• Quarrying means the process of extracting, removing and disposing quarry resources found on or underneath the surface of private or public land

• Quarry resources refer to any common rock or other mineral substances

• A quarry permit shall have a term of five (5) years, renewable for likewise period but not to exceed a total term of twenty-five (25) years

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• Minerals refer to all naturally occurring inorganic substance in solid, gas, liquid

• Mineral agreement means a contract between government and a contractor, involving mineral production-sharing agreement, co-production agreement, or joint-venture agreement

• A mineral agreement shall grant to the contractor the exclusive right to conduct mining operations and to extract all mineral resources found in the contract area

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• Exploration means the searching or prospecting for mineral resources

• An exploration permit grants the right to conduct exploration for all minerals in specified areas

• An exploration permit shall be for a period of two (2) years

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• The Community Mortgage Program (CMP) is a mortgage financing program to purchase and develop a tract of land under the concept of community ownership

• Properties sold under the CMP shall be exempted from the capital gains tax

• Beneficiaries of the CMP may establish their own associations

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