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EXHIBIT 10(i)
PARTNERSHIP AGREEMENT
This Agreement is entered into on 12/7/1427H, corresponding to
6/8/2006 by and
between:
1- Arabian American Development Company, previously known as
Arabian
Shield Development Company, a company organized and existing
under
the laws of the State of Delaware, having its head office at
North
Central Express Way- Dallas-75231 USA, herein represented by
MR.
HATIM AL-KHALDI, MANAGER OF ITS KINGDOM BRANCH, hereinafter
referred
to as (FIRST PARTY); and
2- Thamarat Najran Company, a company organized and existing
under the
laws of the Kingdom of Saudi Arabia, C.R No. 5950010275
dated
06.01.1426H, having its head office at Najran, herein
represented by
ENGINEER AYMAN ABDURRAHMAN AL-SHIBL, MANAGER.
3- Qasr AL-Ma'adin Corporation, owned by His Royal Highness,
Prince
Nawaf bin Mish'al bin Saud bin Abdul Aziz, C.R. No. 1010220095
dated
10.05.1427H, having its head office at Riyadh, herein
represented by
HIS ROYAL HIGHNESS, PRINCE NAWAF BIN MISH'AL BIN SAUD BIN
ABDUL
AZIZ.
4- Durrat Al-Masani' Corporation, owned by Mr. Mohamed bin Mani'
bin
Sultan Abal'ala, C.R. No. 1010220094, having its head office
at
Riyadh, herein represented by MR. MOHAMED BIN MANI' BIN
SULTAN
ABAL'ALA.
(HEREIN REFERRED TO SEVERALLY AND JOINTLY AS "SECOND PARTY")
PREAMBLE
Confirming all the previous negotiations and discussions between
the two
parties above, the parties above intend to establish a closed
joint stock
between Arabian American Development Company, previously known
as Arabian
Shield Development Company, whose branch in Saudi Arabia still
operates
under the previous name and the second party. The head office of
the
planned company shall be located at Jeddah, and its object shall
be
exploiting the mining franchise granted to Arabian Shield
Development
Company pursuant to the Royal Decree No. 137 dated 05.11.1413H.
with total
project Financing, which according to estimates made by
specialist
companies $ 120.000.000 (One Hundred Twenty Million American
Dollars), and
the paid up capital should be $ 60.000.000 (Sixty Million
Dollar) with
shares equally distributed between the two parties: 50% for the
First
Party and 50% distributed among the other present partners or
new partners
designated later by the Second Party, who shall have the right
to name
them and designate the share of each within the 50% allocated
for the
Second Party.
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NOW THEREFORE, it has been agreed as follows:
FIRST: The above preamble is considered an integral part of
this
Agree
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