Purchase Contract 100'000 Mt Iron Ore With FCR Clause With Signatures and Stamp

IRON ORE PURCHASE CONTRACT

CONTRACT NO.: LH412-1A DATE: 15 MAY 2012

Buyer : LEMANIA HOLDING AGAddress : 24B Route Suisse, 1299Crans Pres Celigny/SwitzerlandSignatory : Daniel PalumboPosition : TraderTEL : +41 22 994 44 40FAX : +41 22 994 44 44EMAIL operational : [email protected](hereinafter the “Buyer”)

Buyer’s Bank Details (TBA)

Bank : BNP PARIBAS (SUISSE) SAAddress : Place Hollande 2, 1211 Geneve/SwitzerlandTEL :+41 58 212 25 29FAX :+41 58 212 23 11Account Manager: :Mr Victor Perez(hereinafter the Buyer’s Bank”)

AND

Seller : CUMINZ GOLDEN ENTERPRISES PRIVATE LIMITEDAddress : Flat No 301, Fortune Banjara Apartments Road No.3, Banjara Hills

Hyderabad – 500 034, A.P. IndiaSignatory : Mr. I. MaheshPosition : DirecteurTEL : +9199652599999EMAIL : [email protected](hereinafter the “Seller”)

Seller’s Bank Details

Bank :HSBC BUSINESS SELECTAddress : HSBC BANK, 6-3-1107/1108, Rajbhavan Road, Somaojiguda

Hyderabad – 500 082, A.P. IndiaSWIFT : HSBCINBBA/c No : 082-227562-001Manager : Tanveer SalmanE-mail : [email protected](hereinafter the “Seller’s Bank”)

We, the SELLER hereby agree to sell, and the BUYER hereby agrees to purchase the Iron ore material described in this agreement (hereinafter the “Iron Ore Fines” or the “Ore”), in accordance with the terms and conditions as hereinafter set forth.

Buyer’s Initial and Seal / 12 Seller’s Initial and Seal

mailto:[email protected]

IRON ORE PURCHASE CONTRACT CONTRACT NO.: LH412-1A DATE: 15 MAY 2012

CLAUSE 1 : DEFINITIONS:

In this CONTRACT, the following terms shall, unless otherwise defined, have the following meanings:

Business Day: means days excluding Saturday, Sunday, Public Holidays and Banking Holidays in India, London andSwitzerland

CIQ: Means Entry-Exit Inspection and Quarantine of The People’s Republic of China;

DMT: means a wet Tonne minus totally water content on a dry basis;

Dollars and Cents: means respectively dollars and cents in the lawful currency of the United States of America for the time being;

Draft: (when fully loaded) means, as the context requires:

a. In respect of a vessel prior to completion of loading, the draft which that vessel would have if the quantity and the type of ore scheduled to be loaded into it were loaded into it; or

b. In respect of a vessel after completion of loading, the draft of the vessel as determined by draft survey.

Dry Basis: when applied to Product means Product dried at 105° Celsius:

Natural Basis: when applied to Product means Product in its natural or wet state;

PRC: means the People’s Republic of China;

Seller’s Bank: means Bank nominated by seller;

Tonne: means a metric tonne equalling 1.000 Kilograms;

WMT: means a Tonne in on a natural basis

CLAUSE 2 : COMMODITY

A. Name of commodity : Iron OreFinesB. Country of Origin : IndiaC. Exporter : CUMINZ GOLDEN ENTERPRISES PRIVATE LIMITEDD. Packing : In bulkE. Total Quantity : 100,000 DMT +/-10% in Buyer’s option via a single

shipmentF. Lay can : May/June 2012G. Loading rate : 3’750 MT pwwd of 24 consecutive hours sshinc per

working hook (ie if 4 cranes used for loading, loading rate to be 15’000 mt, if only two cranes used for loading rate to become 7’500 MT, etc)

CLAUSE 3 : DESTINATION

A. Loading port : Any Indian Port



B. Discharge port : Any Chinese PortC. Partial Shipment : AllowedD. Transhipment : Not Allowed

CLAUSE 4 : SPECIFICATIONS

A. Chemical Composition

Lot Specification:

