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AMENDMENT No 2 AMENDEMENT No 2


TO THE JOINT VENTURE AGREEMENT A L*ACCORD DE JOINT VENTURE


AMENDMENT No 2 AMENDEMENT No 2


TO THE LONG TERM SLAG SALES AGREEMENT AU CONTRAT DE VENTE A LONG TERME DE SCORIES


AMENDMENT No 1 AMENDEMENT No l


TO THE LONG TERM COBALT ALLOY SALES AGREEMENT AU CONTRAT DE VENTE A LONG TERME D’ALLIAGE


COBALTIFERE


anti ct


AMENDMENT No 1 AMENDEMENT N° 1


TO THE AGREEMENT OF PREPAYMENT AND TRANSFER OF A L’ACCORD DE PA1EMENT A L’AVANCE ET DE TRANSFERT


SHARES D’ACTIONS


BETWEEN: ENTRE


La Generale tics Carriercs et tics Mines, a corporation organised and La Generate dcs Carriercs et des Mines, une societe organisee ct cxislant


existing under the laws of the Democratic Republic or Congo, registered in sous les tois de la Rcpublique Democratique du Congo, enregistree au


the new trade register of Lubumbashi under the register number 453 and nouveau Registre de Commerce de LUBUMBASHI sous le numero 453 et


having its registered office at Boulevard Kamanyola. B.P. 450. Lubumbashi, ayant son siege social Boulevard Kamanyola BP 450, LUBUMBASHI,


Democratic Republic of Congo, hereinafter referred to as "Oecamines" Republique Democratique du Congo, ci-apres denommee Gecamines


AND ET


GTL Ltd, a corporation organised and existing under the laws of Jersey, GTL Ltd unc societe organisee et existant sous les lois de Jersey, ayant son


having its registered office at 3 Clos du Moulin, la Rue du Pont St. Ouen, siege social Clos du Moulin, 3, la Rue du Pont Saint-Ouen, Jersey, ci-apres


Jersey, hereinafter referred to as "GTL" denommee GTL;


AND ET


OMG Kokkola Chemicals BY, a corporation organised and existing under OMG Kokkola Chemicals BV, une societe organisee et existant sous les lois


the laws of the Netherlands, having its registered office at Rokin 55 des Pays-Bas, ayant son siege social Rokin, 55, AMSTERDAM, ci-apres


Amsterdam, Netherlands, hereinafter referred to as ktOMG B.V.” denommee OMG BV


1


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Ami ET


OMG Kokkola Chemicals Oy, a corporation organised and existing under OMG Kokkola Chemicals Oy, une societe organisee et existant sous les Iois


the laws of Finland, and having its registered office at Kokkola, Finland, de Finlande, ayant son siege social 6 KOKKOLA, FINLANDE, ci-apres


hereinafter referred as “OMG Oy1' denommee OMG OY


AND ET


Groupe George Forrest SA, a corporation organised and existing under the Groupe George Forrest, tine socictc organisee ct existant sous les Iois


laws of Luxembourg, registered in the trade register of Luxembourg B46803. Grand-Duchc du Luxembourg, enregistree au Registre de Commerce sous le


having its registered office at Bid dc la Foire, 5 a 1528 Luxembourg, numero B46803, ayant son siege social Bid de la Foire, 5 a 1528


hereinafter referred to as MGGF” Luxembourg, ci-apres denommee GGF


Preliminaries'. TYcliminaircs


Whereas Gecamines, OMG B.V. and GGF have entered in June 1997 into a Attendu que Gecamines, OMG BV et GGF sont entrees dans un Accord de


Joint Venture Agreement: Joint venture enjuin 1997.


Whereas Gecamines and GTL have entered in June 1997 into a Long Term Attendu que Gecamines et GTL sont entrees dans un Contrat de Vente a Long


Slag Sales Agreement: Terme de Scories enjuin 1997.


Whereas according to provisions of the Long Term Slag Sales Agreement Attendu qtt‘en accord avec les dispositions du Contrat dc Vente a Long


Gecamines is engaged to sell to GTL slag available in site of Lubumbashi and Terme de Scories, Gecamines s'est engagee a vendre a GTL la scorie


GTL for its part is engaged to pay to Gecamines t!.e price of cobalt and disponible sur le site de LUBUMBASHI et GTL pour sa part s’est engagee a


copper contained in the slag; payer a Gecamines le prix du cobalt et du cuivrc comenu dans ia scorie,


Whereas Gecamines. OMG Oy and GTL have entered in October 2002 (the Attendu que Gecamines, OMG Oy et GTL sont entrees dans un Accord de


French version in February 2003) into an Agreement on Prepayment and Paiement a FAvnnce et de Transfer! d’Actions en octobre 2002 (la version


Transfer of Shares for regulating in details certain mechanisms designated in francaise esl datce dc fevricr 2003) pour rcguler en details certains


art 3.1. of the Joint Venture Agreement regarding the financing by OMG Oy mecanismes designes a Particle 3.1 de FAccord de Joint venture an regard du


of Gecamines’ part and repayment of that part: financement par OMG Oy de la part de Gecamines et du remboursement de


cette part.


