Common use of Mining Properties Clause in Contracts

Mining Properties. Neither the Company nor any of its ----------------- Subsidiaries own any real property or mining interests except as set forth on Schedule 3.8. Set forth on Schedule 3.8 is a complete list of all contracts and permits which represent Global Diamond-SA's and Nabas Diamond's mining properties and interests ("Mining Contracts"). Each of the Mining Contracts is legal, binding and enforceable, is in full force and effect, and grants to the Company or its Subsidiaries, as the case may be, the exclusive right to mine the property interest demised thereunder, except as expressly limited by the terms of the respective Mining Contract and applicable South African law. Except as set forth in the SEC Reports, none of the Mining Contracts will expire or be terminated or be subject to any modification of terms or conditions upon the consummation of the transactions contemplated by this Agreement. All amounts due and payable by the Company or its Subsidiaries under the Mining Contracts have been fully paid. There are no actual or, to the knowledge of the Company, threatened expropriations, interdicts or ▇▇▇▇ proclamations relating to the premises covered by the Mining Contracts, and no claims for restitution of land rights have been lodged under the South African Restitution of Lands Rights Act 20 of 1994 in relation to the premises covered by the Mining Contracts. Nabas Diamonds has all necessary statutory consents to prospect in that area of the Richtersveld National Park covered by the prospecting permit therefor and it has obtained a Section 51(3) permission in terms of the Rural Areas Act 9 of 1987 to prospect in the area covered by the Grasdrif prospecting permit. Except as set forth in the SEC Reports, neither Global Diamond-SA nor Nabas Diamonds is in default in any material respect under the terms of any Mining Contract nor has any event occurred which, with the passage of time or giving of notice, would constitute such a default by Global Diamond-SA or Nabas Diamonds and, to the Company's knowledge, no other party to any such Mining Contract is in default in any material respect thereunder nor has any such event occurred with respect to such party. The Company or its Subsidiaries, as the case may be, has good and valid title to each of the mining interests demised under the Mining Contracts free and clear of any liens or encumbrances, except those set forth in the Mining Contracts and applicable South African law. Except as provided in the SEC Reports, since January 1, 1998, there has been no material adverse change in the mining rights held by the Company.

Mining Properties. Neither the Company nor any of its ----------------- Subsidiaries subsidiaries own any real property or mining interests except as set forth on Schedule 3.83.8 attached hereto. Set forth on Schedule 3.8 attached hereto is a complete list as of the date hereof of all contracts and permits which represent Global Diamond-SA's and Nabas Diamond's mining properties and interests ("Mining Contracts"). Each of the Mining Contracts is legal, binding and enforceable, is in full force and effect, and grants to the Company or its Subsidiariessubsidiaries, as the case may be, the exclusive right to mine the property interest demised thereunder, except as expressly limited by the terms of the respective Mining Contract and applicable South African law. Except as set forth in the SEC ReportsSchedule 3.8, none of the Mining Contracts will expire or be terminated or be subject to any modification of terms or conditions upon the consummation of the transactions contemplated by this Agreement. All amounts due and payable by the Company or its Subsidiaries subsidiaries under the Mining Contracts have been fully paid. There are no actual or, to the knowledge of the CompanyCompany and GDRIL, threatened expropriations, interdicts or ▇▇▇▇ proclamations relating to the premises covered by the Mining Contracts, and no claims for restitution of land rights have been lodged under the South African Restitution of Lands Rights Act 20 of 1994 in relation to the premises covered by the Mining Contracts. Nabas Diamonds has all necessary statutory consents to prospect in that area of the Richtersveld National Park covered by the prospecting permit therefor and it has obtained a Section 51(3) permission in terms of the Rural Areas Act 9 of 1987 to prospect in the area covered by the Grasdrif prospecting permit. Except as set forth in the SEC ReportsSchedule 3.8, neither Global Diamond-SA nor Nabas Diamonds is in default in any material respect under the terms of any Mining Contract nor has any event occurred which, with the passage of time or giving of notice, would constitute such a default by Global Diamond-SA or Nabas Diamonds and, to the Company's knowledge, no other party to any such Mining Contract is in default in any material respect thereunder nor has any such event occurred with respect to such party. The Company or its Subsidiariessubsidiaries, as the case may be, has good and valid title to each of the mining interests demised under the Mining Contracts free and clear of any liens or encumbrances, except those set forth in the Mining Contracts and applicable South African law. Except as provided in the SEC Reports, since January 1, 1998, there has been no material adverse change in the mining rights held by the Company.