HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Message: Mitsui & Co vs. Noble Group.
Warning: This will be a long post.
Take a look at this first link. Lots of interesting stuff there.
http://mds.thyssenkrupp-stainless.com/mds_output.asp?id=9757
| 29.04.2013 | |
| Xstrata Alloys update on production | |
|
Xstrata Alloys entered into a ferrochrome marketing agreement with Glencore on April 21st 1995, appointing Glencore as its exclusive worldwide marketing agent or the sale of Xstrata Alloys and Merafe's entire production of ferrochrome other than ferrochrome sold into the USA, Canada and certain Asian countries. The agreement continues for as long as Xstrata Alloys and Mera'e produce ferrochrome. Glencore is obliged to use ist best endeavours to arrange sales at prevailing market rates subject to initial agreement and approval by Xstrata Alloys and Merafe prior to concluding the sale. Glencore assists Xstrata Alloys in negotiating sales contracts with third parties Glencore is entitled to receive an agency 'ee of 3.5% on FOB sales revenue and an additional fee of 0.75% on FOB sales revenue 'or assuming the risk of non payment by customers on this material. Glencore assumes 60% of the risk of non payment by customers in relation to ferrochrome sales.Its production at prices higher than those generally obtainable by Glencore, Xstrata Alloys may, unless Glencore is able to obtain similar prices, sell ist products in the market. Glencore is nevertheless entitled to an agency fee of 3.5% of FOB sales revenue in respect of such sales. Glencore is also entitled to receive a USD 50,000 monthly fee in connection with market analysis and certain administrative tasks it performs for Xstrata Alloys. Interest is charged by Xstrata Alloys on single monthly settlements made by Glencore and Glencore charges interest on any selling expenses incurred on behalf of Xstrata Alloys at LIBOR and a margin of150 basis points. Ferrochrome sold into the USA and Canada is distributed by Glencore Ltd and Glencore Canada Inc respectively, under two distribution agreements. These agreements continue indefinitely with both parties having the right to terminate the agreement at 12 months' notice. The percentage of distribution fees payable by the Group in respect of ferrochrome sold under the distribution agreement is substantially the same as the commission paid in respect of ferrochrome sold under the marketing agreement. Mitsui & Co Ltd is the appointed distributing agent for ferrochrome sales into China, Japan and South Korea up to a maximum of 105,000 tonne per annum. A change in distributing agent for sales into these countries must be undertaken with the consent of Glencore. Xstrata Alloys entered into a chrome ore marketing agreement with Glencore in July 2010, appointing Glencore as ist exclusive worldwide marketing agent or the sale of Xstrata Alloys and Mera'e's entire production of chrome ore. The agreement is for a fixed term extended to 20 May 2013. Glencore is entitled to receive an agency fee of 2% on FOB sales revenue loading port value. Glencore assumes 100% of the risk of non payment by customers in relation to chrome ore sales Interest is charged by Xstrata Alloys on single monthly settlements by Glencore at LIBOR and a margin of 150 basis points. |
(2) Notice above that... Mitsui &Co Ltd. is the distributing agent for ferrochrome sales into China...
(3) http://www.hoovers.com/company-information/cs/competition.Noble_Group_Limited.5331276bc820dd22.html
Notice Mitsui & Co. and Glencore are the top competitors of Noble Group.
Mick Davis's X2, has Noble Group as an investor for 1 billion dollars.
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Looks like a battle between Mick and Ivan.
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(4)
Three weeks ago Glencore announced the appointment of Patrice Merrin as a new director. On the same day she withdrew as a Casablanca Director.
A possible reason for withdrawing from Casablanca on the same day ..was conflict of interest if Glencore made a play for the Cliffs ROF assets.
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