Whereas in the Agreement on Prepayment and Transfer of Shares it is Attendu que dans FAccord de Paiement a FAvancc et de Transferi d’Actions


stipulated in art. 3 that from the beginning of the deliveries leaving Congo in il est stipule a Particle 3 qu'a datcr dcs livraisons quittant le Congo en


December 2002, a part of the slag receivable shall be paid by GTL to decembre 2002 line part du compte scories sera payee par GTL a la


Gecamines for its operational needs and this part is designated as follows: 1 Gecamines pour ses besoins operationnels ct cctte part a ete designee comme


i suit: *


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 If the market price of Cobalt (99,3) is below 7USD/Lb : 50% of the Si le prix du marche du cobalt (99,3) est en dessous de 7 USD/Lb: 50


slag receivables, % du cornpte scories;


If the market price of Cobalt (99,3) is below 8USD/Lb: 40% of the Si le prix du marche du cobalt (99,3) est en dessous de 8 USD/Lb: 40


slag receivables. % du compte scories;


If the market price of CobalL (99,3) is below 9USD/Lb : 30% of the Si le prix du marche du coball (99,3) esr en dessous de 9 USD/Lb: 30


slag receivables. % du compte scories;


If the market price of Cobalt (99,3) is above 9USD/Lb: 20% of the Si le prix du marche du cobalt (99,3) est au dessus de 9 USD/Lb: 20 %


slag receivables. du compte scories.





The rest of the slag receivables shall be paid to compensate the Le reste du compte scories sera pave pour compenser le prix


acquisition price by Gecamines for the shares All the deliveries d'acquisition par Gecamines pour les actions. Toutes les livraisons qui


leaving Congo before December 2002 shall be paid totally to OMG Ont quitte le Congo avant decembre 2002 seront payees lotalement a


accordingly with Article 3.1 of the Joint Venture Agreement. OMG en accord avec Particle 3.1 de I'Accord de Joint Venture.








Whereas consequently that the parlies has concluded an amendment No I to Atlendu qu'en consequence les parties ont conclu un ainendcment No l a


the Joint Venture Agreement and to the Long Term Slag Sales Agreement rAccord de Joint Venture et au Contrat de Venve a long Tcrmc de Scories,


which has been signed on the 6th February 2003 by Gecamines and on the lequel a ele signe par Gecamines le 6 fevrier 2003 et par les autces parties le 7


7th May 2003 by the other parties. mai 2003.


Whereas ir. the Long Term Slag Agreement, in art. 4.2, the price reference Attendu que dans le Contrat de Vente a Long Tcrnte de Scories en Particle


has been agreed to be a combination of 70 % 99,3 Cobalt (low) and 30 % of 4.2, le prix de reference a etc agree comme etnnt unc combinaison de 70 % du


99,8% Cobalt (low). 99,3 cobalt (low) et 30 % du 99,8 % cobalt (low).


Whereas the Parties now wish to amend article 3 in the Agreement on Attendu que les parties souhaitent amender I’article 3 de PAccord de





Prepayment and Transfer of Shares as set I below and art. 4.2. of the Long Paiement a PAvance et de Transfer! d’Actions comme regie ci-dessous et


Term Slag Sales Agreement and art. 6.1. of the Long Term Cobalt Alloy Particle 4.2 du Contrat de Vente a LongTerme de Scories et I’article 6.1. du


Sales Agreement as set out below. Contrat de Vente a Long Terme d’Alliage Cobaltiftre comme regie a ci-


dessous.





Now therefore, the parties hereto agree as follows: Des lors les parties aux presentes s’accordent comme suit:








ARTICLE 1: GTL AS PAYING AGENT ARTICLE 1: GTL COMME AGENT DE PAIEMENT


GTL. acting as paying agent, as set out in article j.i.iii of the Joint Venture


GTL, agissant comme agent de paiement. ainsi que regie en Particle 3.1 iti de


Agreement will pay the Slag to Gecamines as determined into article 2 below. PAccord de Joint Venture patera la scorie a Gecamines comme determine cn


Particle 2 ci-apres_______


I‘ase3 sur 5 (





ARTICLE 2: PERCENTAGE FORMULA OF THE SLAG ARTICLE 2: FORMULE DE POURCENTAGE DES SCOU1ES


it is agreed between OMG and Gccamincs and OIL to amend the percentage II est ngrGe entre OMG, Gecamines ct GTL d’amender le pourcentage fixe a


set out in an. 3 of the Agreement of Prepayment and Transfer of Shares to be Particle 3 de 1'Accord de Pniemcnt a !'• Avarice et de Trausfert d’Actions a


paid by GTL to Gecamincs of the slag receivables and in amendment No l of payer par GTL a Gecammes du comptc scories, et a PnmewlcnicM No 1 fi


the Joint Venture Agreement and the Long Term Slag Sales Agreement in ['Accord de Joint Venture ct a 1'Accord de Vente a long Termc de Scorie


case the market price of Cobalt (99,3) low is above 8 USD/lb, to 35 % dans ritypothese on le prix, du marche do cobalt 99,3 low est an-dessus de 8


(instead of 30% and 20 % it has been agreed in the said agreements USD/lb a 35 % (au lieu des 30% ct 20 % comme agree en ledit accord ct ledit


and amendments). amendement).


