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Home / Company Objectives / Exploration and prospecting
Every company's Memorandum of Association (MOA) carries an objects clause, and the main objects sit at its heart. This clause spells out the core business activities your company is formed to undertake - whether that is financial services, manufacturing, trading, or consultancy. The Registrar of Companies examines these objects when you apply for company registration, and banks, investors, and business partners often read them to understand exactly what your company is set up to do.
Getting the main objects right matters. Your company is expected to operate within the activities listed in its MOA, and taking up a completely new line of business later means formally altering the memorandum. The sample clauses below show how main objects are typically worded for this business type. Use them as a drafting starting point, and have a Company Secretary or legal professional review the final version before filing.
1. To purchase, take on lease or otherwise acquire freehold and other lands, properties, mines and mineral properties, and exploration rights, concessions, leases, claims, licences of or other interests in mines, mining and offshore rights, mineral properties and water rights, either solely or jointly with others.
2. To prospect, explore, develop and work claims or mines, drill and sink shafts or wells and raise, pump, dig and quarry for gold, silver, minerals, ores, diamonds and precious stones, oil, petroleum, natural gas, coal, earth, and other substances.
3. To acquire by purchase, concession or lease, to take in exchange or otherwise, or to erect, construct and alter, buildings, railways, roads, shafts, furnaces, crushing and other machinery, works for smelting or otherwise treating, removing and storing metals and minerals, and for crushing, working, manufacturing, purifying, cutting, polishing or otherwise processing precious metals, diamonds and precious stones, minerals, ores, earth and other substances.
4. To employ and pay mining experts, agents, and other persons, partnerships, companies or corporations, and to organise, equip and despatch expeditions for prospecting, exploring, reporting on, surveying, working and developing lands and properties, whether owned by this company or not, and to make advances to, and pay for or contribute to the expenses of, and otherwise assist persons or companies prospecting, acquiring, settling on, farming, building on, mining, or otherwise developing any lands and properties, or desirous of so doing.
5. To carry on business as land and mine owners, miners, metallurgists, metal workers, builders and contractors, engineers, manufacturers, farmers, vehicle and equipment proprietors, traders, shipowners, ship brokers, importers and exporters, and to buy, sell and deal in property of all kinds.
Sample main objects clause for drafting your company's Memorandum of Association (MOA). Have it reviewed by your professional before filing.
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