The amount determined as aforesaid shall be payable monthly in arrear from the
last day of the month during which mining operations, pursuant to the SUB-
CONTRACTING AGREEMENT, commence on the BENONI CLUSTER or any
part thereof, and so payable on the last day of each and every succeeding month.
In this regard NEWCO shall afford AGA 14 (fourteen) days written notice of its
intention to commence mining on any part of the BENONI CLUSTER on or after
the CLOSING DATE.
8.4
In addition to the consideration attributable to the SITE, NEWCO shall on the
SIGNATURE DATE, deliver to AGA a satisfactory financial institution guarantee in
the sum of ZAR23 000 000,00 (twenty three million RAND) in terms whereof AGA
is indemnified in respect of the rehabilitation obligations associated with the SITE,
the said guarantee to be expressed as payable to AGA or its nominee.
Notwithstanding the furnishing of the aforesaid guarantee, AGA and NEWCO shall
evaluate the implementation of the EMP in relation to the ERGO ASSETS from
time to time in order to determine whether the face value of the guarantee can be
reduced and on the basis that if any dispute arises in regard thereto, same shall be
resolved in accordance with the provisions of clause 17 infra.
8.5
Should the RESOLUTIVE CONDITIONS be fulfilled and should AGA have suffered
any damages to the ERGO ASSETS as a result of the work conducted on the
ERGO OPERATIONS by NEWCO, then the latter shall be shall be obliged to
compensate AGA therefor on the basis, however, that NEWCO shall not be liable
for any punitive damages or consequential losses and should the PARTIES be
unable to reach agreement as to the quantum of the compensation, then and in