The modification 20%/30% - 35% is applicable since deliveries in Kokkola La modification 20% ou 30% a 35% est applicable aux livraisons a Kokkola


after 31st January 2004 postericurcs ail 31 janvier 2004.








ARTICLE 3: PRICE REFERENCE FOR THE SLAG AND THE ARTICLE 3: REFERENCE DE PRIX POUR LA SCORIE ET POUR


ALLOY L’ALLIAGE


It is agieecl between OMG. Gccamines, GGF and GTL that the price 11 est entendu entre OMG, Gecammes, GGF et GTL quo la reference de prix


reference set out (i) in art. 4.2 in Long Term Slag Sales Agreement Slag is mentionnee (i) a Particle 4.2 de 1’Accord de Vente a Long Termc de Scories


amended so that the reference to a combination of 70 % of 99,3 Cobalt (low) est amendee de telle sorte que la reference a la combinaison de 70 % de 99,3


and 30 % of 99,8 % Cobalt (tow) is replaced by a reference to 100 % of 99,3 cobalt (low) et 30 % de 99,8 cobalt (low) est remplacee par une reference a


% Cobalt (low), and (ii) in art 6.1 in Long Term Cobait Alloy Agreement is 100 % du 99,3 cobalt low. et (ii) a 1’articlc 6.1 de 1’Accord de Vente a Long


amended so dial the reference to a combination of 70 % of 99,3 Cobalt (low) Terme d'Alliage Cobaltifere esl amendee de telle sorte que la reference a la


and 30 % of 99,8 % Cobalt (low) is replaced by a reference to 100 % of 99,3 combinaison de 70 % de 99,3 cobalt (low) et 30 % de 99,8 cobalt (low) est


% Cobalt (low) + an additional payment of 22c/lb only. remplacee par une reference ii 100 % du 99,3 cobalt low + un paiement


additionnel dc 22e/lb.








ARTICLE 4: ABSENSE OF RENEWAL OR PREJUDICIAL ARTICLE 4: ABSENCE DE RENOUVELLEMENT OU DE


RECOGNITION RECONNAISSANCE PREJUDIC1ABLE


!l is recognised and confirmed by the signers that the extent of this II est reconnu et confirms par les signalaires que I’etendue de ect


amendment is exclusively limited by the terms and conditions set out in this amendement est exclusivemenl limitee par les termes et conditions fixes en


amendment. cet amendement.


l Cet amendemeni ne peui etre interpret comme nyant un effet de


; This amendment may not be interpreted to have any effect of renewal nor


have any prejudice to any agreement binding upon the parties or certain renouvellemeni ou oortant prejudice a tout accord iiant entre les parties, ou


amongst them or to any provisions or conditions of the agreements binding certaines d’entre elles, ou a des dispositions ou conditions d’accord Iiant les


upon the parties or certain amongst them.__ parties ou certaines d'entre elles. __


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ARTICLE 5: REFERENCE ARTICLE 5: REFERENCE





For iltc rest, the parlies make n reference to the Joint Venture Agreement and Pour 1c surplus les parties font reference a PAccord dc Joint Venture ct aus


to tfte pjthei: exisjifi£ agreements.. autres accords exisumts.


This amendmenthas been made out in Brussels on 14th May in five (5) Cct amendement a ete fait a Bruxelles, le )4 mai en cinq copies originates,





original copies one copy for each of the parties. une copie pour chacune des parties,





LA GENERALE DCS CARR1ERES ET DES MINES LA GENERALEDES CARR1ERES ET DES MINES





IaNI SEKlMpNYO SEKIMONYO


[Deputy General Manager] [Deputy General Manager]











GTL Ltd GTL Ltd





ANTTJ AALTONEN BRUNO COLLINS ANTTl AALTONEN


Director D Administrateur Adjuinistrateur


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OMG Kokkola Chemicals BV OMG Kokkola Chemicals Oy OMG Kokkola Chemicals BV OMG Kokkola Chemicals Oy





ANTTl AALTONEN JORAN SOPO ANTTl AALTONEN JORAN SOPO


President Managing Director President Managing Director














BRUNtyeOQL^S/ ^





Director-





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