A mineral transaction is not limited to a commercial offer and a quantity. It relies on identifying the product, stated quality, actual available quantity, location, testing procedure, payment method and delivery terms.
The first stage is to qualify the requirement. A buyer should specify the mineral sought, quality or carats where applicable, volume, destination and preferred commercial terms. For a selling opportunity reviewed by BAG, the same information should be documented as far as possible.
Document verification comes before major commitments. Depending on the file, it may cover the identity of the parties, company documents, declared product origin, available assay reports, mandates and commercial documents required for the transaction.
When the product must be tested, the procedure defines the refinery or laboratory, test location, persons authorized to attend and how the assay result affects final quality and commercial terms.
“The commercial procedure should be understood and accepted by the parties before any stage involving the product, funds or delivery.”
— BOURÈ AURUM GROUP
— BOURÈ AURUM GROUP
Payment and delivery terms are then defined in the contractual documents. Depending on the transaction and applicable legal framework, the parties may agree to bank transfer, payment after assay or another permitted method. Delivery terms may include FOB, CIF, CFR, FCA, EXW or other agreed terms.
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