Document:

Exhibit 10.15

 

	Daqing City Commercial Bank	 
	 	DQCB215.10
	Uniform Version for Loan	 

 

Contract on Deferred Payment

 

Contract Serial No.: 2008 Commercial
Business Deferment No. 014

 

Name of the Contract holder:

 

    	 

    	 

    

 

Daqing City Commercial Bank

 

Instruction Manual for the Contract on Deferred
Payment of Renminbi Fund Loan

 

(1) Scope of application:
this Contract is a contract on deferred payment of loan concluded, when the Borrower fails to pay the loan principal and interest
within the loan term agreed in the Contract on Loan and upon its deferment being agreed by the Lender, by the Borrower and the
Lender, the Guarantors.

 

(2) The “Guarantors”
herein shall include surety, mortgagor and pledgor.

 

(3) The “Balance
of the loan” in Article 1 means the balance of mature loan.

 

(4) The blank set in
Article 2 is to be filled in by both Party A and Party B upon agreement according to provisions of policies.

 

(5) Other matters considered
necessary by the parties but not touched upon in this Contract shall be filled in Article 5 upon mutual agreement by the parties.

 

(6) Article 6 herein
is provision about signatories and effective date of the Contract, this Contract takes effect only after being signed by authorized
representative of Party A, Party B and Party C or by agent empowered by the authorized representative and affixed with common seals.
The authorized representative means legal representative of an incorporated enterprise or person chiefly in charge of other economic
without corporate capacity or agent authorized by them.

 

    	 

    	 

    

 

Daqing City Commercial Bank

 

Contract on Deferred Payment of Renminbi
Fund Loan

 

The Borrower Heilongjiang
TYALS Co., Ltd. (hereinafter referred to as Party A) is unable to repay the loan under Contract on Loan 2007 Commercial
Business Borrowing No.026 because of financial strain, and needs to apply to the Lender (hereinafter referred to as
Party B) for extension of the loan term. Party B upon examination agrees to deferred payment by Party A, the guarantor (hereinafter
referred to as Party C) agrees to continue providing security for Party A. Party A, Party B and Party C concludes this Contract
on Deferred Payment of Loan upon mutual agreement.

 

Article 1 Party A borrowed
RMB (currency) fund loan (in letter) ten million yuan only from Party B in accordance with Contract on Loan of
Renminbi Fund Loan of Daqing City Commercial Bank 2007 Commercial Business Borrowing No.026, of which (written) ten
million yuan only shall mature on June 14, 2008. By June 13, 2008, the balance of the
above loan (written) ten million yuan only is deferred to be paid on January 13, 2009. The specific
plan for repayment is as following:

 

	Date	 	Amount
	January 13, 2009	 	RMB ten million yuan only
	Date:	 	 
	Date:	 	 
	Date:	 	 

 

Article 2 The sources of
funds for repayment of the loan principal and interest by Party A are as following:

1.  operating
income

2.  other
income

3.

4. 

 

Article 3 The interest
rate of the deferred loan shall from the date of deferment implement an 8.19 monthly interest rate according to the
actual loan term.

 

Article 4 The rights,
obligations of Party A, Party B and Party C and relevant issues after deferment shall still implement the terms and conditions
of the Contract 2007 Commercial Business Loan No.026 and Security Agreement 2007 Commercial Business Security
No.026.

 

Article 5 Other items
agreed by the parties:

 

Article 6 This Contract
takes effect after being signed by authorized representative of Party A, Party B and Party C or by agent empowered by the authorized
representative and affixed with unit common seals. This Contract shall automatically become invalid until the loan hereunder is
fully paid off.

 

Article 7 This Contract
is made in triplicate, Party A, Party B and Party C shall each hold one copy.

 

    	 

    	 

    

 

Party A: common seal

Heilongjiang TYALS Co.,
Ltd.

