The holder of a Semi-industrial Mining Operation Permit must commence development and exploitation work within a maximum of six (6) months following the date of issuance of the Permit.
As of one (1) year after the grant date, the titleholder is subject to a penalty for delay of ten million (10,000,000) GNF per month for the first three months. This penalty will increase by 10% per month over the previous month, effective from the fourth month of delay until the 12th month of delay.
Two (2) years from the date of he grant of the Semiindustrial Mining Operation Permit, if the holder has not begun to exploit Permit in accordance with the provisions of this Code and the decree granting the Permit and the Mining Agreement, the State shall have the right to revoke or cancel the Title.
The holder of an Industrial Mining Operation Permit must begin development work within a maximum period of one year from the date of issuance of the Permit.
As of one year after the grant date, the titleholder is subject to a penalty for delay of one hundred thousand (100,000) USD per month for the first three months. This penalty will increase by 10% per month over the previous month, effective from the fourth month of delay until the 6th month of delay.
Eighteen (18) months from the grant date of the Industrial Mining Operation Permit, if the holder has still not started the work in accordance with the provisions of this Code, the granting decree, and the Mining Agreement, the State reserves the right to revoke or cancel the Title in question.
The holder of a mining Operating Permit is required to begin the Operating Phase, as defined in Article 168, within the timeframe stipulated in the feasibility study, and this within the grant a maximum period of four (4) years from date of the Mining Title for the Mining Operations Permit for the extraction and export of unprocessed ore and five (5) years for those dedicated to the processing of raw materials within Guinea. After this time period, a penalty for delay corresponding to the unused balance of expenditures contemplated for the calendar year will be applied. This penalty will not be due if the established unused balance of expenditures is less than 10% of the expenditure for the relevant calendar year and / or is the result of an adjustment to the works program validated by the Minister, following the approval by the National Mining Commission.
The provisions of Article 88 of this Code will apply when the mining work or the expenditure of the titleholder constitutes less than 25% over a period of two consecutive years of the entire minimum work program, or of the total minimum expenditure provided for this period by the Mining Title, or by the terms of reference of the Operating Permit, except in duly justified cases of force majeure; such instances of force majeure not to exceed twelve (12) months.
For the purposes of this Article, the “commencement of development work” is defined as undertaking preparatory, development and construction work amounting to a minimum sum representing between ten per cent (10%) and fifteen per cent (15%) of the total amount of the investment.