(On dry Basis) (Percentage by Weight)

Iron – Fe 53.50% Min Rejection 52.5%Silicon Dioxide - SiO2 4% Max Rejection 5%Aluminium Oxide -Al2O3 4% Max Rejection 5%Phosphorus – P 0.07% Max Rejection 0.08%Sulphur – S 0.07% Max Rejection 0.08%Ca0 0.76% Max Rejection 0.80%Mg0 0.26%Max Rejection 0.30%LOI 0.32%Max Rejection 0.40%

B. Moisture (Free Moisture Loss at 105 degrees C): < 8,00% Included> 8,00% by terms of contract.

Physical Composition (Size mm): 0-10 mm 90%>10 mm 10%

CLAUSE 5 : PRICE

USD 68.00 per dry metric ton FOB stw.& trimmed any Indian Seaport (INCOTERMS 2010)

CLAUSE 6 : PRICE ADJUSTMENT

A. Fe content For each 1% Fe content above 53.50%, the price shall be increased by USD 1.00per dry metric tons fraction prorata.For each 1% Fe content below 53,50% the price shall be decreased by USD 2.00 per dry metric tons fraction prorata. If the Fe content falls below 52,50%, the parties will negotiate a new price and the Buyer has the right to reject the cargo

If the chemical composition of the iron ore in respect of Alumina, Silica, Sulphur, Phosphorus as set forth in Clause 4, a penalty shall be applied as provided below:

For Alumina （Al2O3)

At the rate of fifty (50) U.S. Cents per DMT for each 1% in excess of4.00 %., fraction prorata

B. For Silica ( SiO2) At the rate of fifty(50) U.S. Cents per DMT for each 1% in excess of4% fraction pro rata.



If SiO2 is higher than 5%, the parties will negotiate a new price and the Buyer has the right to reject the cargo

C. Phosphorous (P)At the rate of fifty (50) U.S. Cents per DMT for each 0.01% in excess of 0.07%., fraction prorata

D. Sulphur (S)At the rate of fifty (50) U.S. Cents per DMT for each 0.01% in excess of 0.07%, fraction pro rata

E. Moisture If free moisture loss at 105 degrees centigrade, as finally determined pursuant to the provisions of Clause 11, exceeds 8.0%, Seller shall pay Buyer full freight attributable to moisture content over8.0%.This amount is calculated multiplying percentage of moisture exceeding8.0%for WMT, determining the “MT of moisture in excess” and then multiplying the “MT of Moisture in excess” for freight per MT as stipulated in the respective vessel’s Charter Party.The payment/adjustment shall be made at the time of final settlement and Buyer shall inform Seller of the freight rate paid per wet metric ton as stipulated in the respective vessel’s Charter Party.

F. Size Oversize: penalty of US$ 0.10 per WMT fraction pro-rata shall be applied to the quantities of ore in excess of 10% of the fraction above 10mm.In case iron ore is rejected, Seller will be responsible for any extra cost Buyer might incur including but not limited to quality claim, freight, commercial loss, loss of profit and damage related to the rejection

CLAUSE 7: L/C PAYMENT

A. Buyer shall open and deliver to Seller an irrevocable L/C at sight in favour of Seller in an amount in US Dollars sufficient to cover 100% value of dry value of the 1stshipment for 50’000 dmt plus / minus 10 per cent on terms to be agreed by the Buyer’s bank but including, without limitation, the terms set out in C and clause 8 below. The L/C covering the 2nd shipment of 50’000 dmt +/- 10 pct, will be opened after receipt of the FCR and SGS report covering the 1st lot.

