Document:

Special Mining Lease No. 165

 Exhibit 10.13 
 EXECUTION COPY 
 SPECIAL MINING LEASE NO. 165 
 ST. ANN BAUXITE LIMITED 

 THE MINING REGULATIONS, 1947 
 SPECIAL MINING LEASE NO. 165 
 This SPECIAL MINING LEASE is granted to
St. Ann Bauxite Limited of 21 East Street, Kingston (hereinafter called the “Lessee”) for the purposes of mining bauxite, in, under or upon approximately one hundred seventy-seven point three three (177.33) square kilometres
(17,733 hectares) of land in the Parish of St. Ann as the same is delineated in red on the plan annexed hereto as Exhibit A1 and in, under or upon such other lands as may be included in this Special Mining Lease pursuant to the under noted Special
Conditions for a term of twenty-six (26) years commencing on the first day of October, 2004, subject to the provisions of the Mining Act now in force and of the Regulations made thereunder now in force save as hereinafter negatived, varied or
modified, as well as to any Regulations which may come into force during the continuance of this Special Mining Lease and relating to the safe working of the mines or to the health or welfare of the persons employed therein and subject also to the
under noted Special Conditions. 
 SPECIAL CONDITIONS 
 1. It is hereby agreed and declared that it is the intention of this Special Mining Lease that the lands which are from time to time the subject matter of this Special Mining Lease shall contain the estimated tonnage
of mineable bauxite necessary to meet the bauxite requirements from time to time of the Lessee at the present production capacity of 4,500,000 dry metric tons per annum for twenty-six (26) years (hereinafter called the “Bauxite
Reserves”). 
 2. The Lessee and the Commissioner of Mines (which for purposes of this Special Mining Lease shall include his duly
authorised agent) shall, at intervals of five (5) years from the date of the commencement of this Special Mining Lease, review the estimates of the amount of 

 reserves of mineable bauxite contained in the lands included in this Special Mining Lease and shall at the same time
review the estimates of the amount of bauxite needed to meet the above requirements of the Lessee for the balance of the period of this Special Mining Lease. The purpose of the said reviews shall be to determine whether the amount of mineable
bauxite reserves estimated to be remaining in the lands which at the time of the said reviews are included in this Special Mining Lease are more or less than the amount needed to meet the said bauxite requirements of the Lessee for the balance of
the period of this Special Mining Lease. 
 In the event that the said reviews result in a determination by the Commissioner of Mines and the
Lessee that more mineable bauxite reserves are contained in the said lands as aforesaid than are needed to meet the said requirements, then the Lessee will surrender and the Minister will accept the surrender of such portions of the said lands as
contain an amount of bauxite estimated to be approximately equivalent to the difference between the amount of mineable bauxite reserves estimated to be remaining in the lands which at the time of the said reviews are included in this Special Mining
Lease immediately prior to such surrender and such reserves which are needed to meet the said requirements of the Lessee for the balance of the period of this Special Mining Lease. Subject to any Mining Plan submitted by the Lessee pursuant to
clause 4 of these Special Conditions, the lands first to be surrendered shall be from the lands contained in Section No. 11 on the Plan annexed hereto and thereafter in inverse progression. 
 In the event that the said reviews result in a determination by the Commissioner of Mines and the Lessee that less mineable bauxite reserves are
contained in the said lands as aforesaid than are needed to meet the said requirements, then the Minister will grant the Lessee a new Special Mining Lease on the same terms and conditions as, and to expire on the expiration date of, this Special
Mining Lease, for the purpose of mining bauxite in, under or upon such 
  

