Withdrawal from Property. At any time after the effective date of a MINCO election-to-cap-expenditure notice, MINCO shall have the option to completely withdraw from any Mineral Rights and terminate its right, title and interest in any Mineral Right held by the Joint Venture by giving 15 days written notice of its intention to do so to EDILRIM, and the Joint Venture may assign its entire right, title and interest in said Mineral Right to EDILRIM without compensation therefor. The Joint Venture will bear the transfer fees, taxes or similar levies. After any such termination and assignment, the assigning party shall have no further obligation with respect to the Mineral Right in question. Any such Mineral Right may be explored, developed, mined or sold for the sole account of the party to which it has been assigned.
Appears in 2 contracts
Sources: Joint Venture Contract (Minco Mining & Metals Corp), Joint Venture Agreement (Minco Mining & Metals Corp)