Section 147: Transfer of Mineral title.

(1) Subject to subsections (2), (5) and (6) of this section, a mineral title is transferable under this Act subject to the approval of the transfer by the Minister and registration of the transfer with the Mining Cadastre Office as provided in subsections (3) and (4) of this section.
(2)
The rights arising from a mineral title or permit that are transferable under this Act can be wholly and partially assigned, sub leased, pledged, mortgaged, charged, hypothecated or subject to any security interest.
(3) The mineral title holder shall make an application for approval of the transfer of a mineral title to the Mining Cadastre Office in the prescribed form.
(4) In the application for a transfer of a mining title, the holder shall provide to the Mining Cadastre Office such details of the assignment or transfer as may be required together with any other information that the Mining Cadastre Office may require.
(5) The Mining Cadastre Office shall approve a transfer of a mineral title under subsection (1) of this section if the transferee is a qualified applicant, provided that the application for transfer shall be deemed automatically approved if not acted upon by the Mining Cadastre Office within thirty days from official receipt thoreof.
(6) The approval of the Mining Cadastre Office shall not be required for an assignment to an affiliate, where the obligations of the affiliate are guaranteed by the assignor or by a parent company.
(7)
In the event of the death of the mineral title holder the laws of succession shall apply.
(8) The transferor of a mineral title shall remain liable for the performance of any obligations arising out of acts or contracts made in respect of the Mineral title Area, including environmental obligations, incurred prior to the date of the transfer as well as for any claims for damages or injuries by bona fide third parties.
(9) Where the transfer under this section is in the nature of a security interest, the holder of the mineral title shall remain liable for all obligations in respect of the Mineral title until the later in time of redemption of the security or the expiration of the Mineral title.
(10) No mineral title or rights therein may be assigned to a person to whom that Mineral title could not have been granted under this Act.