Legal Representative:

(or authorized agent)

 

Party B: common seal

Daqing City Commercial
Bank Corporation Limited—Seal Exclusive for Loan Contract

Legal Representative:

(or authorized agent)

 

Party A: common seal

Daqing Industrial and Commercial
Guarantee Co., Ltd

Legal Representative:

(or authorized agent)

 

    	 

    	 

    

 

 

Appendix Two:

 

Contract on Loan by Mandate

 

Contract Serial No.:2010 Qing Mandate Loan No.1

 

This Contract is concluded by the following
three parties on April 26, 2010:

Principal:

Name: Daqing Industrial and Commercial Guarantee
Co., Ltd

Legal Representative: Liu Xueli

Address: H-0 Zhengxi Street, Dongfeng New Village,
Salto District, Daqing City

Postal Code: 163311

Liaison: Du Yuhui                 Tel: 6621620

 

Trustee:

Name: Industrial and Commercial Bank of China
Limited Daqing Branch

Legal Representative: Jiao Bin

Address: ICBC Building, No.37 Dongfeng Road,
Salto District, Daqing City

Liaison: Liang Yan               Tel: 4626889

 

Borrower:

Name: Heilongjiang TYALS Co., Ltd.

Legal Representative:
Wang Yuhu

Address: No.1 Yangguang Street, High-Tech Industrial
Development Zone, Daqing City

Postal Code: 163316

Liaison: Chen Xuerui          Tel: 13304598411

 

In accordance with the
Agency Agreement (serial No.:2010 Qing Entrust No.001), and upon request of the Borrower, the Trustee agrees to the entrustment
of the Principal and grant such entrusted loan. The following agreement is concluded by the Principal, the Trustee and the Borrower
upon friendly consultation and for their mutual observance.

 

Chapter One Entrusted Loan Amount, Interest
Rate, Term and Others

 

Article 1 Loan currency
and amount. This currency of this entrusted loan is Renminbi, the amount is (Written) ten million yuan (Arabic) 10,000,000.00
yuan (where the written form is inconsistent with the Arabic, the written form shall prevail, the same below). This loan is
an entrusted loan.

Article 2 Loan
interest rate and methods of interest computation (please choose one method of interest settlement and cross off the ones not chosen).
The annual interest rate of this entrusted loan is 8.903%. Interest shall accrue daily, and be settled monthly√/quarterly/annually,
the interest settlement date shall be the 20th day of each month√
or the 20th day of the last month of each quarter/year. In respect of the loan interest payable but not paid, the Trustee
shall charge/ shall not charge compound interest.

 

    	 

    	 

    

 

Article 3 Term
of the loan. The term of this entrusted loan is 12 months, from April 26, 2010 to April 25, 2011. Where the
Borrower prepays upon consent of the Principal, then the interest shall be accrued according to the actual days of loan and the
amount of loan.

Article 4 Purpose
of the loan. The intended use of the entrusted loan herein is working capital for production.

Article 5 Plan of
loan use. The loan is to be drawn by installments.

Article 6 Repayment
of the loan. The loan repayment plan and repayment method of the Borrower shall be agreed as follows: the loan principal is
to be repaid in single payment. The Borrower shall remit the loan principal and interest to the account designated by the Principal.

Article 7 Security
for the loan. The Principal determines the following security for this entrusted loan: 1. Heilongjiang TYALS Co., Ltd.,
the methods of guaranty are mortgage and pledge. 2. Tongliao Tongyu Aluminum Industry Joint-stock Co., Ltd. 3. the guaranty
of suretyship provided by Wang Yuhu the legal representative of Heilongjiang TYALS Co., Ltd. The Security Agreement
is attached separately.

Article 8 Extension
of the loan. Upon mutual agreement between the Principal and the Borrower, the Principal, the Borrower and the Trustee shall conclude
an Agreement on Extension of Entrusted Loan within 10 days before the maturity date of the loan.

 

Chapter Two Responsibilities
and Obligations of the Principal

 

Article 9 The Principal
shall deposit enough funds to the trusted fund account of the trustee, and request the Principal to transfer the trusted loan to
the account of the Borrower.

Article 10 The Principal
supervises by itself / delegates the Trustee to supervise (please cross off the one not chosen) the use of the entrusted loan by
the Borrower. The Principal delegates supervising of the following issues (mark the applicable with√,
and mark the inapplicable with×):

□to
supervise whether the use of the loan by the Borrower conforms to the intended use provided herein;

□to
supervise implementation of the project;

□to
assist and supervise the business management of the Borrower;

□to
assist by safekeeping the mortgages under this Contract (Mortgage Contract of serial No.                        
)

□to
assist by safekeeping the pledged property and document of title (Pledge Contract of serial No.                     )

Article 11 Where
the Principal agrees the Borrower to prepay the loan, shall give written notice to the Trustee of dealing with formalities of prepayment
for the Borrower.

