MINING CONCESSION Meaning and
Definition
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A mining concession refers to a legal agreement between a government or state authority and a mining company or individual, granting them the right to explore, extract, and commercially exploit mineral resources within a designated area or territory. This contractual arrangement aims to regulate and manage the mining activities and ensure that they are conducted in accordance with established laws, regulations, and environmental standards.
The terms and conditions of a mining concession typically include the duration of the agreement, the size and boundaries of the designated area, the mineral resources covered, as well as the obligations and responsibilities of both parties involved. The mining company is required to undertake various responsibilities, such as conducting exploration activities, developing infrastructure for mining operations, employing proper environmental management practices, and paying taxes, royalties, or other financial considerations to the government.
The granting of a mining concession allows the company or individual to have exclusive access and rights to the minerals found within the concession area for a specified period. This exclusivity offers them the opportunity to invest in the necessary equipment, technologies, and workforce to extract and process minerals, while the government benefits through revenue generation, job creation, and economic development.
It is important to note that a mining concession is often subject to legal frameworks and environmental regulations that aim to protect local communities, ecosystems, and natural resources. Any violation of these requirements may lead to the revocation or termination of the concession, along with potential legal consequences for the responsible party.
Common Misspellings for MINING CONCESSION
- nining concession
- kining concession
- jining concession
- muning concession
- mjning concession
- mkning concession
- moning concession
- m9ning concession
- m8ning concession
- mibing concession
- miming concession
- mijing concession
- mihing concession
- minung concession
- minjng concession
- minkng concession
- minong concession
- min9ng concession
- min8ng concession
- minibg concession
Etymology of MINING CONCESSION
The word "mining concession" has a straightforward etymology derived from two key terms: "mining" and "concession".
1. Mining:
The term "mining" originates from the Old English word "myne" or "min", which signified a process of extracting valuable minerals or resources from the earth. The word "mine" eventually evolved to encompass the broader concept of the location or site where such extraction occurs.
2. Concession:
The word "concession" has a Latin origin, derived from the verb "concedere", which means "to yield" or "to grant". Over time, the term "concession" evolved to signify an act of granting certain rights or privileges by a governing authority to an individual or entity.
