(1) The minor mineral deposits, where the Government decides to grant the mineral concession in respect of such area in the form of a contract, may be granted on mining contract for a period not less than seven years but not exceeding ten years following a competitive bidding process as prescribed under chapter 7 of these rules.
(2) No bid shall be regarded as successful unless accepted by the Government.
The amount of the successful bid shall become the annual contract money payable by the contractor. The annual contract money determined at the time of initial grant shall be increased at the rate of twenty five percent on completion of each block of three years.
(3) The mining contract deed shall be executed by the successful bidder with the Director or an officer authorized in this behalf in the prescribed Form MC-1.
(4) Other terms and conditions of the contract shall be in accordance with provisions as contained in chapter 8.