Electrolytic Copper Cathode: LME registered
Commodity | 1. Electrolytic Copper Cathode, Grade ‘A’
2. LME registered |
Specification | 1. Purity: 99.99% Cu (Rejection < 99.97% Cu)
2. Dimensions: 914mm length x 914mm width x 12mm thick
3. Weight per Sheet: 125 kilograms +/- 1%
4. Surface Condition: free of imperfections, defects and excess exposure to weather
5. Specifications should conform with ASTM B115 – 10 (2021) Standard Specification for Electrolytic Copper Cathode (Cathode Grade 1) |
Packing | 1. Palletised, bound with aluminium bands (8 sheets per Pallet)
2. Net Weight of each Pallet: 2,000 kg +/- 1% 3. Net Weight per Container: 20.0 metric tonnes +/- 1% approximately 4. Gross Weight per Container: 20.2 metric tonnes +/- 1% approximately |
Origin | Democratic Republic of the Congo |
Port of Loading | Bonded warehouse, Durban, South Africa |
Destination Port | Nanshan Port, China or ASWP in China |
Trial Quantity | 1,000 metric tonnes |
Monthly Quantity Post Trial | 5,000 metric tonnes |
Contract Term | 13 months (subject to rollovers and extensions) |
Total Contract Quantity | 61,000 metric tonnes |
Incoterms | CIF |
Security for Payment & Payment Terms | 1. Irrevocable, operative, confirmed, non-transferrable Standby Letter of Credit (‘SBLC’, MT 760).
2. Payment by T/T (MT 103) |
Performance Bond | 2% of face value of SBLC for each shipment provided by Seller (MT 160) |
Price per Metric Tonne | 1. LME Price per metric tonne less Eighteen percent (18%)
2. ‘LME Price’ means the average second and final LME Grade ‘A’ Copper Cash Offer and Cash Bid Prices per metric tonne in USD on date of issue at Destination Port of final Certificate of Quality and Quantity for each shipment |
Inspection | 1. Initial inspection by independent inspection agency (SGS) with issue of Certificate of Quality and Quantity at Loading Port at Seller’s cost
2. Final inspection by independent inspection agency (SGS) with issue of Certificate of Quality and Quantity at Destination Port at Buyer’s cost 3. Certificate of Quality and Quantity at Destination Port deemed to be final and binding on Buyer and Seller in all respects, including but not limited to, the final determination of quality and quantity of Commodity and amount payable by Buyer |
Taxes, Tariffs and Duties | 1. All licences and export documents to be the responsibility of the Seller
2. All taxes, tariffs and duties imposed by the country of Origin and the country of the Port of Loading to be to the account of the Seller |
Insurance | 110% of value of shipment at cost of Seller |
Procedure: Payment SBLC
- Buyer enters into an NDNCA with Seller’s Representative
- Buyer issues LOI to Seller
- Within 2 working day Seller issues FCO to Buyer
- Within 3 working days Buyer executes and sends FCO to Seller
- Within 3 working days Seller issues draft Sale and Purchase Agreement to Buyer
- Simultaneous with the timing of Procedure 4, the Seller and Buyer present to the each other proposed verbiage of SBLC. Verbiage to be finalized and agreed
- Within 4 working days Buyer executes and returns Sale and Purchase Agreement to Seller
- Within 1 working day Seller counter-signs and returns the Sale and Purchase Agreement to the Buyer
- Within 1 working day Sale and Purchase Contract is deposited by the Buyer and Seller at their respective banks
- Simultaneously with Procedure 8 Seller provides Proof of Product (including, but not limited to, dated video of Product, Certificate of Assay, previous redacted Bill of Lading, Mining Licence and Certificate of Origin) to Buyer
- Within 2 working days Buyer provides Proof of Funds by RWA (MT 799) to Seller
- Within 2 working days Seller’s bank issues Bank Commitment Letter for the 2% Performance Guarantee to the Buyer
- Within 3 working days Buyer issues non-operative Standby Letter of Credit (SBLC, MT 700) to Seller
- Within 2 working days the Seller makes Performance Guarantee operational
- Seller arranges shipping from Port of Loading to Destination Port within 7 days of Buyer issuing SBLC
- Seller arranges Independent Inspection Agency (SGS) to inspect the Commodity at Port of Loading and issue Certificate of Quantity and Quality
- Buyer shall be entitled to witness entire process of loading and testing Commodity at Port of Loading at its own cost. Testing must be free of interference from both Buyer and Seller
- Seller sends all shipping documents to Buyer
