Purchase and Sales Contract of Coal
Exhibit
10.61
Purchase
and Sales Contract of Coal
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Date
of Contract: 2010/01/31
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Contracting
Place: Shuncheng Company
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Contract
No.:
JGL20100131-01
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The Buyer: Henan Shuncheng
Group Coal Coke Co., Ltd
The Seller: Zaozhuang Hengxin
Trade Co., Ltd
This
contract is concluded through friendly consultation by both parties and on the
basis of equality and win-win cooperation.
1.
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The Seller
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Type of
Goods
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Unit Price
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Quantity
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Quality Standard
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Zaozhuang
Hengxin Trade Co., Ltd
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Fat
coal with high sulfur content
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RMB
1360/t (including tax and the expenses of sending the goods to the Buyer’s
factory)
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ton/month
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ash≤9%
sulfur≤2.3%
volatilization≤44%
water≤8%
G
Value≥90%
Y≥16%
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2.
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Measurement:
Based on the measurement made by the
Buyer.
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3.
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Delivery
and Inspection: The Seller shall deliver the goods by truck to the
appointed place made by the Buyer for sampling. The result of inspection
shall be based on the result made by the Buyer. Should any party dissents
with the result, the application of re-inspection shall be made within
three working days. Or the dissents may be submitted to Anyang Steel Group
for arbitration and the arbitration award shall be final and bind the two
parties.
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4.
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Settlement
and Payment: Settlement shall be made against specification of weight and
laboratory sheet reviewed by the Buyer. It is tacitly agreed if there is
no suggestion.
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5.
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Unit
Price (including tax and the expenses of sending the goods to the Buyer’s
factory) or Acceptance Price is ▇▇▇ ▇▇▇▇/▇▇▇. If there is any change in
price, the supplementary agreement shall
prevail.
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6.
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Others:
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6.1
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When
the content of ash is between 9.01% and 9.5%, the Unit Price shall decline
by RMB 0.2/ton if the ash increases by 0.01%. When the content of ash is
between 9.51% and 10%, the Unit Price shall decline by RMB 0.5/ton if the
ash increases by 0.01%. And when the content of ash is between 10.01% and
10.5%, the Unit Price shall decline by RMB 1/ton if the ash increases by
0.01%. When above 10.51%, the Unit Price shall decline by ▇▇▇ ▇▇▇/▇▇▇ if
the ash increases by 0.01%.
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6.2
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When
the sulfur is less than 2.3%, the Unit Price shall decline by RMB 1/ton if
the sulfur increases by 0.01.
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6.3
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When
the G Value is less than 90%, the Unit Price shall decline by RMB 3/ton if
the G Value declines by 1%. When the G Value is less than 85%, the Unit
Price shall decline by RMB 5/ton if the G Value declines by
1%.
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6.4
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The
Unit Price shall decline by RMB 3/ton if the Y Value declines by
1%.
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6.5
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The
Unit Price shall decline by RMB 3/ton if the Volatilization exceeds the
scope specialized by this contract by
1%.
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6.6
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When
the water is more than 8%, the Unit Price shall decline by RMB 1/ton if
the water increases by 1%.
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6.7
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Should
adulteration exits, the Seller shall be subject to a penalty of RMB Fifty
Thousand.
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7.
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The
disputes shall be solved by friendly consultation between the two parties.
If no agreement is reached though consultation, the disputes shall be
arbitrated by People’ Court of Anyang County and the arbitration award is
final.
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8.
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The
term of validity of this contract is one month from the signature date of
contract.
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9.
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This
contract is made out in four sets. The two parties shall hold one copy
each. This contract shall come into force on the day when it is signed and
stamped by both parties.
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The
Buyer: Henan Shuncheng Group Coal Coke Co., Ltd
Address:
Gongye Road,
South of Tongye Town
Bank of
Deposit: Construction Bank of China, Anyang Zhongzhou Branch
Account
No.:
Tax No.:
410522614985801
Legal
Representative: /s/ Wang Xinshun
Entrusted
Agent:
Fax:
▇▇▇▇-▇▇▇▇▇▇▇
Telephone
No.: ▇▇▇▇-▇▇▇▇▇▇▇
The
Seller: Zaozhuang Hengxin Trade Co., Ltd
Address:
Xingcheng Subdistrict Office, Zaozhuang High and New Technology Industrial
Development Zone
Bank of
Deposit: Xuecheng Credit Union, Rural Credit Cooperative Union of Xuecheng
District, Zaozhuang City
Account
No.:
Tax No.:
370403738165944
Legal
Representative: /s/ ▇▇▇▇ ▇▇▇
Entrusted
Agent:
Fax:
▇▇▇▇-▇▇▇▇▇▇▇
Telephone
No.: ▇▇▇▇-▇▇▇▇▇▇▇
Supplementary
Agreement
The Buyer: Henan Shuncheng
Group Coal Coke Co., Ltd
The Seller: Zaozhuang Hengxin
Trade Co., Ltd
In
accordance with the current changes in the coal market, connecting with the
practice, and based on the prerequisites of mutual benefits, the supplementary
agreement is made on the basis of the purchase and sales contract of coal signed
on January, 31st, 2010
with your company.
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1.
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Unit
Price: In March, 2010, the Unit Price for high sulfur rich coal is ▇▇▇
▇▇▇▇/▇▇▇ (including tax and expenses of sending the goods to the Buyer’s
factory).
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2.
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Payment:
Pay off upon receipt of the
invoices.
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3.
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Should
the price need any change, the two parties shall consult about it
separately.
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4.
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Other
provisions need not change and shall be implemented according to the
original contract.
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The
Buyer: Henan Shuncheng Group Coal Coke Co., Ltd
Representative:
[illegible]
The
Seller: Zaozhuang Hengxin Trade Co., Ltd
Representative:
[illegible]
2010 /
04/
04