Booking Note

QUANTITY AND QUALITY

5

SHIPMENT

The copper concentrate shall be shipped in.

Shipment is scheduled for, subject to suitable vessel availability.

If a fully workable letter of credit is not received by Seller’s bank as specified in “Payment” be low Seller shall have the right but not the obligation to delay or suspend performance of any of its obligations under the contract and/or terminate the contract. Any losses arising out of Buyer’s failure to open a workable letter of credit in time shall b e for Buyer’s account.

DELIVERY

CIF, China, as per Incoterms 2000.

PRICE

The price per dry metric ton of concentrate shall be the sum of the payments less the deductions specified below:

Copper

% of the final copper content of the concentrate, subject to a minimum deduction of unit s, at the official London Metal Exchange cash settlement quotation for Grade ‘A’ Copper, as published in the Metal Bulletin in US$ and averaged over the quotational period.

Silver

Deduct grams per dry metric ton of the concentrate and pay for% of the balance of the final silver content of the concentrate at the official LBMA spot quotation for silver, as published in the Metal Bulletin in US$ and averaged over the quotational period.

Gold

Deduct grams per dry metric ton of the concentrate and pay for% of the balance of the final gold content of the concentrate at the mean of the official LBMA AM/PM quotation for gold, as published in the Metal Bulletin in US$ and averaged over the quotational period.

Deductions

Treatment Charge

US$flat per dry metric ton of the concentrate delivered CIF, China.

Refining Charges

Copper: US$ per payable pound of copper.

Silver: US$ per payable ounce of silver.

Gold: US$per payable ounce of gold.

QUOTATIONAL PERIOD

The Seller has the option to price basis QP month.

PAYMENT

Letter of Credit

Payment shall be made by Buyer in US$ under a fully workable irrevocable letter of credit, to be opened by a bank and in a form fully acceptable to Seller covering 100% (one hundred percent) of the cargo value based on Seller’s pro forma invoice value and allowing a tolerance of +/- 10% (plus/minus ten percent) in both quantity and/or amount.

The letter of credit must be opened latest by.

Provisional Payment

90% (ninety percent) of the provisional invoice value of the concentrate, based on the bill of lading wet weight, provisional moisture, provisional assays and the metal quotations applicable on the bill of lading date, shall be paid against the presentation of the following documents:

1.3/3 original ‘clean on board’ Charter Party bills of lading, made out to order, blank endorsed and

marked freight payable as per Charter Party;

2.Seller's provisional invoice;

3.Provisional weight and moisture certificate;

4.Provisional assay certificate;

5.Insurance certificate

Final Payment