Gold Supply and Financing

Gold Supply Using Bank Instrument

BENKOTEC REFINERY accepts the following banking instruments for Gold Supply Transactions

1

Bank Guarantee (MT760BG)

2

Stand by letter of Credit (SBLC)

Conditions for MT760BG/SBLC

For All banking instrument transactions, the following processes has to be duly followed:

The Banking Instrument should be issued from or confirmed by a Top 20 Bank.

The Monetizers verbiage will be provided for endorsement by the issuing Bank after the Buyer has confirmed the issuing Bank.

The Seller will respond with a Tri-Party Agreement between Buyer, Monetizer and Seller.

Once agreement is signed and lodged with respective Banks; the issuing bank will send MT199/999 to the Monetizers’ bank.

The Monetizers Bank will verify and respond with RWA via Swift.

The MT760BG/SBLC is issued to the Monetizer for 1year 1 day. Gold is supplied 30days after the LTV (Loan) is received from the Bank

PLEASE NOTE

Clients are required to register and sign the Export Service Agreement before the commencement of any selected procedure. Charges on export are 1-1.5% of export value.

Procedure

Procedures, under which GOLD TRADING with BENKOTEC REFINERY has been put together are as follows:

1

Opening of Gold Export Account

2

Contractual Agreement on Gold Trading Account.

Charges on export are 1-1.5% of export value.

Conditions on Supply:

Revolving Agreement: Under this arrangement one has the opportunity to tie ends in supply of Gold with BENKOTEC for continuity. Registration with BENKOTEC REFINERY is required.

Trading: This arrangement is to address Clients’ GOLD trading activities at BENKOTEC on call time basis and it is accessible to registered Clients.