Section 2Presidential Decree No. 463, as amended, other existing mining laws, and their implementing rules and regulations, or parts thereof, which are not inconsistent with the provisions of this Executive Or, Sec./Art. 2

The following minimum terms and conditions shall be incorporated in the co-production, joint venture or production-sharing agreement: (a) all the necessary management, technology and financial services to be furnished by the contractor; (b) the use of local goods and services to the maximum extent practicable, must be given preference; (c) a condition that the contractor shall not require title to the contract area; (d) the stipulated share in revenues and manner of payment thereof; (e) a period of exploration not exceeding two (2) years from date of the agreement, extendible for another two (2) years; (f) a period of utilization including development which shall not exceed twenty-five (25) years, subject to renewal for another period not exceeding twenty-five (25) years under same the terms and conditions; (g) obligatory relinquishment of portions of the contract area after the exploration period which are not needed for utilization and development; (h) work program and minimum expenditure commitment for the exploration period; (i) provision on consultation and arbitration with respect to interpretation and implementation of the agreement; (j) employment and training of Filipino personnel; (k) industrial safety and anti-pollution measures; (l) restoration and/or protection of the environment; (m) transfer of technology to the Government or local mining company; (n) a stipulation that all data and information gathered by the contractor shall be furnished to the Bureau of Mines and Geo-Sciences and that all books of accounts and records shall be open to inspection; (o) commitment to community development; (p) such other terms and conditions not inconsistent with the Constitution and existing laws, as the Secretary may deem to be in the best interest of the Government.