Common use of For Precious Metals Clause in Contracts

For Precious Metals. Net Smelter Returns, in the case of gold, silver, and platinum group metals, herinafter, Precious Metals, shall be determined by multiplying: (a) the gross number of ▇▇▇▇ ounces of Precious Metals recovered from production of Mines during the preceding calendar month, hereinafter, Monthly Production, delivered to the smelter, refiner, processor, purchaser or other recipient of such production, herinaftercollectively, Payor, by (b) for gold, the average of the London Bullion Market, Afternoon Fix, spot prices reported for the preceding calendar month, herinafter Applicable Spot Price, and for all other Precious Metals, the average of the New York Commodities Exchange final spot prices reported for the preceding calendar month for the particular Mineral for which the price is being determined,

For Precious Metals. Net Smelter Returns, in the case of gold, silver, and platinum group metals, herinafter, Precious Metals, shall be determined by multiplying: (a) the gross number of ▇▇▇▇ ounces of Precious Metals recovered from production of Mines during the preceding calendar month, hereinafter, Monthly Production, delivered to the smelter, refiner, processor, purchaser or other recipient of such production, herinaftercollectively, Payor, by (b) for gold, the average of the London Bullion Market, Afternoon Fix, spot prices reported for the preceding calendar month, herinafter Applicable Spot Price, and for all other Precious Metals, the average of the New York Commodities Exchange final spot prices reported for the preceding calendar month for the particular Mineral for which the price is being determined,, and subtracting from the product of Subsections 1.1(a) and 1.1(b) only the following if actually incurred: