financing is here 100% to glencore, page-6

i asked this exact question at agm today.

deal is a "standard off-take agreement" with off-take prices linked to the respective LME metals prices prevailing at time of sale and there is also a refining charge to ytc. the exact details of the agreement were not elaborated (as is often the case). i would assume that glencore would have a particular discount (either percentage or absolute amount) off the LME prices. the question is how much is that discount? i have no idea and don't expect ytc to detail this to the public (but i would be very interested to know!).

note that the offtake agreement applies only to base metal concentrates. any gold/silver dore produced by ytc can be sold to whomever.

also i forgot to post earlier: a good point re the offtake agreement is that glencore have existing port access arrangements for transfer from rail to ship at newcastle for the base metals concentrate. i imagine that this is something that would have separated the glencore finance/offtake offering from all others (including yunnan tin).

k