B. Payment shall be made at sight upon negotiation of documents under an L/C in USDollars opened in favour of the Seller to cover 100% (One Hundredpercent) of dry value of the shipment of 50’000 dmtplus / minus 10 percent. All banking charges within Buyer’s opening bank under this contract shall be for the Buyer’s account. L/C to be payable and negotiable at applicant’s bank counters

C. L /C Terms

L/C shall allow the following: Except the invoice, all the other documents applicable shall not mention

contract no.; Tolerance of +/- 10% for both quantity and amount; Documents to be presented within 10 days from the shipment date



Third Party Documents acceptable, except invoice; Partial shipment not allowed, transhipment not allowed. Certificate of Analysis, Draft Survey and Certificate of Weight will be

accepted only in original Charter Party B/L acceptable

D. Provisional payment 98%

Provisional payment for the shipment is 98% of the FOB value Indian Port (i.e. contract price in USD multiplied by the number of DMT actually shipped) and such provisional payment shall be released against the presentation of the Seller’s documents as stipulated in the L/C. Shipment cargo value shall be calculated by the result of the draft survey weight and chemical analysis at loading port issuedSGS or any Independent International Surveyorat Seller’s expense.The weight certificate issued by SGS or any Independent International Surveyoron the basis of the ship’s draft together with the certificate of analysis of the sample and the percentage of free moisture loss at 105 degree centigrade issued by SGS or any Independent International Surveyorshall be the basis of the Seller’s provisional invoice.

E. Final payment

The balance 2% of the shipment value due to Seller if any after provisional payment shall be paid by L/C against the presentation of the Seller’s documents as stipulated in the L/C. Seller’s final invoice shall be based on the certificates or the photocopies of the certificates of the Entry-Exit Inspection and Quarantine of the People’s Republic of China (CIQ) which as stipulated below shall be delivered to Seller within 75 days after completion of discharging at discharge port in accordance with Statement of Facts.

If umpire analysis is required, payment adjustment arising for this will be made within 15 days when the umpire’s certificate is available.

In case analysis is not carried out at the port of discharge by CIQ or the CIQ certificate or the copies of CIQ certificates is not delivered by buyer to Seller within 75days after the completion of discharging at discharge port, the certificate of Weight and/or Quality issued by SGS or equivalent at the port of loading shall form the basis for the final invoice.

CLAUSE 8: DOCUMENTATION

A. Provisional Payment 20 %Signed provisional commercial invoice in 1 (one) original and 4 (four) copies for FOB value of shipment based on the results of the certificates of quality and weight issued by SGS or any independent International surveyor at the port of loading, indicating the contract number, L/C number, weight in DMT, base price, price adjustments (if any)



Original FCR (Forwarding Certificate of Receipt) issued by FIATA Forwarding Company or official port authority confirming availability of the cargo at loading port, consigned to: “BNP, Geneva” for 1st shipment of 50’000 mt to be issued not later than 15 days from L/C opening date.

Certificate of quality in 1 (one) original and 2 (two) copies issued by SGS or any Independent International Surveyor at loadport showing quality and all required chemical elements, moisture and physical composition (as detailed in clause 4), for 1st shipment of 50’000 mt to be issued not later than 15 days from L/C opening date.

B. Provisional Payment 78%Signed Seller’s provisional Commercial invoice for 78% of FOB Value in One (1) original and two (2) copies to show all adjustment calculation in order to reach the actual price indicating value of goods shipped, name of carrying vessel, contract number, number of letter of credit.Invoice to show details of price calculation and adjustments if any (also as an attachment to the invoice).

Full set ( 3 originals ) of Clean on board Ocean Bill of Lading plus 3 non-negotiable copies consigned to order, blank endorsed, Marked “FREIGHT PAYABLE AS PER CHARTER PARTY”, or “FREIGHT PREPAID” AND NOTIFY TO BE INDICATED BY BUYER WITH SHIPPING INSTRUCTIONS.

Draft survey report in one (1) original and two (2) copies issued by SGS or any Independent International Surveyor at loading port

Certificate of Weight in one (1) original and two (2) copies issued by SGS or any Independent International Surveyor at the Loading port.

Certificate of Origin in one (1) original and Two (2) copies issued by the Chamber of Commerce of India.