 

    	 

    	 

    

 

Article 12 The Principal
requests to transfer the recalled loan principal and interest to the following account:

Enterprise Name: Daqing
Industrial and Commercial Guarantee Co., Ltd                                                                    

Bank of deposit: ICBC
Daqing Branch Tongda Sub-branch                                                                                         

Account No.: 0905063809200009967
                                                                                                                           

Article 13 Where
the Borrower fails to repay loan principal and interest, the Principal is entitled to request the Trustee to deduct directly from
the account of the Borrower.

Article 14 Where
there is guaranty for this entrusted loan, the Principal shall by itself examine the suretyship ability of the surety, the title
and value of the mortgaged (pledged) property and the feasibility of realizing the mortgage (pledge). The Trustee bears no obligation
to examine.

As for extended loan that
is secured, the Principal shall acquire the prior consent from the guarantors and gives the Trustee 10 days notice in written form
to renew the Contract on Security for Extended Loan.

The expenses occurred during
dealing with relevant security issues shall be assumed by the Principal.

Article 15 When the
business of the Borrower goes bad, and when there occurs unusual circumstance which may put the entrusted loan funds at risk, the
Principal is entitled to request the Trustee to assist in calling back the entrusted loan funds.

Article 16 The Principal
is entitled to directly collect the entrusted loan principal and interest from the Borrower or institute a proceeding by means
of law.

 

Chapter 3 Responsibilities
and Obligations of the Trustee

 

Article 17 In accordance
with the Notice on Entrusted Loan issued by the Principal, the Trustee shall examine the content of such notice and the
loan contract, and deal with formalities of granting loan after confirming that all the entrusted funds has been deposited.

Article 18 The Trustee
shall timely transfer the loan principal and interest funds repaid by the Borrower to the account of the Principal as required
by the Principal, and note in the fund transfer certificate the usage of the entrusted loan principal and the interest paid.

Article 19 During
the effect period of this Contract, if the Borrower fails to repay loan principal and interest because of faulty operation and
management or damage and loss of the mortgaged property and other reasons, or the Borrower conducts unlawful business, the Trustee
may terminate this Contract in advance as requested by the Principal, and may directly deduct loan principal and interest from
accounts of the Borrower.

Article 20 The Trustee
shall timely in written form collect from the Borrower the loan principal not repaid and interest not paid on time, where the Borrower
actually lacks the ability to repay the loan, during the term of security, the Trustee shall timely in written form collect from
the guarantors, and report to the Principal about the circumstances of collecting from the Borrower and the guarantors.

Article 21 Where
the Trustee and the Borrower are in different places, the Trustee may re-delegate part of the entrusted loan business to a business
office of Industrial and Commercial Bank of China where the Borrower is situated. The Trustee shall be responsible for the acts
of the re-delegated business office.

 

    	 

    	 

    

 

Article 22 Where
the Trustee is authorized by the Principal to supervise the use of loan, the measures of supervising are as follows:

 

 

 

 

 

Article 23 Where
the entrusted loan herein is secured, as notified by the Principal in written form, the Trustee shall conclude relevant security
agreement with the guarantors designated by the Principal, and deal with necessary notarization and registration formalities. The
trustee is entitled to request the Principal to pay the expenses occurred during dealing with security.

 

Chapter Four Responsibilities
and Obligations of the Borrower

 

Article 24 The Borrower
shall open a basic account or a general depository account with business office of the Trustee to be used for deal with borrowing,
repayment, interest payment and other issues.

Article 25 Before
the Borrower uses the loan, the Borrower shall present the Trustee with receipt of the loan in one time or by several times as
agreed in the plan of loan use.

Article 26 The Borrower
shall use such entrusted loan according to the intended use as agreed herein, no misappropriation or diversion are allowed.

Article 27 The Borrower
shall deposit enough money to the account opened with the Trustee for the interest payable and principal in that term before the
interest settlement date or date of principal repayment as agreed herein, and pay the loan principal and interest according to
agreed term and interest rate.

Article 28 During
the term hereof, the Borrower shall accept the examination and supervising by the Principal or the Trustee for the circumstances
of loan use. The Borrower shall timely provide the Principal and the Trustee with relevant financial statements and other materials
requested by the Principal and the Trustee.

