Iron Ore QUANTITY A minimum combination of 60,000 (Sixty Thousand) metric tons of Iron Ore for the 1st (first) and 2nd (second) month. 100,000 (One Hundred Thousand) metric tons or more of Iron Ore for the 3rd (third) month through the 36th month. Any amounts more than 100,000 metric tons will be agreed upon by the Parties. QUARTERLY PRICE ADJUSTMENTS The price of Iron Ore will be reviewed and/or adjusted for any market fluctuation of 10%+/- quarterly and shall be adjusted accordingly (Mutually Agreed Adjustments). QUALITY Chemical Specifications on a dry basis: Typical Typical Minimum / Maximum Rejection Limit Fe 65.0% + 65.0% minimum 64.9990% SiO2 4.50% 4.5% maximum 8.0% Al2O3 2.0% 2.0% maximum 3.0% S 0.08% 0.150% maximum 0.150% P 0.08% 0.10% maximum 0.10% Impurity Elements Limit K2O and Na2O 0.25% Pb 0.1% As 0.07% Zn 0.1% Cu 0.2% TiO2 0.1% PAYMENT All payments shall be made to the sellerâ??s bank for all material/products offered to the client. Paid in USD by telegraphic transfer and paid FOB PORT by any of the listed terms: Irrevocable Escrow Account, Transferable Escrow Account, Bank to Bank, MT Certificates or Documents Confirmed, revolving if necessarily, issued by an approved G/7 bank, payable 100% to the seller bank buy a US licensed 3rd party paymaster, against presentation of shipping and Licensed Certified Lab and/or SGS documents, paid equal to value of cargo loaded per vessel.
