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Regional Office

Suite 1.01, Level 1, 999 Nepean Highway,


Moorabbin 3189, Australia
P:61-3-90291610 M:61-433747380
E:philthomas@panopus.net
SKYPE:pthomas1605
Registered Office
British Virgin Islands

Australis Mining Ltd

Suite 20.04, Level 20


615 Rosario Norte
Las Condes Santiago Chile
Ph56-2-4809700

Hong Kong Office


Unit 12.02, Level 12, 1 Peking Road
TsimShaTsui, Kowloon, Hong Kong
ph: 852 3980 9262 Mobile 852 9786 0980

30 January 2013
IRON ORE TERM SHEET
Exporter:

SCM Vallenar Iron Company (RUT 76 190 330 6)

Mines Location:

Vallenar, Chile

Nearest Port:

Coquimbo, Chile (container)

Quantity:

12,000 tonnes 3,000 tonnes per week magnetite

Contract term:

3 to 12 months

Frequency:

One Shipment per week of 3,000 tonnes commencing


25 February 2013 (arrives China 28 days later)

Sampling Surveyor:

Laboratorio Quimico, San Lorenzo, Alex Stewart

Pricing Base price Offer expires at 6pm 10 February 2013 Aust. East
Summer time
Price reference is Platts TSI Spot Index 62.0% Fe benchmark. Current base
price (CFR Qingdao) 62% Fe is (28/01/2013) $148.40 per tonne.
CFR container price offered is $125.00 (for basis 62.0% Fe (price rejection
60.0%) typical 62.25% Fe (Magnetite) - Fe DMTU per tonne per 1%
(bonus/penalty)
Alternative pricing is Platts 62% TSI on date of vessel tender for discharge
less 8% discount.
To arrange a sales contract please contact Phil Thomas, CEO Vallenar Iron
Company on +61 433 747 380 or +1 747 200 9412 by email at
philthomas@panopus.net
We can arrange to unload the containers at your port in the bond area at a very
competitive price.
_____________________________________________________________________________________________________
17 January 2013
Vallenar Iron Company - Iron Ore Chile
Page: 1 of 3

Payment
Irrevocable Letter of Credit (ILC) (revolving) that can be confirmed by HSBC 95%
on delivery of Bill of Lading, Commercial Invoice, Certificate of Weight and Analysis,
Certificate of Origin.
ILC to be opened for minimum of 12,000 tonne shipments with partial drawdown
available at sight documents for each shipment. Per month: 4 x 108 containers x 28
tonnes by 62% Fe x $125.00 = $1,512,000.
Order Process
1.
2.
3.
4.

Acceptance of term sheet signed term sheet by email


Purchase Contract Signed with Vallenar iron Company
Shipping Schedule agreed weekly shipments of 3,000 tonnes.
Irrevocable Letter of Credit to Vallenar Iron Company, must be able to be
confirmed by HSBC Bank or Bank of China and provided within 5 days of
signing contract and remain open for at least 90 days from end of the month
and have partial drawdowns (each week, each lot of 3,000 tonnes.
5. 95% drawn at sight on copy of documents:- Commercial Invoice, Bill of
Lading, Alex Stewart, Laboratorio Quimico, San Lorenzo or Inspectorate
Element Analysis Certificate, Weight Survey Certificate, Packing Certificate,
Certificate of Origin.
6. CIQ element analysis survey and final commercial invoice (plus or minus) for
5%.
Product Specifications
Element
Typical Guarantee Price
Rejection
Fe
62.25% 62.00%
60.00%
S

0.07%

0.09%

0.13%

SiO2

4.0%

6.00%

8.00%

0.08%

0.09%

0.13%

Al2O3

1.46%

2.50%

3.50%

Na2O and
K2O
CaO
MgO

0.18%

0.20%

0.30%

0.7%
0.01%

1.5%
0.2%

2.0%
0.25%

H2O
Size
Distribution

1.70%

4.00%

5.00%

Typical
0%

Guarantee Rejection
1%
Max 2%

6-10mm

Penalty/Bonus Bulk FOB


USD 2.00 (two) per DMTU for each 1% Fe above or
below 62.0%, fraction pro-rata to rejection level.
At the rate of 10 (ten) U.S. Cents per DMT for each
0.01% in excess of 0.09%.
At the rate of 10 (ten) U.S. Cents per DMT for each 1%
in excess of 6.00%.
At the rate of 10 (ten) U.S. Cents per DMT for each
0.01% in excess of 0.09%.
At the rate of 10 (ten) U.S. Cents per DMT for each
0.1% in excess of 2.5%.

At the rate of 10 (ten) U.S. Cents per DMT for each


0.1% in excess of 0.2%.

For each WMT of Iron Ore more than 1% which is


above 10mm screen, a penalty at a rate of USD0.10
per wet metric ton shall be applied, fractions pro rata.

_____________________________________________________________________________________________________
30 January 2013
Vallenar Iron Company
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6mm-0.15mm

95%

75%

Min 70%

For each WMT of Iron Ore less than 80% which is


below 0.15mm screen, a penalty at a rate of USD0.10
per wet metric ton shall be applied, fractions pro rata.

<0.15mm

5%

25%

Max 35%

For each WMT of Iron Ore more than 25% which is


below 0.15mm screen, a penalty at a rate of USD0.10
per wet metric ton shall be applied, fractions pro rata.

We accept your offer as set out in this term sheet and final acceptance of terms will
be signing the sale and purchase contract.

.
Name:
Designation/Position:
Company

Regards

Phil Thomas
CEO
Australis Securities Ltd
Vallenar Iron Company

_____________________________________________________________________________________________________
30 January 2013
Vallenar Iron Company
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