An Exploration Permit confers on its holder the exclusive right to Prospect for the type of mining substance(s) for which the Permit is issued, within the limits of its area and without limitation as to depth.
During the term of the Exploration Permit, only its holder is entitled to an Operating Permit or Mining Concession for the Deposits found within the perimeter of the Exploration Permit. This right comes into effect once the titleholder has submitted all the results from the date of the Exploration, surrendered half of the initial area to the State and produced the constitutive file in accordance with Articles 30 and 37 of this Code.
An Exploration Permit confers on its holder a movable property right which is undivided, not assignable and may not be pledged or mortgaged.
Nevertheless, the holder of an Exploration Permit can enter into a technical partnership enabling it to raise the necessary capital to finance the Exploration activities required for the discovery of a Deposit. This technical partnership will be submitted to the Minister for approval and must not, under any circumstances, consist of a direct or indirect transfer of the Exploration Permit concerned.