 PUBLIC WORKS ACT The Public Works Act will be deemed amended as if subsections (2) to (7) inclusive of Section 17 thereof and also the whole of Section 17A thereof were all deleted therefrom. SECTION 1.08 FLOATING CHARGES Section 82 of the Mining Act and Section 81D of the Transfer of Land Act will be deemed not to apply to a mortgage or charge in the form commonly known as a floating charge given by the Joint Venturers or an associated company pursuant to Section 25.04 or to a transfer or assignment in exercise of a power of sale contained in any such mortgage or charge. SECTION 1.09 PARTITION No lease sub‑lease licence or other title or right granted or assigned under or in pursuance of this Agreement shall be subject to or capable of partition and accordingly the provisions of Part XIV of the Property Law Act 1969, will be deemed not to apply thereto. PART II Feasibility Studies and Preparation of Proposals CLAUSE II SECTION 2.01 INVESTIGATIONS AND STUDIES Beginning as soon as practicable after the commencement date the Joint Venturers will diligently and expeditiously explore and investigate the mining areas hereinafter mentioned (which operations are herein referred to as "the investigations") with the view to preparing and submitting to the State as soon as practicable feasibility studies (herein referred to as "the studies") as to the various aspects of the development of the mining areas for the mining of iron ore and the treatment and processing thereof and also with a view to making to the State detailed proposals as to such development as hereinafter provided. SECTION 2.02 STATE ASSISTANCE The State will afford the Joint Venturers all such reasonable assistance as they may require during the course of the investigations and the studies to enable them to complete the same and to that end will furnish such advice and commentaries as the Joint Venturers may require and as may be reasonably practicable for the State so to do. CLAUSE III SECTION 3.01 ENTRY ON CROWN LANDS To the extent reasonably necessary for the purpose of the investigations and studies and subject to the adequate protection of the environment (including flora and fauna) the State will permit the Joint Venturers to enter into and upon Crown land other than the mining areas (including the lands the subject of a pastoral lease) and to survey possible sites for their proposed operations under this Agreement. SECTION 3.02 RIGHT OF OCCUPANCY As soon as practicable after the commencement date the State will cause the Minister for Mines in exercise of the power in that behalf conferred by Section 276 of the Mining Act to temporarily reserve from occupation the land more particularly described in the "particulars of mining areas" appended to this Section and with the approval of the Governor to authorise the Joint Venturers to temporarily occupy such land (the right of the Joint Venturers so to do pursuant to such authority being hereinafter referred to as "the right of occupancy") for the period and upon and subject to the terms and conditions hereinafter mentioned. PARTICULARS OF MINING AREAS ALL those pieces of land (containing in the aggregate an area of 322 square miles or thereabouts) being those portions of the land the subject of Temporary Reserves 4192H, 4193H, 4266H, 4267H, 4737H, 4881H, 4882H, 4883H, and 4884H, as are delineated and coloured green in the plan marked 'A' signed by or on behalf of the parties hereto for the purpose of identification. SECTION 3.03 SURRENDER OF EXISTING RIGHTS The right of occupancy will be granted subject to the condition precedent that the Joint Venturers acquire by transfer all existing rights of occupancy in to or in respect of the mining areas and surrender the same to the Crown. SECTION 3.04 SURVEY (a) The Location boundaries and other dimensions of the mining areas other than Temporary Reserves 4193H, 4881H and 4884H have been ascertained and fixed by and the area thereof calculated following upon a survey of such land made on behalf of the Joint Venturers at their cost and expense prior to the commencement date which said survey has been approved by the State for the purposes of this Agreement and used in the preparation of the plan marked 'A' mentioned in Section 3.02. (b) The location boundaries and other dimensions of the land comprised in Temporary Reserves 4193H, 4881H and 4884H will be ascertained and fixed by and the area thereof calculated following upon a survey of such land made by or on behalf of the State at the cost and expense of the Joint Venturers as soon as practicable after the commencement date. SECTION 3.05 OCCUPANCY PERIOD Subject as provided in Section 3.06 the period of the right of occupancy will be a fixed period expiring twelve months after the commencement date or on the date of the granting of the mineral lease pursuant to Section 9.01 (notwithstanding that the instrument of such lease may not be issued) whichever is the earlier date. SECTION 3.06 OCCUPANCY RENEWAL If at any time within one (1) month prior to the expiration of the period of the right of occupancy (whether the period be that mentioned in Section 3.05 or any renewed period granted pursuant to this Section) the Joint Venturers make a written request to the State that the said period be renewed the State will cause the Minister for Mines to renew the same for such period (not exceeding twelve months on any one occasion) and upon and subject to the same terms and conditions but (unless the State shall otherwise agree) the period of the right of occupancy will not be renewed beyond the fifth anniversary of the commencement date and will expire at noon on that date. SECTION 3.07 CONSIDERATION FOR OCCUPANCY The Joint Venturers will on the commencement date and thereafter on the first and every subsequent anniversary of the commencement date during the continuance of the period of the right of occupancy pay to the State as consideration for the right of occupancy in advance an annual fee of $1,000 for each Temporary Reserve comprised in the mining areas and also $26.00 for each square mile or part of a square mile of the mining areas for the time being subject to the right of occupancy. SECTION 3.08 OTHER CONDITIONS OF OCCUPANCY Subject as otherwise provided in this Clause (Clause III) the right of occupancy may be granted or renewed upon and subject to such terms and conditions not inconsistent with the provisions for the time being of the Mining Act as the parties mutually agree and of which the Governor may approve. SECTION 3.09 DETERMINATION OF OCCUPANCY The right of occupancy will forthwith cease and determine on the happening of any of the following events namely — (a) upon the Joint Venturers by notice to the Minister relinquishing the same; or (b) upon the initial or any renewed period thereof expiring by effluxion of time; or (c) upon the State granting to the Joint Venturers a mineral lease pursuant to section 9.01 (notwithstanding that the instrument of such lease may not be issued); or (d) upon the Joint Venturers making default in the due and punctual payment of any annual fee payable pursuant to Section 3.07 and failing to comply with a notice from the State specifying such default and calling upon the Joint Venturers to remedy the same within a period of fourteen (14) days of the service of such notice, or (e) upon the Joint Venturers making default in the due performance or observance of any of the other of the terms and conditions upon and subject to which the right of occupancy was granted and failing to comply with a notice from the State specifying such default and calling upon the Joint Venturers to remedy the same within a period of fourteen (14) days of the service of such notice. CLAUSE IV SECTION 4.01 JOINT VENTURERS INVESTIGATIONS In the course of the investigations and the studies the Joint Venturers will insofar as they have not already done so to the reasonable satisfaction of the Minister commence forthwith and carry out at their expense (with the assistance of experienced consultants where appropriate) the following — (a) a thorough geological and (as necessary) geophysical investigation and proving of the iron ore deposits in the mining areas and the testing and sampling of such deposits; (b) a reconnaissance of sites of the operations proposed pursuant to this Agreement together with the preparation of suitable maps and drawings; (c) an engineering investigation of the route for a railway from the mining areas to the port or (in consultation with the owner) to connect with any exis