Common use of Mining Activities Clause in Contracts

Mining Activities. (a) Prior to the date hereof, the Sellers have delivered to Buyer a copy of the Company’s most recent full report of the reserve estimates of all Minerals mined in the Business prepared by the Business’s staff geologists, mining engineers and the team responsible for reserve affairs (the “Mineral Report”). To the Sellers’ Knowledge, the reserve estimates of each Mineral contained in the Mineral Report are consistent, in all material respects, with Parent’s consolidated audited financial statements as of and for the year ended December 31, 2015 (including the notes thereto) set forth in Parent’s Annual Report on Form 20-F for the year ended December 31, 2015 and filed with the SEC, other than with respect to reserves mined since December 31, 2015. (b) Prior to the date hereof, the Sellers have delivered to Buyer a copy of the Company’s most recent (i) feasibility report for each of the ongoing (but not yet completed) and planned (but not yet commenced) material projects of the Business set forth on Section 3.10 of the Sellers Disclosure Schedules (such projects, the “New Projects”), (ii) management’s plans of implementation for each such New Project, (iii) environmental related reports (if such reports exist) concerning each of the Facilities and the New Projects and (iv) material closure plans for any of the Facilities, if applicable; in each case, as prepared by Business Employees with relevant knowledge in such area of operations (such items referred to clauses (i), (ii), (iii) and (iv) together with the Mineral Report, the “Reports”). (c) Since January 1, 2011, the Sellers and the members of the Company Group have complied with their respective obligations under the Mining Normative Rules and have not been notified by any relevant Governmental Authority of any violation of the Mining Normative Rules, and, to the Sellers’ Knowledge, there are no facts or circumstances that would be reasonably likely to give rise to any such notification or violation, in each case except as have not had, or do not constitute, a Company Material Adverse Effect. For the purposes of this paragraph, “Mining