Article 29 During
the term of this Contract, if any major investment, transformation in line with stock system, contracting, lease, joint management,
merger (acquisition), separation, joint venture (cooperation) with foreign capital, paid transfer of property or filing for dissolution
or other issues occurs to the Borrower, the Borrower shall give written notice to the Principal and the Trustee 60 days in advance.

Article 30 Where
the Borrower wants to prepay the loan, it shall submit a written application to the Principal/the Trustee 30 days before
intended prepayment of the loan, and gain the written consent from the Principal.

Article 31 Where
the Borrower requests for extension of the loan, it shall submit a written application to the Principal 30 days before expiration
of the loan, and gain written consent from the Principal.

Article 32 The Borrower
accepts the legal status of the office assigned by the Trustee as agent, and agrees to perform all of its obligations to the office
assigned by the Principal.

 

    	 

    	 

    

 

Chapter 5 Liabilities
for Breach of Contract

 

Article 33 If the
Borrower fails to use the loan as agreed herein, the Trustee is entitled to, in accordance with the written direction of the Principal
and on the basis of the loan interest rate herein, daily charge a 0.3‰ default interest according to the amount and
the term of default.

Article 34 Where
the Borrower fails to repay the loan principal and interest on time, the Trustee is entitled to, in accordance with the written
direction of the Principal and on basis of the loan interest rate herein, daily charge a 0.15‰ default interest according
to the amount and the term of default.

Article 35 Where
the Trustee fails to grant loan according to the time and amount agreed herein, the Principal is entitled to daily charge a       
‰ liquidated damage according to the amount and the term of default.

Article 36 During
the term of this Contract, if any of the following circumstances occurs to the Borrower, which shall be deemed to be breach of
contract by the Borrower, and the Trustee is entitled to, in accordance with the written direction of the Principal, stop granting
loan, recall the loan in advance or directly deduct loan principal and interest from the account of the Borrower, and without need
to give prior notice to the Borrower:

		a)	fails to repay loan principal and interest as agreed herein;

		b)	fails to use the loan according to the intended use agreed herein;

		c)	the loan is deferred and not paid upon collecting by the Trustee;

		d)	fails to provide as requested by the Principal or the Trustee or provides false financial statements
and other materials;

		e)	is involved in significant litigation or arbitration proceeding or other legal proceeding disputes;

Article 37 Where
the Principal fails to pay handling fee, to pay security, litigation and other expenses on time, the Trustee is entitled to directly
deduct from the account of the Principal or directly deduct from the loan principal and interest repaid by the Borrower.

 

Chapter Six Miscellaneous

 

Article 38 Service
of contract. All the notices or directions hereunder shall be served in written form. When it is sent by hand delivery or mail,
the date of signing the receipt is the date of service; when it is sent by fax, the date receiving the fax reply of the other party
is the date of service.

Article 39 Contract
modification and termination. After this contract takes effect, any party of the Principal, the Trustee and the Borrower needs
to modify the terms and conditions of this contract, which is to be resolved through consultation by the three parties conditional
on without breaching the clauses agreed in the Agency Agreement on Entrusted Loan 2010 Qing Entrust No.001 between the
Principal and the Borrower and the items listed in Notice on Entrusted Loan presented by the Principal on       
Year        Month       Day and the laws
and regulation of the state. If the guarantors are involved, written consents of the guarantors are required.

Article 40 Contract
dispute resolution. Any dispute arising from performance hereof shall be resolved by the parties through consultation. If consultation
fails, the parties agree to choose the following (Two) method:

 

    	 

    	 

    

 

(One) to submit to arbitration by       
         arbitration commission;

(Two) to bring a lawsuit with the
people’s court where the Trustee is situated.

Article 41 Other
items agreed by the Principal, the Trustee and the Borrower (this clause shall not be contrary to other clauses and shall not affect
the substantial rights and obligations relationship among the parties):

The parties hereof mutually
agree as follows: As for security of this loan, the Principal shall conclude mortgage contract and pledge contract with the mortgagor
and the Pledgor (Heilongjiang TYALS Co., Ltd.); shall conclude suretyship contract with Tongliao Tongyu Aluminum Industry Joint-stock
Co., Ltd., and conclude suretyship contract with Wang Yuhu the legal representative of Heilongjiang TYALS Co., Ltd and deal with
relevant formalities. 

