An Industrial or Semi-industrial Mining Operation Permit is automatically granted to a Guinean company by Decree issued during Council of Ministers on the recommendation of the Minister in charge of Mines and following approval by the National Mining Commission, to the holder of an Exploration Permit who has met its obligations under the Mining Code and filed an application in accordance with the regulations, at least three months prior to the expiration of the validity period of the Exploration Permit under which the application is made.
The company holding the Exploration Permit shall set up a Guinean-law subsidiary for this purpose.