Decree No. 22/2012/ND-CP dated March 26, 2012 of the Government on mineral extraction right auction
Article 1. Scope of regulation
This Decree elaborates Clause 2, Article 79 of the Law on Mineral No. 60/2010/QH12 November 17, 2010 of the 7th National Assembly on the principles, conditions and procedures for mineral extraction right auction.
Other provisions on auction must comply with law provisions on property auction.
Article 2. Interpretation of terms
In this Decree, the following terms are construed as follows:
1. Mineral extraction right auction means a form of public sale of mineral extraction right by increasing bids under the principles and procedures specified in this Decree.
2. Bidder are the legal representatives of eligible organizations and individuals attending mineral extraction right auctions (hereinafter referred to as bidders).
3. Auction guarantee is the commitment made by a credit institution to assure the financial obligation fulfillment of organizations and individuals participating in the Mineral extraction right auction.
Article 3. Principles of mineral extraction right auction
Mineral extraction right auctions shall be held in accordance with the following principles:
1. Transparent, open, continuous, equitable and in which the lawful rights and interests of bidders are protected.
2. An mineral extraction right auction shall be held only when at least 3 bidders attend the auction.
3. Mineral extraction right auction shall only be held at areas of which auction plans have been approved by competent State agencies.
Article 4. Reserve price
1. The reserve prices are set by a state management agency competent to issue mineral extraction licenses specified in Article 82 of the Law on Mineral before an auction.
2. The reserve price in an mineral extraction right auction must not be lower than the price the mineral extraction right...
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