Article 42 Matters
not touched upon herein. The matters not touched upon herein shall be implemented according to the provisions of relevant laws
and regulations and banking rules of the People’s Republic of China.

Article 43 Contract
Effectiveness. This contract shall take effect on the date this contract is signed and sealed by the legal representatives or authorized
agents of legal representatives of the Principal, the Trustee and the Borrower. This contract shall automatically terminate after
the Borrower repays all loan hereunder.

Article 44 Components
of this Contract. Notice on Entrusted Loan, Loan Receipt, Security Agreement, supplementary clauses of
Loan Contract modified upon agreement of the parties and others relevant to this Contract shall constitute integral part hereof
and be of equally authenticity.

Article 45 Number
of Copies of this Contract. This Contract is made in triplicate, the Principal, the Trustee and the Borrower shall each
hold one copy.

 

The Principal (common seal)

Legal Representative or
Authorized Agent (signature) Liu Xueli

Seal: Daqing Industrial
and Commercial Guarantee Co., Ltd

 

The Trustee (common seal)

Legal Representative or
Authorized Agent (signature) Zhao Jianguo

Seal: Industrial and
Commercial Bank of China Limited Daqing Branch

 

The Borrower (common seal)

Legal Representative or
Authorized Agent (signature) Wang Yuhu

Seal: Heilongjiang TYALS
Co., Ltd.Exhibit 10.16

 

Loan Agreement

 

Party A: Tongliao Khorchin State-owned Assets
Operation Co., Ltd. (hereinafter referred to as Party A)

 

Party B: Tongliao Tongyu Aluminum Industry
Joint-stock Co., Ltd. (hereinafter referred to as Party B)

 

In order to support the
project construction of Party B, Party A and Party B, with the consent of Khorchin government, reach and observe together the following
agreement on the basis of fairness, voluntariness and negotiation.

 

I. Party B borrows from
Party A a loan of RMB two million (¥2,000,000.00) for the purpose of project construction.

 

II. Time limit of the loan:
from the date of payment to September 30, 2009. Upon the expiration of the time limit, Party B guarantees to repay the loan in
a lump sum.

 

III. Party B is obliged
to repay to Party A the loan in accordance with this Agreement. If Party B fails to repay as scheduled, Party A will charge Party
B interests according to the current lending overdue interest rate of bank.

 

IV. In order to guarantee
that such loan will be recovered normally, Party A agrees to mortgage with the construction-in-progress of Party B (no encumbrance).
See the construction-in-progress investment breakdown for details. If Party B fails to pay the loan as scheduled, Party B agrees
that Party A may dispose of such construction-in-progress as is listed in the breakdown.

 

V. The place of execution
of this Agreement is Tongliao Khorchin. Any matter uncovered herein may be agreed by both parties otherwise.

 

VI. This Agreement is in
three originals, one for Party A, Party B and Khorchin Bureau of Finance respectively. This Agreement will come into force as of
date of execution.

 

Party A: Tongliao Khorchin State-owned Assets
Operation Co., Ltd.

Party A’s Representative:

Tongliao Khorchin State-owned Assets Operation
Co., Ltd. (Seal)

 

Party B: Tongliao Tongyu Aluminum Industry
Joint-stock Co., Ltd.

Party B’s Representative:

Tongliao Tongyu Aluminum Industry Joint-stock
Co., Ltd. (Seal)

 

May 12, 2009

 

    	 

    	 

    
   

Loan Agreement

 

Party A: Tongliao Khorchin State-owned Assets
Operation Co., Ltd. (hereinafter referred to as Party A)

 

Party B: Tongliao Tongyu Aluminum Industry
Joint-stock Co., Ltd. (hereinafter referred to as Party B)

 

In order to support the
project construction of Party B, Party A and Party B, with the consent of Khorchin government, reach and observe together the following
agreement on the basis of fairness, voluntariness and negotiation.

 

I. Party B borrows from
Party A a loan of RMB two million (¥2,000,000.00) for the
purpose of project construction.

 

II. Time limit of the loan:
from the date of payment to September 30, 2009. Upon the expiration of the time limit, Party B guarantees to repay the loan in
a lump sum.