Beneficiary’s fax to the applicant within 5 business days after the shipment date showing the contract number, the name of commodity, the port of loading, shipment date and approximate invoice value. Copy of fax receipt to be presented for negotiation

C. Final payment 2%

Signed final commercial invoice in one (1) original and two (2) copies, based on inspection certificate of weight and inspection certificate of quality issued by CIQ. Invoice to show details of price calculation and adjustments, if any.

Inspection certificate of weight in one (1) copy issued by CIQ at discharge port, photocopy allowed by fax or email

Inspection certificate of quality in one (1) copy issued by CIQ at discharge port, photocopy allowed by fax or email

In case CIQ’s certificate of weight and or quality is not provided by fax/email by the Buyer within 75days after completion of discharging at discharge port in



accordance with the statement of facts, then the Seller has the right to negotiate the final invoice based on load port certificate of quality and certificate of weight issued by SGS or any Independent International Surveyorat loading port.

In case there should be any amount of overpayment due to the Buyer after adjustments have been made as herein above provided, it shall be paid by the Seller to the Buyer in lawful currency of the United States of America by wire transfer or by any means to be mutually agreed between the Seller and the Buyer seven (7) working days upon issuance of the Seller’s final debt statement.

CLAUSE 9: LOSS OF CARGO

In the event of loss of cargo caused by damage at sea after loading on board the vessel and before completion of discharge at the port of discharge, Buyer shall make full and final100% payment to Seller on the basis of relevant invoice supported with the analysis at the port of loading as set forth in Clause 11, and quantity as manifested on the Bill of Lading and buyer can opt for Insurance claim

CLAUSE 10: WEIGHTING

The operations of weighing and sampling shall be carried out at loading port by SGS or any Independent International Surveyor.The cost of these operations shall be for Seller’s account.The weight of Oreascertained and certified by SGS or any Independent International Surveyorshall be used for the purpose of the provisional invoice. The Buyer may at the Buyers expense have its representative present during the draft survey.Weighting shall be conducted by a draft survey at the discharge port by CIQ. The costs of these operations shall be for Buyer’s account. Seller may at Seller’s expense have their representative and may also appoint an independent surveyor.An internationally recognized independent surveyor can be present at the time of such determination. The weight thus determined by CIQ shall be final and binding for both the parties and shall be used for final payment as to the wet weight in the relevant shipment.The dry weight shall be determined by deducting the free moisture as per clause 11 at unloading port from the above wet weight. In the event that there is a difference in weight of more than 0.5 percent between draft the draft survey report issued by SGS or any other Independent International Surveyor at load port and the certificate of weight issued by CIQ at discharge port, then the final weight of the final payment is to be the average of the weights determined in both documents.

If no draft survey is performed at the discharge port by CIQ or the discharge port report is not delivered by Buyer within 75calendar days from the date of completion of discharging at the discharging port, Seller’s weight certificate at the port of loading shall be regarded as final and binding.



