s 10 Licence conditions
10.—(1) The Minister may specify —(a) licence conditions applicable to all licensees; (b) licence conditions applicable to a specified class of licensees; and (c) licence conditions applicable to a specified licensee. (2) The Minister may, in particular, specify under subsection (1) licence conditions that —(a) require a licensee to comply with —(i) the applicable provisions of the Convention, the Agreement and the rules, regulations and procedures of the ISA; and (ii) the decisions of the ISA and its organs; (b) where the licensee has entered into a corresponding ISA contract, require the licensee to comply with the terms and conditions of the ISA contract and any plan of work under the ISA contract; (c) require a licensee to report on its exploration or exploitation activities at specified intervals; (d) require a licensee to inform the Minister of any matter relating to its exploration or exploitation activities; (e) require a licensee to provide security, in the form and of the amount that are acceptable to the Minister, for the due performance of its obligations under its licence and this Act; and (f) require a licensee to execute an indemnity, in the form that is acceptable to the Minister, to indemnify the Government against any liability incurred by the Government (whether or not under the Convention or the Agreement) in relation to the licensee’s exploration or exploitation activities. (3) The Minister may add to the conditions of a licence, or amend or cancel any existing condition, by written notice to the licensee. (4) If the Minister is satisfied that a licensee has breached any condition of its licence, the Minister may impose a financial penalty not exceeding $40,000 on the licensee for the breach.