 

III. Party B is obliged
to repay to Party A the loan in accordance with this Agreement. If Party B fails to repay as scheduled, Party A will charge Party
B interests according to the current lending overdue interest rate of bank.

 

IV. In order to guarantee
that such loan will be recovered normally, Party A agrees to mortgage with the construction-in-progress of Party B (no encumbrance).
See the construction-in-progress investment breakdown for details. If Party B fails to pay the loan as scheduled, Party B agrees
that Party A may dispose of such construction-in-progress as is listed in the breakdown.

 

V. The place of execution
of this Agreement is Tongliao Khorchin. Any matter uncovered herein may be agreed by both parties otherwise.

 

VI. This Agreement is in
three originals, one for Party A, Party B and Khorchin Bureau of Finance respectively. This Agreement will come into force as of
date of execution.

 

Party A: Tongliao Khorchin State-owned Assets
Operation Co., Ltd.

Party A’s Representative:

Tongliao Khorchin State-owned Assets Operation
Co., Ltd. (Seal)

 

Party B: Tongliao Tongyu Aluminum Industry
Joint-stock Co., Ltd.

Party B’s Representative:

Tongliao Tongyu Aluminum Industry Joint-stock
Co., Ltd. (Seal)

 

May 15, 2009

 

    	 

    	 

    
   

Loan Agreement

 

Party A: Tongliao Khorchin State-owned Assets
Operation Co., Ltd. (hereinafter referred to as Party A)

 

Party B: Tongliao Tongyu Aluminum Industry
Joint-stock Co., Ltd. (hereinafter referred to as Party B)

 

In order to support the
production and development of Party B, Party A and Party B, with the consent of Khorchin government, reach and observe together
the following agreement on the basis of fairness, voluntariness and negotiation.

 

I. Party B borrows from
Party A a loan of RMB two million (¥2,000,000.00) for the purpose of production.

 

II. Time limit of the loan:
from the date of payment to September 30, 2009. Upon the expiration of the time limit, Party B guarantees to repay the loan in
a lump sum.

 

III. Party B is obliged
to repay to Party A the loan in accordance with this Agreement. If Party B fails to repay as scheduled, Party A will charge Party
B interests according to the current lending overdue interest rate of bank.

 

IV. In order to guarantee
that such loan will be recovered normally, Party A agrees to mortgage with the construction-in-progress of Party B (no encumbrance).
See the construction-in-progress breakdown for details. If Party B fails to pay the loan as scheduled, Party B agrees that Party
A may dispose of such construction-in-progress.

 

V. The place of execution
of this Agreement is Tongliao Khorchin. Any matter uncovered herein may be agreed by both parties otherwise.

 

VI. This Agreement is in
three originals, one for Party A, Party B and Khorchin Bureau of Finance respectively. This Agreement will come into force as of
date of execution.

 

Party A: Tongliao Khorchin State-owned Assets
Operation Co., Ltd.

Party A’s Representative:

Tongliao Khorchin State-owned Assets Operation
Co., Ltd. (Seal)

 

Party B: Tongliao Tongyu Aluminum Industry
Joint-stock Co., Ltd.

Party B’s Representative:

Tongliao Tongyu Aluminum Industry Joint-stock
Co., Ltd. (Seal)

 

May 19, 2009

 

    	 

    	 

    
   

Loan Agreement

 

Party A: Tongliao Khorchin State-owned Assets
Operation Co., Ltd. (hereinafter referred to as Party A)

 

Party B: Tongliao Tongyu Aluminum Industry
Joint-stock Co., Ltd. (hereinafter referred to as Party B)

 

In order to support the
production and development of Party B, Party A and Party B, with the consent of Khorchin government, reach and observe together
the following agreement on the basis of fairness, voluntariness and negotiation.

 

I. Party B borrows from
Party A a loan of RMB two million (¥2,000,000.00) for the purpose of production.

 

II. Time limit of the loan:
from the date of payment to September 30, 2009. Upon the expiration of the time limit, Party B guarantees to repay the loan in
a lump sum.

 

III. Party B is obliged
to repay to Party A the loan in accordance with this Agreement. If Party B fails to repay as scheduled, Party A will charge Party
B interests according to the current lending overdue interest rate of bank.