CLAUSE 11: SAMPLING & ANALYSIS

At the port of loading, Seller at Seller’s expense shall appoint SGS or any Independent International Surveyorto determine the specifications of ore contained in the shipment and shall provide a certificate showing details of the determination of the percentage of chemical contents and the percentage of free moisture loss at 105 degree centigrade. Buyer may at Buyer’s expense have their representative present at the time of sampling and analysis. At the port of discharge, Buyer, at Buyer’s expense, shall nominate CIQ as Buyer’s assayer for sampling and analysis. CIQ shall take a sample from the shipment and divide it into 4 equal parts and seal, one for Buyer, the second to be sent to Seller, the third to be retained by CIQ for possible umpire analysis and the fourth to be reserved for any of the aforementioned purposes.Seller may at Seller’s expense have their representative present at the time of sampling and analysis and have an independent analysis conducted at the port of discharge.CIQ shallanalyse the sample for chemical and physical composition and free moisture loss at 105 degrees centigrade at Buyer’s expense and shall issue a certificate of quality. Buyer shall conduct CIQ immediately on completion of discharge of material and forward this certificate issued by CIQ by fax/e-mail/courier, within75 days from the date of completion of discharging at the port of discharge in accordance with the Statement of Facts to the Seller. TheCIQ analysis shall be final and binding for both the parties for settlement purposes except as otherwise provided for in below paragraph. If the difference in percentage of the Fe content is equal or less than 1%, then CIQ analysis shall be final and binding for settlement purposes. If the difference in percentage of the Fe content between the port of loading and the port of discharge is above of 1% or there is a significant difference between the analysis performed at the port of loading and analysis performed at the port of discharge, in respect any one or more chemical contents other than Fe, then Seller shall consult with Buyer to reconcile such differences. If after consultation between Seller and Buyer the differences cannot be reconciled then at the request of either Buyer or Seller, a sample for umpire shall be analysed by an internationally recognized independent surveyor agreed between Buyer and Seller. The certificate of analysis issued by such umpire shall be final for Fe or relevant chemical contents.The weighing, sampling, chemical analysis, moisture determination and screen analysis performed at the discharge port by CIQ shall be for Buyer’s account. Expenses of umpire analysis shall be borne by the party whose initial analysis shows a greater difference from the umpire analysis. If the umpire analysis is the exact mean of the analysis of Seller and the analysis of CIQ, then such expenses shall be equally borne by both parties.

CLAUSE 12:DELIVERY

Seller shall deliver the Iron Ore Fines to Buyer FOB Indian Port (INCOTERMS 2010).

Buyer to nominate to the Seller a seaworthy vessel, Seller to confirm the vessel within one working day. Vessel’s nomination cannot be unreasonably withheld (ie if not accepted shall be for technical reasons only and the same to be clearly motivated).

12.1 Loading



Cargo to be loaded by Seller free of charge for the Buyer, as per Master’s instructions at one good and safe berth Indian port. Cargo to be loaded by vessel’s cranes (performing vessel to be geared min. 25 mt. and cranes to be at Seller/Stevedores disposition free of charge for them) and shore grabs/buckets to be provided and paid by Seller/Stevedores

12.2 TrimmingCargo shall be trimmed by the shipper/seller leaving vessel always in seaworthy conditions

12.3 Stevedores and stevedoring costsStevedores and patented/insured crane drivers to be appointed and paid by the Seller

12.4 Stevedoring damages:Seller to be responsible for any Stevedoring damages, which may occur at loading port, including but not limited to the necessary repairs to the vessel upto master/class full satisfaction and any/all consequential time lost directly or indirectly as a result of stevedoring damages.

12.5 Vessel agent:Vessel agent to be nominated by the Buyer/Owners

12.6 LaytimeThe cargo shall be loaded at the minimum rate of 3’750 MT per weather working day(s) of 24 consecutive hours Saturday Sunday and holiday included per working hook (ie if four cranes used for loading, loading rate to be 15’000 mt, if only two cranes used for loading loading rate to become 7’500 MT, etc)

In case loading operations will take longer, demurrage to be paid at the demurrage rate agreed as per charter party.

Laytime for loading shall commence 12 hours after presentation of NOR.Laytime for loading shall cease immediately upon completion of loading operations and relative draft survey.Notice of Readiness at loading port to be given to the vessel’s agents.Notice of Readiness to be tendered at any time Sunday and holiday included.If the loading berth is not available upon Vessel’s arrival at the port of loading, the vessel shall be entitled to give Notice of Readiness on arrival at the designated waiting area, whether in free pratique or not, whether custom cleared or not. Laytime shall then count as if she were in berth and in all respect ready for loading provided that the Master warrants that she is in fact ready in all respects. Time used for moving from the place of waiting to the loading berth shall not count as laytime (even if vessel already on demurrage). Once on demurrage always on demurrage

12.7 Demurrage - despatch Demurrage/despatch, to be as per charter party and shall be paid with the final invoice. Despatch is half of demurrage

