I think there was some agreement to expand mining... trying to work out the figures
(c) If the Expansion Commitment Date occurs on or before the Expansion Commitment Deadline Date, Wesfarmers shall, for Rebate Coal paid for after the date on which the Expansion Commitment Date occurs, pay to Stanwell a Tonnage Rebate calculated as follows:
Tonnage Rebate= Tier 1 Tonnage Rebate + Tier 2 Tonnage Rebate
where:
| 1 | | Tier 1 Tonnage Rebate | = | A |
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| 2 | Tier 1 Tonnage Rebate | = | A$0.70 escalated at 1% per annum from 1 July 2002, and calculated Quarterly using the applicable Quarterly compounding factor. | x | Tier 1 Rebate Coal |
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.70 escalated at 1% per annum from 1 July 2002, and calculated Quarterly using the applicable Quarterly compounding factor.x | Tier 1 Rebate Coal | | 3 |
| | | | |
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| 4 | Tier 2 Tonnage Rebate | = | A$0.70 escalated at the Consumer Price Index from 1 July 2008, and calculated Quarterly using the applicable Quarterly compounding factor. | x | Tier 2 Rebate Coal |
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For the avoidance of doubt, should the Expansion Commitment Date not occur on or before the Expansion Commitment Deadline Date, this Clause 12.5(c) shall not apply to Rebate Coal and Clause 12.5(b) shall continue to apply.
Price Rebate:
(d) Subject to Clause 12.5(e), Wesfarmers shall, until the Final Delivery Date, pay to Stanwell a Price Rebate calculated as follows:
| Price Rebate | = | Rebate Coal | x | [25% | x | (Reference Coal Contract Price - Tier 1 Rebate Coal Floor Price)] |
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(e) If the Expansion Commitment Date occurs on or before the Expansion Commitment Deadline Date , Wesfarmers shall, for Rebate Coal paid for after the date on which the Expansion Commitment Date occurs, pay to Stanwell a Price Rebate calculated as follows:
Price Rebate =Tier 1 Price Rebate + Tier 2 Price Rebate
where:
| Tier 1 Price Rebate | = | Tier 1 Rebate Coal | x | [25% | x | (Reference Coal Contract Price - Tier 1 Rebate Coal Floor Price)] |
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| 1 |
| | | | | | |
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| 2 | Tier 2 Price Rebate | = | Tier 2 Rebate Coal | x | [10% | x | (Reference Coal Contract Price - Tier 2 Rebate Coal Floor Price)] |
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For the avoidance of doubt, should the Expansion Commitment Date not occur on or before the Expansion Commitment Deadline Date, this Clause 12.5(e) shall not apply to Rebate Coal and Clause 12.5(d) shall continue to apply.
(f) For the avoidance of doubt, the Price Rebate for the relevant tier of coal will be zero where the Floor Price applicable for that tier is equal to or greater than the Reference Coal Contract Price.
Pit U East Area ROM Rebate:
(g) Wesfarmers must for every applicable Month, pay to Stanwell an amount equal to:
the Pit U East Area ROM Rebate x the Pit U East Area ROM Tonnage for that Month
Rebates—General:
(h) Wesfarmers shall prepare Monthly, and have certified as correct by a senior executive of Wesfarmers authorized to bind Wesfarmers, a statement (“Monthly Rebate Coal Statement”) setting out for that Month, the Rebate Coal, the coal that has been delivered and that will become Rebate Coal when paid for,
(20min delay)