A concession is a business operated under a contract or license associated with a degree of exclusivity in business within a certain geographical area. For example, sports arenas or public parks may have concession stands. Many department stores contain numerous concessions operated by other retailers. Similarly, public services such as water supply may be operated as concessions.

The owner of the concession — the concessionaire — pays either a fixed sum or a percentage of revenue to the entity with the ability to assign exclusive rights for an area or facility. A concession may involve the transfer to the concessionaire of the right to use some existing infrastructure required to carry out a business (such as a water supply system in a city); in some cases, such as mining, it may involve merely the transfer of exclusive land use rights.

A mining concession does not confer ownership of the property. It confers contractually the right to use it (for mining).

Our contract with the CVG (the concession holder) gives us very similar though not identical rights.

Both situations are contractual. I will leave it up to one of the lawyers on the board to further clarify this if it suits them.