 

IV. In order to guarantee
that such loan will be recovered normally, Party A agrees to mortgage with the construction-in-progress of Party B (no encumbrance).
See the construction-in-progress breakdown for details. If Party B fails to pay the loan as scheduled, Party B agrees that Party
A may dispose of such construction-in-progress.

 

V. The place of execution
of this Agreement is Tongliao Khorchin. Any matter uncovered herein may be agreed by both parties otherwise.

 

VI. This Agreement is in
three originals, one for Party A, Party B and Khorchin Bureau of Finance respectively. This Agreement will come into force as of
date of execution.

 

Party A: Tongliao Khorchin State-owned Assets
Operation Co., Ltd.

Party A’s Representative:

Tongliao Khorchin State-owned Assets Operation
Co., Ltd. (Seal)

 

Party B: Tongliao Tongyu Aluminum Industry
Joint-stock Co., Ltd.

Party B’s Representative:

Tongliao Tongyu Aluminum Industry Joint-stock
Co., Ltd. (Seal)

 

May 21, 2009

 

    	 

    	 

    
   

Loan Agreement

 

Party A: Tongliao Khorchin State-owned Assets
Operation Co., Ltd. (hereinafter referred to as Party A)

 

Party B: Tongliao Tongyu Aluminum Industry
Joint-stock Co., Ltd. (hereinafter referred to as Party B)

 

In order to support the
production and development of Party B, Party A and Party B, with the consent of Khorchin government, reach and observe together
the following agreement on the basis of fairness, voluntariness and negotiation.

 

I. Party B borrows from
Party A a loan of RMB eight million (¥8,000,000.00) for
the purpose of production.

 

II. Time limit of the loan:
from the date of payment to June 02, 2010. Upon the expiration of the time limit, Party B guarantees to repay the loan in a lump
sum.

 

III. Party B is obliged
to repay to Party A the loan in accordance with this Agreement. If Party B fails to repay as scheduled, Party A will charge Party
B interests according to the current lending overdue interest rate of bank.

 

IV. In order to guarantee
that such loan will be recovered normally, Party A agrees to mortgage with the construction-in-progress of Party B (no encumbrance).
See the construction-in-progress breakdown for details. If Party B fails to pay the loan as scheduled, Party B agrees that Party
A may dispose of such construction-in-progress.

 

V. The place of execution
of this Agreement is Tongliao Khorchin. Any matter uncovered herein may be agreed by both parties otherwise.

 

VI. This Agreement is in
three originals, one for Party A, Party B and Khorchin Bureau of Finance respectively. This Agreement will come into force as of
date of execution.

 

Party A: Tongliao Khorchin State-owned Assets
Operation Co., Ltd.

Party A’s Representative:

Tongliao Khorchin State-owned Assets Operation
Co., Ltd. (Seal)

 

Party B: Tongliao Tongyu Aluminum Industry
Joint-stock Co., Ltd.

Party B’s Representative:

Tongliao Tongyu Aluminum Industry Joint-stock
Co., Ltd. (Seal)

 

June 03, 2009

 

    	 

    	 

    
   

Loan Agreement

 

Party A: Tongliao Khorchin State-owned Assets
Operation Co., Ltd. (hereinafter referred to as Party A)

 

Party B: Tongliao Tongyu Aluminum Industry
Joint-stock Co., Ltd. (hereinafter referred to as Party B)

 

In order to support the
production and development of Party B, Party A and Party B, with the consent of Khorchin government, reach and observe together
the following agreement on the basis of fairness, voluntariness and negotiation.

 

I. Party B borrows from
Party A a loan of RMB five million (¥5,000,000.00) for the
purpose of production.

 

II. Time limit of the loan:
from the date of payment to August 02, 2010. Upon the expiration of the time limit, Party B guarantees to repay the loan in a lump
sum.

 

III. Party B is obliged
to repay to Party A the loan in accordance with this Agreement. If Party B fails to repay as scheduled, Party A will charge Party
B interests according to the current lending overdue interest rate of bank.

 

IV. In order to guarantee
that such loan will be recovered normally, Party A agrees to mortgage with the construction-in-progress of Party B (no encumbrance).
See the construction-in-progress breakdown for details. If Party B fails to pay the loan as scheduled, Party B agrees that Party
A may dispose of such construction-in-progress.

 

V. The place of execution
of this Agreement is Tongliao Khorchin. Any matter uncovered herein may be agreed by both parties otherwise.

