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Part B: Mineral Rights - Part B-6: Beneficiation - Processing, Trade & Transport - 35. Beneficiation – Processing, Trade and Transport - 35.4 Requirements for Applicants | 35.4(b) Application requirements for an Authorised Trader/Dealer Licence

This section would require information from the applicant with respect to trading of development minerals, including:

    a)type of development minerals to be traded;

    b)storage facilities of development minerals;

    c)office location(s);

    d)financial resources available; and

    e)trading licences previously granted.

Provisions in this section should require demonstration that the applicant is capable technically and financially to trade in development minerals on an economically sustainable basis.

It is not anticipated that an environmental permit or authorisation would be necessary in order to engage in the business of trading development mineral products. However, a licenced trader should be subject to environmental regulations applicable to the storage and handling of traded development mineral commodities.

35.4(b) Example:

Article [_]

(1) The applicant for an Authorised Trader/Dealer licence shall submit the following to [the licensing entity]:

(a) application in the prescribed form as provided in the [Act][Code][Law] [information identifying applicant] together with supporting documentation;

(b) information pertaining to:

    ·the type of development minerals to be traded;

    ·storage facilities for the development minerals;

    ·office location(s);

    ·financial resources available; and

(c) reference to all Authorised Trader/Dealer licences previously granted to the applicant.

Article [_]

(1) Within [_] days of the submission of an application, the regulating entity may grant an Authorised Trader/Dealer licence, or request additional information from the applicant, or reject the application and provide reasons for the rejection.

(2) Any rejection of an application is subject to appeal within [_] days from the date of notification of such rejection to the applicant in accordance with the provisions of this [Act][Code][Law].

(3) An Authorised Trader/Dealer licence shall be granted when the applicant demonstrates to the reasonable satisfaction of the regulating entity that the applicant is capable technically and financially to trade in development minerals on an economically sustainable basis.

Article [_]

(1) An Authorised Trader/Dealer licence shall be granted for a term of [_] years, renewable for a like term without limitation.

(2) The licence shall authorise trading or dealing in development minerals in accordance with the terms of this [Act][Code][Law] and the related regulations within the jurisdiction that issues the licence.

Article [_]

(1) The mining right licence holder may surrender the Authorised Trader/Dealer licence at any time.

(2) In such case, the regulating entity shall issue a certificate of surrender which may be with or without conditions.

Annotation

The first section in the example sets forth the application requirements for a trading licence which includes all the information necessary for the regulating entity to make the determination contemplated by the second section.

No environmental compliance requirements with respect to a trading licence. However, depending on the jurisdiction the applicant might need to obtain a warehousing permit.

The second section provides a statutory timeframe for the processing of the application, the standard of review and the obligation of the regulating entity to provide reasons for any rejection of an application.

The second section further provides for the possibility of a supplemental filing if the application is deficient or to an appeal where it has been rejected. The appeal procedures will be set forth in another section of the Act.

A trading licence should be valid for a term which is sufficient to enable the holder to recover his investment and make a reasonable profit but short enough to assure proper oversight and to motivate the licence holder to comply with the obligations and conditions of the licence. The licence should be renewable as long as the licence holder is in compliance with the licence obligations and conditions and remains eligible.