Common use of Historical figures Clause in Contracts

Historical figures. The historical amounts of the fees for the provision of refining services by ▇▇▇▇▇▇▇ Refinery to the Group for the two years ending 31 December 2009 and 31 December 2010 and the ten months ended 30 October 2011 are set out as follows: For the year ended 31 December For the year ended 31 December For ten months ended 30 October The Company expects that the annual fees payable by the Company to Zhaojin Refinery for the provision of gold refinery services for the three years ending 31 December 2012, 31 December 2013 and 31 December 2014 shall not exceed RMB7,300,000, RMB8,400,000 and RMB9,700,000, respectively. The above annual caps are arrived at after taking into account (i) the historical fees payable by the Company to Zhaojin Refinery for the provision of the gold refinery services; and (ii) the expected increase in the sales and production of gold by the Group. As stated in the Prospectus, PRC laws and regulations require gold refining to be carried out at a refinery that has been licensed by the Shanghai Gold Exchange to produce standard gold bullion. The Group is not a qualified gold refinery and has to rely on other enterprises that possess the relevant licence to refine the crude gold to standard gold bullion. Zhaojin Refinery is a licensed gold refinery in the PRC and has been commissioned by the Company to refine its gold since its incorporation. Given the aforesaid and after taking into account the terms of the Gold Refinery Agreement, the Directors (including the independent non-executive Directors) consider that the entering into of the Gold Refinery Agreement is in the interests of the Company and the Shareholders as a whole, and the terms thereof are on normal commercial terms and fair and reasonable.

Historical figures. The historical amounts of the fees for the provision of gold refining services by ▇▇▇▇▇▇▇ Refinery to the Group for the two three years ending ended 31 December 2009 2012, 31 December 2013 and 31 December 2010 and the ten months ended 30 October 2011 2014 are set out as follows: For Gold refinery fee payable by the year ended 31 December For the year ended 31 December For ten months ended 30 October Group to Zhaojin Refinery 6.79 7.24 4.49 The Company expects that the annual cap for the fees payable by the Company to Zhaojin Refinery for the provision of gold refinery refining services for the three years ending 31 December 20122015, 31 December 2013 2016 and 31 December 2014 2017 shall not exceed RMB7,300,000RMB7,500,000, RMB8,400,000 RMB8,800,000 and RMB9,700,000RMB9,900,000, respectively. The above annual caps are arrived at after taking into account (i) the historical fees payable by the Company to Zhaojin Refinery for the provision of the gold refinery refining services; and (ii) the expected increase in the sales and production of gold by the Group. As stated in the Prospectus, PRC laws and regulations require gold refining to be carried out at a refinery that has been licensed by the Shanghai Gold Exchange to produce standard gold bullion. The Group is not a qualified gold refinery and has to rely on other enterprises that possess the relevant licence to refine the crude gold to standard gold bullion. Zhaojin Refinery is a licensed gold refinery in the PRC and has been commissioned by the Company to refine its gold since its incorporation. Given the aforesaid and after taking into account the terms of the Gold Refinery Agreement, the Directors (including the independent non-executive Directors) consider that the entering into of the Gold Refinery Agreement is in the interests of the Company and the Shareholders as a whole, and the terms thereof are fair and reasonable, entered into on normal commercial terms and fair in the ordinary and reasonableusual course of business of the Company.