29 Condition Explanation 62 At least three months prior to the Wharekirauponga Access Tunnel passing immediately beneath any part of a land title, the Consent Holder shall offer to provide an ex gratia payment equal to 5% of that land title’s market value to the registered proprietor of that title. The location of any mining operation, and in particular whether any obligation under Condition 62 has been triggered, shall be determined by reference to the plan of existing and proposed operations required under Condition 47. 63 If the Consent Holder’s offer under Condition 62 is not accepted, but the registered proprietor wishes to negotiate, the Consent Holder shall offer to commit to a binding arbitration process in relation to the ex gratia payment referred to above, provided that the basis for determining the ex gratia payment is not amenable to further negotiation. 64 The arbitration process, which can be initiated by either party by written notice to the other party, shall be in accordance with the provisions of the Arbitration Act 1996. If the parties cannot agree upon an arbitrator within a week of receiving the written notice, then an arbitrator shall be appointed by the President of the Property Institute of New Zealand. Such arbitrator shall give an award in writing within 30 days after his or her appointment, unless the Consent Holder and the registered proprietor agree that time shall be extended. The Consent Holder shall bear the reasonable costs of the arbitrator and the venue. In all other respects, the provisions of the Arbitration Act 1996 shall apply. If the registered proprietor does not wish to enter into that binding process, then the Consent Holder’s obligations under Condition 62 are at an end. For the avoidance of doubt, provided that the Consent Holder has made the offer in Condition 62, there is nothing that prevents the Consent Holder from commencing mining activities beneath that residential property. 65 Only one offer under Condition 62 need be made for any relevant property in order for the conditions to be satisfied. 66 For the purpose of this consent, “market value” is the value determined by a registered valuer at the time of making the valuation, ignoring the announcement of, and the existence / operation of the Waihi North Project, but including sales data from outside Waihi if appropriate, and any other relevant information. 67 The market valuation required by Condition 66 shall be undertaken by two independent registered valuers paid for by the Consent Holder. The registered proprietor shall be given the option of selecting one of the valuers. 68 A recipient of an ex gratia payment made under Condition 62 shall be eligible for the AEP pursuant to Conditions 34 - 41.
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