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NEWFOUNDLAND

AND

LABRADOR

REGULATION 65/02

Voiseys Bay Nickel Company Limited Matte

Plant Exemption Order

under the

Mineral Act

(O.C. 2002 - 329)

(Filed

October 7, 2002

Under the authority of

section 31.1 of the Mineral Act,

the Lieutenant-Governor in Council makes the following Order.

Dated at

St. Johns

October 7, 2002

Deborah E. Fry

Clerk of the Executive Council

ORDER

Analysis

Short title

Interpretation

Exemption

Suspension of exemption

Termination of exemption

Short title

This Order may be cited as the Voiseys Bay Nickel Company Limited Matte Plant Exemption Order

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Interpretation

(1)In this order

(a)

"Act" means the Mineral Act

(b)

" development

agreement" means the Development Agreement made as of

September 30, 2002

among Her Majesty the Queen in Right of Newfoundland and

Labrador

, the lessee and Inco Limited;

(c)

" lessee

" means Voiseys Bay Nickel Company Limited; and

(d)

" production

order" means the Voiseys Bay Nickel Company Limited Primary Production Order.

(2) In interpreting this Order, the terms "construction completion date", "government", "matte", "matte plant", "mine", "nickel concentrate" and "proponent" have the meanings given to them in the development agreement.

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Exemption

(1)Subject to sections 4 and 5, if the proponent has constructed the matte plant, the lessee shall be exempt from the provisions of the production order with respect to shipments of nickel concentrate commencing on the construction completion date.

(2) The exemption under subsection (1) shall continue as long as the matte plant is operating and treating matte in sufficient quantities so that the tonnage of contained nickel in the matte processed by the matte plant is not less than the tonnage of contained nickel in the nickel concentrate shipped out of the province as permitted by this order, both on an annual basis and in total, over the life of the mine.

(3) The lessee shall provide to the government an annual accounting of the tonnages referred to in subsection (2) in respect of each year on or before the last day of February of the following year utilizing the assaying procedures set out in

Schedule 4.13.2 of the development agreement.

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Suspension of exemption

The exemption under subsection 3(1) shall be suspended while the matte plant is not operating, except during reasonable and necessary periods of routine maintenance and vacation shutdown of the matte plant in accordance with reasonable and prudent industry practices.

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Termination of exemption

The exemption under subsection 3(1) shall terminate on the earlier of the date that

(

a) the

matte plant has, in the sole opinion of the government acting reasonably, ceased commercial operations; and

(

b) the

exemption is rescinded under subsection 31.1(3) of the Act.

Earl G. Tucker, Queen's Printer