"Subsequent to the end of the quarter, Marc Rich + Co Investment AG has lodged a claim in the London Court of International Arbitration regarding a pre-acquisition contract entered into with Société de Minière de Kolwezi sprl (SMK) (formerly known as Société de Traitements de Réjets de Mutoshi s.p.r.l.) and its pre-existing shareholders. SMK intends to defend this action."
Mnut, can you (or anyone else) please confirm that an "off take agreement" is an agreement between company X to supply company Y with an agreed amount of material?
If correct, then Marc rich seems to be claiming that he had an agreement in place with SMK (In December 2004, Anvil Mining Limited purchased an 87.5% interest in Emiko which in turn owns an 80% interest in SMK, with Gécamines holding the remaining 20%. This is referred to as the Mutoshi Joint Venture. The purchase of these interests was concluded during the second half of 2004 with all the necessary approvals being obtained from Gécamines, SMK, Emiko and the Minister of Mines.) to purchase X amount of material produced by SMK.
Now assuming Marc Rich does have a case (???) then I'd like to know whether the alledged deal includes a pre-determined price and exactly how much material did he/SMK sign up for.
Any comments?
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