Common use of Assays Clause in Contracts

Assays. From the samples taken Buyer and Seller shall each make their own assays results which shall be exchanged in the customary or mutually agreed manner no later than seventy five (75) days from the date of the weight certificate at the smelter pursuant to the shipment. All assays (including any umpire assays) shall show copper content to the nearest 1/100 of one percent, gold content to the nearest 1/10 of a gram per dry metric ton, and silver content to the nearest one gram per dry metric ton, respectively. All assays for precious metals shall be undertaken using the fire assaying technique and shall be adjusted for cupellation losses. All assays for precious metals will be based on a mutually agreed practice & subject to review from time to time. The average of Buyer's and Seller's assays shall govern settlement unless the following splitting limits if applicable, are exceeded: Copper 0.25 percent, Silver 10 grams per DMT and Gold 0.30 grams per DMT. Reference to an Umpire shall be mutual agreement from an agreed list given below. The umpires in the list may be changed from time to time by mutual agreement. The arithmetic mean of the umpire assay and the nearest assay shall be final for settlement. The cost of the umpire assay shall be for the account of the party whose assay is farthest from the umpire assay. If the umpire assay is the exact mean of the Buyer's and Seller's assays the cost of the umpire shall be divided equally. THE UMPIRE LIST

Assays. From the samples taken Buyer and Seller shall each make their own assays results which shall be exchanged in the customary or mutually agreed manner no later than seventy five (75) days from the date of the weight certificate at the smelter pursuant to the shipment. All assays (including any umpire assays) shall show copper content to the nearest 1/100 of one percent, gold content to the nearest 1/10 of a gram per dry metric ton, and silver content to the nearest one gram per dry metric ton, respectively. All assays for precious metals shall be undertaken using the fire assaying technique and shall be adjusted for cupellation losses. All assays for precious metals will be based on a mutually agreed practice & subject to review from time to time. The average of Buyer's and Seller's assays shall govern settlement unless the following splitting limits if applicable, are exceeded: Copper 0.25 percent, Silver 10 grams per DMT and Gold 0.30 grams per DMT. Reference to an Umpire shall be mutual agreement from an agreed list given below. The umpires in the list may be changed from time to time by mutual agreement. The arithmetic mean of the umpire assay and the nearest assay shall be final for settlement. CONTRACT NO: CMT-SIIL/2005 STERLITE INDUSTRIES (INDIA) LTD. The cost of the umpire assay shall be for the account of the party whose assay is farthest from the umpire assay. If the umpire assay is the exact mean of the Buyer's and Seller's assays the cost of the umpire shall be divided equally. THE UMPIRE LISTLIST Alfered H. Knight International Ltd. Eccleston Grange, Prescot Road, ▇▇. ▇▇▇▇▇▇, ▇▇▇▇eyside WA10 3 BQ Eng▇▇▇▇. ▇▇ Inspectorate Griffith Ltd, Perry Road, Witham, Essex CM8 3TU. England. Or Alex ▇▇▇▇▇▇▇ (Assay▇▇▇) ▇▇▇., ▇▇▇▇▇▇▇ ▇▇▇▇, Knowsley Insutrial Estat▇, ▇▇▇▇▇▇▇▇, Merseyside L34 9ER England.