 

VI. This Agreement is in
three originals, one for Party A, Party B and Khorchin Bureau of Finance respectively. This Agreement will come into force as of
date of execution.

 

Party A: Tongliao Khorchin State-owned Assets
Operation Co., Ltd.

Party A’s Representative:

Tongliao Khorchin State-owned Assets Operation
Co., Ltd. (Seal)

 

Party B: Tongliao Tongyu Aluminum Industry
Joint-stock Co., Ltd.

Party B’s Representative:

Tongliao Tongyu Aluminum Industry Joint-stock
Co., Ltd. (Seal)

 

August 03, 2009

 

    	 

    	 

    
   

Loan Agreement

 

Party A: Tongliao Khorchin State-owned Assets
Operation Co., Ltd. (hereinafter referred to as Party A)

 

Party B: Tongliao Tongyu Aluminum Industry
Joint-stock Co., Ltd. (hereinafter referred to as Party B)

 

In order to support the
production and development of Party B, Party A and Party B, with the consent of Khorchin government, reach and observe together
the following agreement on the basis of fairness, voluntariness and negotiation.

 

I. Party B borrows from
Party A a loan of RMB one million five hundred thousand (¥1,500,000.00) for the purpose of production.

 

II. Time limit of the loan:
from the date of payment to October 31, 2009. Upon the expiration of the time limit, Party B guarantees to repay the loan in a
lump sum.

 

III. Because such loan takes
up the employee identification replacement funds of other enterprise transformation, Party B must repay it when it becomes due
and payable, or all consequences must be borne by Party B.

 

IV. The place of execution
of this Agreement is Tongliao Khorchin.

 

V. This Agreement is in
three originals, one for Party A, Party B and Khorchin Bureau of Finance respectively. This Agreement will come into force as of
date of execution.

 

Party A: Tongliao Khorchin State-owned Assets
Operation Co., Ltd.

Party A’s Representative:

Tongliao Khorchin State-owned Assets Operation
Co., Ltd. (Seal)

 

Party B: Tongliao Tongyu Aluminum Industry
Joint-stock Co., Ltd.

Party B’s Representative:

Tongliao Tongyu Aluminum Industry Joint-stock
Co., Ltd. (Seal)

 

September 29, 2009

 

    	 

    	 

    
   

Loan Agreement

 

Party A: Tongliao Khorchin State-owned Assets
Operation Co., Ltd. (hereinafter referred to as Party A)

 

Party B: Tongliao Tongyu Aluminum Industry
Joint-stock Co., Ltd. (hereinafter referred to as Party B)

 

In order to support the
production and development of Party B, Party A and Party B, with the consent of Khorchin government, reach and observe together
the following agreement on the basis of fairness, voluntariness and negotiation.

 

I. Party B borrows from
Party A a loan of RMB one million (¥1,000,000.00) for the purpose of project construction.

 

II. Time limit of the loan:
from the date of payment to December 20, 2010. Upon the expiration of the time limit, Party B guarantees to repay the loan in a
lump sum.

 

III. Party B is obliged
to repay to Party A the loan in accordance with this Agreement. If Party B fails to repay as scheduled, Party A will, as of the
date of borrowing, charge Party B interests according to the current lending overdue interest rate of bank.

 

IV. In order to guarantee
that such loan will be recovered normally, Party A agrees to mortgage with the construction-in-progress of Party B (no encumbrance).
See the construction-in-progress investment breakdown for details. If Party B fails to pay the loan as scheduled, Party B agrees
that Party A may dispose of such construction-in-progress as is listed in the breakdown.

 

V. The place of execution
of this Agreement is Tongliao Khorchin. Any matter uncovered herein may be agreed by both parties otherwise.

 

VI. This Agreement is in
three originals, one for Party A, Party B and Khorchin Bureau of Finance respectively. This Agreement will come into force as of
date of execution.

 

Party A: Tongliao Khorchin State-owned Assets
Operation Co., Ltd.

Party A’s Representative:

Tongliao Khorchin State-owned Assets Operation
Co., Ltd. (Seal)

 

Party B: Tongliao Tongyu Aluminum Industry
Joint-stock Co., Ltd.

Party B’s Representative:

Tongliao Tongyu Aluminum Industry Joint-stock
Co., Ltd. (Seal)

 

June 22, 2010

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