Gold is considered a safe-haven in the long term. With the COVID19 crisis and the travel restrictions, traditional buyers of raw gold bars and nuggets cannot conduct “cash and carry” in traditional gold producing countries.
Local miners now work with professional raw gold exporters who avail their gold to international markets to be sold and refined. This creates new opportunities for buyers of gold nuggets and raw dore bars also during an “almost” global shut down of commercial activities. Here is the latest deal selling raw gold bars and nuggets delivered CIF to your refinery anywhere worldwide.
An off market Gold transaction is now available through a well established commodity trader. Their main business, for years, is to export Coal, Zinc Ore, Lead Ore, Copper and Iron Ore to markets around the globe. They have been shipping significant quantities of Nigerian Lead ore to China since 2008 and are well placed in that market. With their mining contacts in West Africa (Nigeria Ghana) East and Central Africa - Cameroun and their team of trading experts they now avail CIF delivery to any major and recognized Refinery worldwide. They are reliable, experienced in international trade and capable of handling transactions up to 300KG a month.
The CIF price is LBMA based, with a 7% gross discount to the buyer and an option for a FIXED BID PRICE for 22, 23 and 24 carat.
A buyer has to be qualified for CIF terms. The buyer’s capacity to pay has to be established through an acceptable bank Letter of Guarantee in favour of seller issued by a top 50 world bank.
TRANSACTION PROCEDURES:
Buyer executes this Agreement in accordance with the terms herein and provides it together with convincing evidence issued by the buyer’s bank of the financial capacity of the buyer to engage into this transaction.
IF THE BUYER’S SUBMISSION IS ACCEPTABLE TO THE SELLER, within three (3) Business Days after execution of this Agreement by the buyer, and submission to the Seller, the Seller will sign and accept this Sales and Purchase Agreement and will return one executed copy to the buyer.
Within three (3) Business Days after due execution of this Agreement, Buyer will provide a letter of confirmation from his top 50 world bank stating that they are ready to issue an acceptable bank Letter of Guarantee in favor of the seller confirming the Buyer’s financial capacity for the payment of the Gold bars for each shipment and provide a copy of the guarantee verbiage that the buyer’s bank is ready to issue.
IF THE BUYER’S SUBMISSION IS ACCEPTABLE TO THE SELLER, within three (3) Business Days the seller will issue Pro Forma invoice and a commercial invoice and provide available evidence to the Buyer demonstrating Proof of Product. Further documents are provided as they will be available during the export process and may include:
- Inventory of goods - packing list with gross and net weight of the gold content, net weight of each Gold Bar, number of Gold Bars per box serial numbers of packing boxes;
- Insurance Certificate;
- Export license;
- Certificate of ownership stating that Seller is the lawful owner of the goods;
- Export Permit;
- Preliminary Assay Report;
- Customs Certificate a receipt of the country of origin;
- Title of exportation and declaration by Seller/Supplier/Owner stating that payment of all duties, charges to the relevant authorities at origin, that the Gold Bars is of non-criminal origin, unencumbered and free of any liens, transferable and exportable;
- Shipping Approval Certificate;
- Any other documentation requested by Import and Customs Authorities in the Import Country or the Refinery in the Import Country that may even request full details of the mine that the gold was produced
IF THE SELLER’S DOCUMENTATION IS ACCEPTABLE TO THE BUYER, within three (3) Business Days, the Buyer’s bank will issue the agreed, acceptable bank Letter of Guarantee in favor of seller. The Letter of Guarantee will be issued from the top 50 World Bank with the seller's bank confirming financial capacity of the buyer for the payment of the Gold bars for each shipment.
Once the agreed acceptable bank Letter of Guarantee in favor of seller has been established and confirmed, “Seller shall arrange the shipment on a CIF basis and notify the Buyer of the estimated arrival date by sending copy of all the shipping documents as per section 6 to Buyer via electronic mail and will transport the trial shipment from Nigeria to buyer’s Refinery destination for the final assay.
Physical Inspection of Material. Upon arrival to the Buyer’s Refinery Destination airport and safe storage in a bonded warehouse, the “Seller” shall invite Buyer Representative(s) to physically inspect the products at the bonded warehouse. Upon satisfaction of physical inspection, Buyer Representative shall call the designated refinery to book capacity for assaying the Material.
Goods Receipt Note. Upon delivery of the Material to the Buyer’s designated refinery, the Buyer Representative, together with representatives from the Refinery shall open all Material boxes together and weigh all of the Material prior to initiation of the assay. A Goods Receipt Note (“GRN”) shall be issued by the Buyer Representative to the “Seller” to acknowledge receipt and delivery of the Material.
Full Assay Report. Assaying shall be performed on the same date of delivery and a Full Assay Report shall be issued on the same day from the issuance of the GRN confirming the weight, purity and fineness of the Material.
Purchase Price Calculation. Upon mutual agreement of the Full Assay Report, the price shall be calculated in accordance with the procedure set forth in the Agreement.
Local Wire Transfer. Upon agreement of the Material Purchase Price, Buyer shall pay the Discounted Purchase Price by way of local wire transfer as detailed and in accordance with the SPA to the “Seller” designated bank account within twenty-four (24) hours, or if that option was chosen, the agreed FIXED BID PRICE.
Together with a submission a potential buyer will have to provide convincing evidence of your financial capacity to access and avail such a facility to be considered. Without such convincing evidence, applications are not considered.
You can request a copy of the Sales and Purchase Agreement here: https://frl.activehosted.com/f/300
For more details, contact Jerome, Gold Trade & Finance Partner
updatesfrombreakingnewsdubai[@]gmail.com
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