CMN Group definition
Examples of CMN Group in a sentence
As part of the ordinary and usual course of business, the Group sells the Product to the CMN Group.
On 5 April 2012, the Company entered into the Products Sale Framework Agreement with CMN in relation to the sale of copper cathode, copper concentrate, zinc concentrate and lead concentrate produced, processed, manufactured, traded or distributed by any member of the Group to the CMN Group.
Pursuant to the CMN Framework Offtake Agreement, CMN will purchase or will procure other members of the CMN Group to purchase, and MMG SA will sell, a portion, being initially approximately 77.71%, of the copper concentrate that MMG SA has purchased from the JV Company pursuant to the MMG Framework Offtake Agreement, subject to the Company having obtained the approval by the Independent Shareholders of the CMN Framework Offtake Agreement at the EGM and Completion having taken place.
As part of the Group’s ordinary and usual course of business, the Group has been selling Products to the CMN Group.
Accordingly, it is expected that the pricing terms under individual long form sale agreements to be entered into between the Group and the CMN Group pursuant to the CMN Framework Offtake Agreement, including the Metal Payments, the Metal Prices and the Quotational Period, will be comparable with those under the Sample Contracts and those between the Group and independent third parties.
Pricing : CMN may purchase (or CMN may procure other members of the CMN Group or its associates to purchase), and MLB may sell, the Product at prices determined on an arms’ length basis and comparable to the prevailing market rates or at rates similar to those offered by MLB to any other independent third party.
To minimise the Group’s risk of being unable to sell the products from the Las ▇▇▇▇▇▇ Project profitably in adverse market conditions after the commencement of production, it is beneficial for the Group to secure a stable and long-term revenue stream from the sales of copper concentrates to the CMN Group.
Such metal payment percentages will require endorsement by the chief financial officer of the Company and approval by the chief executive officer of the Company, both of whom are independent of the CMN Group, and in addition, will require approval by the independent board committee of the Company as part of the long form sales agreement.
The CMN Group shall purchase the Offtake Percentage of copper concentrates from the Las ▇▇▇▇▇▇ Project.
The Company proposes that the maximum aggregate amount payable by the CMN Group to the Group under the Copper Concentrate Sales Framework Agreement for the financial year ending 31 December 2016 is US$45.0 million.