Mine Development and Operation Sample Clauses

Mine Development and Operation. (a) Seller shall consult with and keep Buyer informed of the progress of Seller’s activities related to the Mine during the Term in such manner as Buyer may reasonably request. (b) Buyer and Seller shall meet quarterly (or at such other times as needed or requested by either Party) to review the progress of Seller’s activities related to the Mine during the Term. (c) Seller shall not make any capital expenditures unless they are generally reflected in a capital budget approved by Buyer as part of an Annual Mining Plan or unless otherwise specifically approved by Buyer; provided, however, Seller shall have the right during any Year to make capital expenditures required in the event of an Emergency without advance approval by Buyer. If the nature of the Emergency and the time elements involved do not allow sufficient time to obtain Buyer’s approval of such capital expenditure before it is incurred, Seller shall subsequently and promptly (but not later than two Business Days after such occurrence) give Buyer notice thereof. (d) Seller shall have the right, without the specific written approval of Buyer, to exceed the amount for any specific capital expenditure in any budget approved by Buyer by up to five percent (5%), provided that in no event shall any such excess expenditure exceed One Hundred Thousand Dollars ($100,000) (the “CapX Cap”) (subject to adjustment pursuant to Section 9) or such other amount as mutually agreed to by the Parties in any Year. If Seller desires Buyer’s approval to exceed a specific line item, budgeted, capital expenditure by more than five percent (5%) or more than the CapX Cap or such other amount as mutually agreed to by the Parties in any Year, Seller shall make such request by written notice as soon as practicable, and if Buyer neither approves nor disapproves such request within fifteen (15) Business Days after Seller’s delivery thereof, Buyer shall be deemed to have approved such request. (e) Except in the event of an Emergency, no material modification of or material deviation from the approved Annual Mining Plan shall be made without the written approval of Buyer, which approval shall not be unreasonably withheld.