- Buyer arranges Independent Inspection Agency (SGS) to inspect the Commodity at the Destination Port and issue Certificate of Quantity and Quality (to be completed within 5 days of arrival at Destination Port)
- Seller may attend inspection at Destination Port at its own cost
- Within 2 days Buyer pays Seller against shipping / title documents by Bank-to-Bank Transfer (T/T, MT 103)
- Procedures 14 to 20 are repeated each month
Electrolytic Copper Cathode: No-LME registered
Commodity | 1. Electrolytic Copper Cathode, Grade ‘A’
2. Not LME registered |
Specification | 1. Purity: 99.99% Cu (Rejection < 99.97% Cu)
2. Dimensions: 914mm length x 914mm width x 12mm thick
3. Weight per Sheet: 125 kilograms +/- 1%
4. Surface Condition: free of imperfections, defects and excess exposure to weather
5. Conforms to or exceeds EN 1978:2022 Cu-Cath-1 international standard for Grade 1(A) Electrolytic Copper Cathode in chemical composition in accordance with ASTM B115-10 (2021) testing protocols and standards |
Packing | 1. Palletised, bound with aluminium bands (8 sheets per Pallet)
2. Net Weight of each Pallet: 2,000 kg +/- 1% 3. Net Weight per Container: 20.0 metric tonnes +/- 1% 4. Gross Weight per Container: 20.2 metric tonnes +/- 1% |
Origin | Brazil, Poland or Kazakhstan |
Port of Loading | To be determined |
Destination Port | ASWP, China |
Trial Quantity | 1,000 metric tonnes |
Monthly Quantity | 5,000 metric tonnes |
Contract Term | 13 months or greater |
Total Contract Quantity | 61,000 metric tonnes (based on 13 month contract) |
Incoterms | CIF |
Security for Payment & Payment Terms | 1. Irrevocable, operative, confirmed, non-transferrable Documentary Letter of Credit MT 700
2. Payment by T/T MT 103 |
Performance Bond | 2% of face value of DLC for each shipment provided by Seller |
Price per Metric Tonne Option 1 | LME minus Eighteen percent (18%) |
Price per Metric Tonne Option 2 | Seven thousand eight hundred dollars ($7,800) per metric tonne fixed for one year |
Delivery Terms | Fourteen (14) days from the date of issue of the DLC MT 700 |
Inspection | 1. Initial inspection by independent inspection agency (SGS) with issue of Certificate of Quality and Quantity at Loading Port at Seller’s cost
2. Final inspection by independent inspection agency (SGS) with issue of Certificate of Quality and Quantity at Destination Port at Buyer’s cost 3. Certificate of Quality and Quantity at Destination Port deemed to be final and binding on Buyer and Seller in all respects, including but not limited to, the final determination of quality and quantity of Commodity and amount payable by Buyer |
Taxes, Tariffs and Duties | 1. All licences and export documents to be the responsibility of the Seller
2. All taxes, tariffs and duties imposed by the country of Origin and the country of the Port of Loading to be to the account of the Seller |
Insurance | 110% of value of shipment at cost of Seller |
Procedure: payment DLC
- Buyer enters into an NDNCA with Seller’s Representative
- Buyer issues LoI to Seller
- Seller issues FCO to Buyer
- Buyer signs FCO and returns to Seller
- Buyer sends ICPO to Seller
- Seller issues draft Sale and Purchase Agreement to Buyer
- Buyer executes and returns Sale and Purchase Agreement to Seller
- Seller counter-signs and returns the Sale and Purchase Agreement to Buyer
- Buyer provide Proof of Funds (RWA or BCL) to Seller
- Seller provides Proof of Product to Buyer
- Seller provides to Buyer required verbiage for DLC and confirmation of 2% Performance Guarantee verbiage to Buyer
- Seller issues pro forma invoice to Buyer
- Buyer issues irrevocable, operative, non-transferrable Documentary Letter of Credit (DLC, MT 700) to Seller
- Seller issues 2% Performance Guarantee to Buyer
- Seller arranges shipping from Port of Loading to Destination Port within 5 days of Buyer issuing DLC
- Seller arranges Independent Inspection Agency (SGS) to inspect the Commodity at Port of Loading and issues Certificate of Quantity and Quality
- Seller sends all shipping documents to Buyer (Bill of Lading etc)
- Buyer within 5 business days arranges Independent Inspection Agency (SGS) to inspect the Commodity at the Destination Port and issue Certificate of Quantity and Quality
- Buyer pays Seller against shipping documents by Bank-to-Bank Transfer (T/T, MT 103) within 2 business days of issue of Certificate of Quantity and Quality