Law 06-12-1957

Original Language Title: Ley 06-12-1957

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law of December 6, 1957



BECAUSE: The Honorable National Congress has sanctioned the following Law:



ArtA-culo 1A ° †" The Supreme Decree No 4425 of 12 June 1956, by which the Executive Branch accepted the proposal of South American Gold and the Republic of America, will be held as Law of the Republic. Platinium Company of New York, United States of America, for the exploitation of Gold and platinum deposits in the RA-or Kaka and adjacent RA-s of the Province of Larecaja of the Department of La Paz.

ArtA-Aculo 2A ° †" The ArtA-Culo3A ° of Supreme Decree No 4425 shall be drawn up in the following form:" From: the areas indicated are excluded from the mining concessions already granted, with implementing-laws in force prior to the date of the said Supreme Decree, and the Compaà ± A is entitled to exploit them after agreement with their owners and approval of the Ministry of Mines. This exploitation will be governed by the same rules of the contract and must be deducted from the gift-to the government the payments that the CompaA will have to make to the owners. The Compañà ± A-to allow the inhabitants to continue with their superficial work of washing of gold in bats, more only at a distance of at least two hundred meters to the round of each dredger in operation and its facilities. The gold rescue produced by such an abortion-gene will be carried out by the Mining Bank of Bolivia.

ArtA-culo 3A ° †" The Article 14 of Supreme Decree No 4425 will:" All the time limits stipulated in the contract will be considered suspended. for all the time during which haphazard cases or force majeure occur, among other subversions, wars, disturbances of public peace, that prevent the exploration, assembly or exploitation of concessions as damages in the machinery, disputes on the ownership and possession of the concessions referred to in the This Decree. No cases of force majeure will be considered the less natural phenomena of the area, such as torrential rains and floods, except that they cause damage to the machinery. In any of the cases indicated, the corresponding term or terms shall be automatically considered to be extended for a period equal to that of the duration or permanence of the event, and also, for the time necessary for the CompaA ± A to be make the repairs to the place in order to restore the normal conditions. Any event or event that according to the provisions of this clA can cause an extension of any term or period, should be communicated in a timely and written form to the Ministry of Mines. If the force majeure or the fortuitous case had a stay of more than six months and the CompaA ± A-to judge such a fact as inconvenient or detrimental to the continuation of the contract, it will have the right to give it to it in any of its three

ArtA-ass 4A ° †" The article-culo 18 of the same Decree will:" For the exclusive right to explore and exploit the mines matter of the concession, the CompaA ± A-to pay the State a girega-a of five percent (5%) on the crude production of gold, platinum and complexes of these metals, liquidated quarterly and to be paid in kind or in U.S. dollars

to the election of the government, to the price of the market in London in force at the time of payment, less spending, freight and insurance. Except as provided for in Article 19A, this gift is given as a substitute for any national, departmental and municipal tax, existing or to be created, including the complementary global on payment of dividends to shareholders.

The company is obliged to pay mining patents during the term of the contract, payment that will be made from the date of the concession.

Communicate to the Executive Branch for constitutional purposes.

Session of the H. National Congress.

La Paz, December 3, 1957.

(Fdo.) Federico Álvarez Plata, President of the H. Senate National.†"Hugo LAónpez Ávila, President of the H. CA of Diputados.â€" Ciro Humboldt B., Senator Secretario.†"Fernando Ayala Requena, Senator Secretario.â€" Joáll Balderrama, Deputy Secretario.â € " Gines DelfA-n, Deputy Secretary.

BY TANTO: He promulgated it so that it has and will comply as Law of the Republic.

Government Palace, in the city of La Paz, at the six days of December of a thousand nine hundred and fifty-seven years.

(Fdo.) HERNAN SILES ZUAZO.†" Jorge del Solar Alemà ¡ n, Minister of Mines and Petroleum.