12.8 Iron ore protective



The cargo to be iron ore.The cargo always to be loaded fully in accordance with IMO/SOLAS/B.C.CODE regulations and moisture limits. If required, sellers to supply all relevant cargo certificates containing moisture content/transportable moisture limits, Buyer/Owner permitted to reject any cargo with excessive moisture content.Cargo could be sealed (by the mean of ramneck tape only) at seller’s option.Costs for sealing the holds and time lost by the ship for this operation to be for seller’s account

12.9 Dead freightIn case Seller is unable to load the full quantity as demanded by the Master (and within the limits of the agreed cargo quantity tolerance) of the vessel, Seller is liable for dead freight for the short shipped quantity. Such dead freight, if any, shall be adjusted through the payment and deducted from the invoice value.

12.10 DamageAny expenses and/or damages arising for the Buyer, for Seller not inconformity withprovisions of clause 12, to be for Seller’s account.

CLAUSE 13: NOMINATION OF VESSEL

Buyer shall nominate operating vessel 7daysbefore agreed laycan

CLAUSE 14:INSURANCE

To allow the Buyer to properly insure the cargo from the moment the Ore is loaded on board the vessel, Seller shall advise Buyer by e-mail and fax before the loading of the vessel starts and immediately after completion of the loading of the particulars as called for in Clause 11 of this contract.

CLAUSE 15: FORCE MAJEURE

Neither party (or any person acting on its behalf) shall have any liability or responsibility for failure to fulfil any obligation under this contract so long as, and to the extent to which, the fulfilment of such obligation is prevented, frustrated, hindered or delayed as a consequence of a Force Majeure Event. A party claiming the benefit of this provision shall, as soon as reasonably practicable after the occurrence of a Force Majeure Event:(a) notify the other party of the nature and extent of such Force Majeure Event; and (b) use all reasonable endeavours to remove any such causes and resume performance under this contract as soon as feasible.For the purposes of this clause 15, a Force Majeure Event means an event beyond the control of a party (or any person acting on its behalf), which by its nature could not have been foreseen by such party (or such person), or, if it could have been foreseen, was unavoidable, and includes, without limitation, acts of God, storms, floods, riots, fires, sabotage, civil commotion or civil unrest, interference by civil or military authorities, acts of war (declared or undeclared) or armed hostilities or other national or international calamity or one or more acts of terrorism or failure of energy sources.



If operation of such Force Majeure Event exceeds three months, either Party will have the right to refuse further performance of the contract in which case neither Party shall have the right to claim damages.

CLAUSE 16:ARBITRATION AND GOVERNING LAW

This contract and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with English law. Any dispute arising out of or in connection with this contract, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration under the London Court of International Arbitration (LCIA) Rules, which Rules are deemed to be incorporated by reference into this clause.

The number of arbitrators shall be one.

The seat, or legal place, of arbitration shall be London, England.

The language to be used in the arbitral proceedings shall be English.

CLAUSE 17:TITLE AND RISK

Notwithstanding any other agreement :

Title with respect to the shipment of the Ore shall pass from Seller to Buyer when the letter of credit issuing bank has accepted the provisional documentary presentation by Seller’s bank under the letter of credit and provisional payment has been received by the Seller. All Risk of loss, damage or destruction of the Ore delivered shall pass to Buyer when the Ore passes over the rail of the performing vessel at the port of loading.

CLAUSE 18:AMENDMENT OF THE CONTRACT

Any amendment or modification to this contract shall be made in writing and subject to confirmation by the contracting parties.

CLAUSE 19: INCOTERMS AND GOVERNING LAWS

Insofar as not inconsistent herewith INCOTERMS 2010 (and any later amendments thereto) shall apply to this contract.

CLAUSE 21: CORRESPONDENCE

All the documents between the Buyer and the Seller shall be made in English only.

CLAUSE 22: MUTUAL COLLABORATION



Buyer and Seller agree that they will endeavor to achieve a mutually acceptable solution to any problem that may arise due to any unforeseen circumstances in the spirit of mutual understanding and collaboration.

