NICKEL ORE SALES CONTRACT This Sales Contract (this contract ) is made on 23 May 2010 and entered into

by and between : Company Name : MINSOURCES INTERNATIONAL PTE.LTD Address : Telephone Fax Email Authorized Signatory : : : :

(Hereinafter referred to as Buyer ) Buyer and Seller are each individually a Party and collectively the Parties . Whereas, the Parties desire to record the Contract between them under and by virtue of which Buyer desire to buy from Seller and Seller desire to sell to Buyer under the terms and conditions of this Contract. NOW THEREFORE, seller agrees to sell and Buyer agrees to purchase the nickel ore produces by Seller on the following terms and conditions : In this contract, the above term shall, unless otherwise specifically defined, have the following meanings : (A) Ore means nickel ore of Indonesia origin (B) USD means the currency of the United States of America. (C) Metric Ton or MT means a ton equivalent to 1,000 kilograms. (D) LC means The Letter of Credit (E) WMT means wet metric ton . (F) SGS (China) means the mutually agreed Independent Quality and Quantity Survey & Inspection Company to be used for Quality and Quantity determination in China.

01% (on dry basis) Below 12% >30% Above 45% (on dry basis) 2. The ore supplier by Seller shall be obtained from Tanjung Buli ore deposit (PT. COMMODITY / QUALITY Name of Commodity : Laterite Nickel Ore. Amount of this transaction is about 50.75% until 1. or accept it under different conditions and term that will bw re-negotiated and agreed by both parties. Aneka Tambang Origin) located in Halmahera Island.80% (on dry basis) Below 0.30% Rejection Level Below 1. 3.000 WMT minimum per shipment lot (plus or minus 10%). CIF .10%).70%. or prorate thereof. If the Nickel (Ni) content be more than 1. No bonus/penalty for the Nickel Ore in the range of 1. PRICE The price for each shipment of nickel ore shall be calculated in USD 49 per WMT. Both parties agree that the nickel ore will have the following typical specification : Element / Parameter Ni P Fe Moisture SiO2 MgO Precentage by Weight 1.30/WMT for every 0.80%.70% (on dry basis) Above 0. buyer has the right to reject the shipment. QUANTITY The quantity of nickel ore to be delivered and accepted under the terms and conditions of this Contract is 50.80% then the price shall be increased by USD 0.China in the following manner. Indonesia.01% (on dry basis) 12% .01%. BONUS & PENALTY If the Nickel (Ni) content on dry basis is lower than 1.20% (on dry basis) 26% 35% 20% .1. 4.000 WMT (+/. .

The laytime will commece at 13.1.500 WMT PWWD SHINC 7. Seller shal submit to Buyer. PT. Delivery is to take place at Tanjung Buli. Or accept it under different conditions and term that will be re-negotiated and agreed by boyh parties. Indonesia. It is agreed by the Parties that the results of Seller s analysis shall be basis for the 98% provisional payment of seller s invoice by at loading Port. 5.3. The method of sampling and analysis will be based on the PT. Quantity for ach shipment shall be minimum 50. Aneka Tambang s standard method in accordance with method of sampling and analysis by Japanese Standard / JIS.000 WMT.1. 5.2.2. . part of day shall be included prorate in the calculation. 5. Seller will be chargered of USD 1. Discharge rate : 12. Buyer will reject the cargo based on the Moisture more than 30% in the shipment cargo.4. The last date shipment : before 15th June 2010.3. SUCOFINDO as Independent Surveyor during loading.3. ANTAM MINING. Nickel ore relevant to this Contract shall be shipped in bulk. (waiting for antam approval). Weight thus weighted shall be used as the basis for Seller s provisional invoice and hereinafter called Seller s Invoice Weight . At or as soon as possible after the signing of this contract.00/WMT for each 1% of moisture below 26%. 8. Seller will get bonus of USD 1. If the moisture content is higher than 26%. DELIVERY TERMS AND TIME OF DELIVERY 5. 8.00/WMT for each 1% of moisture high 26%. Dispatch shall be paid by Buyer to Seller at the rate of USD 10. Tianjin China s time.2.1. 5. Sampling of nickel ore from each shipment shall be taken by PT. WEIGHT DETERMINATION Nickel ore shipment shall be weighted at the port of loading and certified by Shipmaster according to the draft of vessel. SAMPLING AND ANALYSIS 8. It is agreed that the time of shipment can be adjusted and will be informed according to Seller s production. Halmahera .000 (Ten Thousand US Dollar) per day of 24 hours or prorate for time saved. 5. 6. DISPATCH 6. 8. Buyer has the right to be represented at their own expense during sampling and analytical operation for determination of the specification of nickel ore conducted by Seller. a proposed schedule of ship of this Contract. 6.5. In calculation dispatch money payable.00 on Xingang Port. 6.If the moisture content is lower than 26%.

