By Raj Kumar, Grantley W Walrond, Gary Tomlinson, Zareer Dadachanji
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48) identified in particular the inability of anyone to assign to any group or person a financial interest exceeding 20 per cent which would carry a concommitant voting right, without ministerial approval. Records and reports are essential at this stage, since the results of the work could lead to the establishment of amine. The enabling provision could be as simply written as is done in the case of Botswana (Art. 22) and Zambia (Art. 37). It states that the licence holder is required to submit to such persons at such intervals such reports and such affidavits containing such information and supported in such manner as may be prescribed, or it could be more elaborate as in the case of Papua New Guinea where different kinds of quarterly, half-yearly and annual reports on physical work and financial transactions are required.
Others see it as one part of a fully developed economic theory of resources (see Herfindahl and Kneese, 1974). Fiscal instruments which are not neutral on different levels of an income stream can be either depletionary or conservationist. For instance, the levies which treat marginal projects poorly and bonanzas favourably are depletionary, while those that are of a highly progressive nature are conservationist in effect. This is an essential area of mineral policy and it has to be set against the other objectives in determining the fiscal package confronting investors in the sector.
1 0\ - r q p o remain in force as long as the authorisation viz. Development Licence, Mining Licence, granting them are in force. A claim not so preserved cannot be restaked within 60 days by the holder of the Prospecting Licence. The Lieutenant-Govemor in Council may make regulations authorising the Minister to issue Exploration Permits (EP) with varying conditions for exploration in New Quebec. e of area under an EP is less than 2S, but greater than ISO sq. miles, and the rights are valid for 10 years.