CLAUSE 23:NON-PERFORMANCE

In case of non-performance of the contract by the Seller (excluding a force majeure condition) or cargo rejection,the Seller shall compensate to the Buyer all costs of cancellation charges including but not limited to bank costs, cost of the vessel, and/or any other charges as applicable.

CLAUSE 24: LIMITATION OF LIABILITY

Neither the Seller nor the Buyer shall be liable, whether in contract or in tort or otherwise, for indirect, consequential or special damages or losses of whatsoever nature, however caused.Under no circumstances shall Buyer’s liability exceed the value of the Ore as at the date of shipment.

CLAUSE 25: ASSIGNMENT

Without the prior written consent of the other party, which shall not be unreasonably withheld, neither party may assign or create a trust or otherwise transfer its rights or obligations under this contract in full or in part.

CLAUSE 26: TAXES AND TARIFFS

Any taxes, tariffs and duties whether existing or new on the Ore or contained metals or on commercial documents relating thereto or on the cargo itself, imposed in the country of origin shall be borne by the Seller.Any taxes, tariffs and duties whether existing or new on the Ore or contained metals or on commercial documents relating thereto or on the cargo itself, imposed in the country of discharge and/or the importing country shall be borne by Buyer.

CLAUSE 27: LICENSES

Seller undertakes that all the necessary export licences and all other authorisations required for the Ore have been obtained (and/or will be obtained) for the entire quantity covered by this contract. Seller furthermore guarantees that such licences will remain in force for the full life of this contract.

CLAUSE 28: THIRD PARTY RIGHTS

No term of this contract shall be enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is not a party to this contract.

CLAUSE 29: SEVERABILITY



The invalidity, illegality or unenforceability of any one or more of the provisions of this contract shall in no way affect or impair the validity and enforceability of the other provisions of this contract.

CLAUSE 30: CONFIDENTIALITY

The existence of and terms of this contract shall be held confidential by the parties save to the extent that such disclosure is made to a party’s banks, accountants, auditors, legal or other professional advisers, or as may be required by law, a competent court or a liquidator or administrator of a party, or the other party has consented in writing to such disclosure.

CLAUSE 31: TERMINATION

If Seller or Buyer refuses or fails to execute the contract within the time or schedule agreed by the parties, commits a material breach of its obligations under this contract and fails to cure such breach within a reasonable time determined by the other party, becomes insolvent, enters voluntary or involuntary bankruptcy or receivership proceeding or makes an assignment for the benefit of creditors then the other party has the right, in addition to any other rights and remedies it may have under the law, by written notice to Seller/Buyer, to terminate this contract for default. The rights and remedies of Buyer / Seller provided in paragraph (1) of this article are in addition to any other rights and remedies provided by English law and under the Contract.To the extent necessary to implement the termination or cancellation under this Article, the parties waive any right or obligation to the other party may now or hereinafter have under any court or other authority to terminate or cancel this contract. Seller and/or Buyer may agree to cancel/suspend the contract after mutual agreement.

CLAUSE 32: NOTICES

All communications referred to in this contract shall be in writing and shall be sent by registered airmail and/or by e-mail, cable, fax, on the address given.The contract shall be made in English language.

CLAUSE 33: ENTIRE AGREEMENT

This contract constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes any previous agreements between the parties relating to the subject matter. Each party acknowledges and represents that it has not relied on or been induced to enter into this contract by any representation, warranty or undertaking other than those expressly set out in this contract. A party is not liable to the other party for a representation, warranty or undertaking of whatsoever nature that is not expressly set out in this contract.In witness whereof this contact is made in duplicate on the 26 th April 2012 and the duly authorized representatives of the Seller and the Buyer having signed and



sealed on this day and retained one copy each. The fax/e-mail copy of this contract is valid.

Buyer: Seller

____________________________ __________________________________Represented By: Represented By:

Mr Daniel Palumbo Mr. I. Mahesh


Purchase Contract 100'000 Mt Iron Ore With FCR Clause With Signatures and Stamp

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Transcript of Purchase Contract 100'000 Mt Iron Ore With FCR Clause With Signatures and Stamp