Section 40
SEC. 40. Issuance of Mining Lease Contract. -If no adverse claim is filed within fifteen (15) days after the first date of publication, it shall be conclusively presumed that no such adverse claim exists and thereafter no objection from third parties to the grant of the lease shall be heard, except protest pending at the time of publication, and the Secretary shall approve and issue the corresponding mining lease contract after the area has been verified as to its mineralization and the due execution of the lease survey, which contract shall be for a period not exceeding twenty-five (25) years, renewable under such terms and conditions as may be provided by law for another period not exceeding twenty-five (25) years. Upon the expiration of the lease, the operation of the mine may be undertaken by the Government through one of its agencies or through a qualified independent contractor. The contract for the operation of a mine by an independent contractor shall be awarded to the highest bidder in a public bidding held after due publication of the notice thereof: Provided, That the lessee shall have the right to equal the highest bid upon reimbursement of all reasonable expenses of the highest bidder.