Section 11. Upfront payment for mining lease

11. Upfront payment for mining lease- (1) An amount equal to 0.50% of the value of estimated resources shall be the upfront payment. - (2) The upfront payment shall be payable to the Director, Mines/Deputy Commissioner in three installments of ten percent; ten percent; and eighty percent as specified in the tender document and shall be adjusted in full against the amount paid under sub-rule (3) of rule 8 of these rules within the first five years of commencement of production of mineral as specified in the tender document. 11. The Bank undertakes not to revoke this Guarantee during its currency except with the previous consent of the Director, Mines /Deputy Commissioner in writing.