The document, signed on October 28, states that the granting of prospecting and exploration rights for metallic mineral deposits of gold, silver, copper, lead, zinc, tin, tungsten, tantalum, rare earths and associated minerals, with the name “Assumar”, refers to an area of the municipalities of Portalegre, Monforte, Arronches, Crato, Alter do Chão and Fronteira.
The company was granted prospecting and exploration rights to these metallic minerals, on an exclusive basis, across an area of over 266.6 square kilometres.
It is mentioned that the company had to provide a financial guarantee of 25 thousand euros in the form of a deposit at the Treasury and Public Debt Management Agency (IGCP).
The contract has a term of three years, from the date of signature, and may be extended for two years only once, by order of DGEG, provided that the company has complied with legal and contractual obligations and delivered the duly substantiated extension request up to 45 days before the end of the term of the contract.
During the term of the contract, the clause referring to the mandatory minimum investments establishes that the company is obliged to invest 300 thousand euros in the execution of prospecting and research work programs, and another 150 thousand euros in the execution of works mentioned in the period of extension.
The contract also mentions that during its term the company will have to pay DGEG a fixed annual charge of 13,500 euros, to be paid during the first three months of each contractual period.