at buyer s expense.1. Certificate of Origin issued by Seller. 8. 2. The chemical composition and the physical properties as determined at discharging port shall be binding for buyer and seller for settlement purposed.450. The LC will be issued by Buyer through. Seller s Provisional Commercial Invoice in 3 (three) originals.4.4. The SGS testing services company LTD report at the discharging port shall be final and binding on both parties. appoint SGS testing services company LTD to take sample and conduct analysis of chemical and physical composition of the shipment and shall provide a certificate showing the determinatives.2. c. at buyer s expense. 3 (three) originals Bill of Loading shall be presented. .10% from the amount) to be delivered to : Bank Name Bank Address Account No.000. Certificate of Analysis issued by PT. e. Sucofindo Indonesia. b.4. 8. Bank Name : The Agricultural Bank of China. appoint SGS testing services company to determine the weight of shipment of draft survey and shall provide a certificate showing the determinatives of the shipment and shall provide a certificate showing the determinatives.4. At the discharging port buyer shall. 8.3. Account Name Swift Code : : : : : As Seller s Advising Bank issued in favor of Seller. The weight of ore as determined and certified at discharging port shall be the binding for buyer and seller for settlement purposed. Ningbo Branch China 9. d. PAYMENT To be settled by documentary credit as follows : 9. At the discharging port buyer shall. 9. that is USD.2 The provisional payment 98% of the shipment value shall be paid against LC at Sight on presentation of the following documents : a.1 Five (5) days after signing this contract Seller shall recive an Irrevocable Letter of Credit (LC) issued by Buyer an amount of 100% (one hundred percent) of estimated value of the total quantity of nickel ore. Certificate of Seller s Invoice.8.(with allowance +/.

whether verbal. accidents.9. embargo. b. ASSIGNMENT Neither Buyer not Seller may assign or transfer any of its rights. both parties shall discuss whether to extend. 11. suspend. FORCE MAJEURE Should the implementation of this Contract be hindred or delayed by events beyond the control of either party. within 30 days after the B/L date. fire. ENTIRE CONTRACT MODIFICATION This Contract constitutes the entire agreement between Seller and Buyer concerning the subject matter hereof. 12. . wich consent may not be unreasonably whitheld. etc. strike. In the case of majeure event. undertaking and agreement. such as. Any modifications of this Contract shall be made in written agreement between the Parties and shall be made integral parts of this Contact. natural disasters. between the Parties concerning the subject metter should there be any differences or conflicts with this Contract. 10. One copy of certificate of weight issued by SGS China at the discharging port. neither party shall be responsible for the breach of this Contract. 13. c. This Contract overrules all previous documents. One copy of Certificate of Analysis issued by SGS China at the discharging port. Any waiver must be in writing. The Party affected by force majeure event shall notify the other Party immediately in writing and submit a certificate issued by Local Government within 7 (seven) days of such events. benefit or obligations under this Contract without the prior written consent of the other Party. riots. acts of God. TheLoading Port Certificate of Analysis issued by Seller shall be used for basis of final payment of balance shipment value of 2% of seller s invoice if the buyerdoes not provide the Certificate of Analysis issued by SGS in China at the discharging port. Seller s Final invoice with price adjustment according to quality and weight certificate issued by SGS China at dischargingport in three original and three copies. but not limited to war. acts of Government Autorities.3 The Balance Payment The balance final payment of the shipment value shall be paid by same irrevocable Letter of Credit to Seller or Seller nominated bank upon presentation of the following documents : a. or cancel this Contract without penalty to the Party affected. WAIVER The failure of either party to insist upon strict adherence to any terms of this Contract on any occasion shall be considered a waiver of any rights thereafter to insist upon strict adherence to that terms or any other terms of this Contract. written or otherwise.

1. SEVERABILITY The validity of remaining provision of the Contract shall not be affected by a court. including any question regarding its existence. administrative board or other proceedings of competent jurisdiction deciding that any provision or part of this Contract is illegal. in case Seller and Buyer fail to achieve friendly settlement. No Party Shall be liable to any other Party. This contract is subject interpretation of Incoterms 2000 edition. NOTICE All notice given under this Contract shall be in writing and addressed to the Parties set fort below : Seller : MINSOURCES INTERNATIONAL PTE. This clause shall apply notwithstanding any other provision of this Contract. whether arising under Contract.LTD Buyer : 17. the Parties hereby agree that any dispute arising out of or in connections with this Contract. 15. .14. unenforceable. In such event the Parties hereto shall be amendment in conformity with the public act. validity or terminations. tort (including negligence). SETTLEMENT OF DISPUTE AND GOVERING LAW Any dispute arising from this Contract shall be settled as far as possible by friendly negotiations between Seller and Buyer. This Contract shall be governed by construed in accordance with the law of Republic of Singapore. The place of Arbitrations shall be in Singapore. MISCELLANEOUS 17. shall be finally resolved by arbitration under International Chamber of Commerce Rule Arbitration. 16. in conflict with any or contrary to public policy. Strict Liability or otherwise for loss of antipicated profits or consequential damage of any nature arising at any time from any cause whatsoever. propely replace such provision by a reasonable new provision or provisions which as far as legally possible approximate what the Parties intended by such original provision and the purpose thereof. However.

The Party with such objection will have to inform the other Party in writing. In the event one or several provisions of this Contract should be invalid.2. The Parties shall replace any invalid provision by such a provision wich comes as close as possible to the economic intent of the invalid provisions. the validity of the other provisions shall not be affected. 18. SPECIAL CLAUSE Terms of condition of this Contract will be reviewed from time to time should one of the Parties have any objection due to interpretation of the Contract. IN WITNESS WHEREOF. A solution will be settled between the parties within a reasonable time.17. the Parties hereto have executed this Contract as of the date first above written. Seller Buyer Director .

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