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 additional lands as contain an amount of bauxite estimated to be approximately equivalent to the difference between the
amount of mineable bauxite reserves which are needed to meet the said requirements of the Lessee for the balance of the period of this Special Mining Lease and the amount of such reserves which are estimated to be remaining in the lands which at the
time of the said reviews are included in this Special Mining Lease immediately prior to the grant of the new Special Mining Lease. Subject to any Mining Plan submitted by the Lessee pursuant to clause 4 of the Special Conditions and to
Section 3.01(c) of the Establishment Agreement dated the date of this Special Mining Lease, between the Government of Jamaica and St. Ann Bauxite Limited (hereinafter called the “Establishment Agreement”, the additional lands first to
be included in any new Special Mining Lease shall be — 
 (a) the lands surrendered by the Lessee after any previous five year review,
if available, in inverse order of surrender; and thereafter 
 (b) lands contained in Section 12 of the plan annexed hereto as Exhibit
A2; and thereafter 
 (c) lands contained in Section 13 of the plan annexed hereto as Exhibit A2; and thereafter 
 (d) lands reasonably contiguous and accessible to the lands contained in this Special Mining Lease. 
 3. The Lessee will appoint ST. ANN JAMAICA BAUXITE PARTNERS, a Partnership formed under the Laws of Jamaica and having as Partners the Lessee and Jamaica
Bauxite Mining Limited of 36 Trafalgar Road, Kingston 10, a company wholly owned by the Government of Jamaica, as its agent for the purposes of Section 36(3) of the Mining Act to mine the bauxite under this Special Mining Lease on its behalf
and to carry out and perform certain 
  

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 mining operations to be agreed from time to time between the Lessee and the said Partnership. Such appointment and such
agent shall be irrevocably deemed to be accepted and permitted for the purposes of Section 36(3) of the Mining Act. 
 4. Within thirty
(30) days of the date hereof, the Lessee shall submit to the Commissioner of Mines for review and approval a Mining Plan in respect of areas contained within this Special Mining Lease on which the Lessee plans to conduct its mining operations
during the five-year period commencing on the date of this Special Mining Lease. On each anniversary date of this Special Mining Lease the Lessee shall submit to the Commissioner of Mines an updated mining plan for its mining operations covering for
the five years next succeeding the date of submission. In each Mining Plan the Lessee shall designate on maps and by description mining and support areas needed during such period and shall include the location of passageways, ore bodies within
statutory limits of private structures, other facilities required in connection with the Lessee’s mining operations and plans for restoration. The Lessee shall promptly advise the Commissioner of Mines of any material changes in its Mining
Plan. 
 In addition to the foregoing, the Lessee shall on each five-year anniversary of the date of this Special Mining Lease submit to the
Commissioner of Mines a general forecast of the lands which may be required by the Lessee for its mining operations during the succeeding twenty-year period. 
 5. The Lessee shall maintain detailed records of all prospecting carried out within the Special Mining Lease area and together with each report submitted under Regulation 37(1)(ii) of the Mining Regulations, 1947
shall furnish the Commissioner of Mines with the following in the format specified from time to time: 
 (a) drilling assay data resulting
from prospecting and development drilling; 
  

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 (b) maps showing the location and depth of holes drilled and sample intervals; and 
 (c) representative samples of all such drill cores taken from ore bodies which have not yet been mined out. 
 6. Notwithstanding the provisions of Section 41 of the Mining Act or of any Regulations made thereunder and of clause 2 hereof, the Lessee may at
any time and without the payment of any fee surrender this Special Mining Lease either in whole or in part in respect of — 
 (a) any
lands which have been mined out and restored in accordance with the Mining Regulations or for purposes approved by the Commissioner of Mines; or 
 (b) any lands which the Government has advised the Lessee that it will not make available to the Lessee or has failed to make available to the Lessee pursuant to the terms of the Establishment Agreement and any lands which the Government
elects in the national interest of Jamaica to develop subject to the provisions of clause 3.02(a) of the Establishment Agreement; 
 (c) any
lands with respect to which the Lessee notifies the Government that no mining operations have been or are intended to be carried out; 
 by giving six
(6) months’ notice in writing (or such period as the Minister may require) to the Commissioner of Mines and upon the expiration of such notice this Special Mining Lease shall forthwith cease to apply to such part or parts thereof to which
the surrender relates without any consent being required. 
 7. Insofar as the same may be necessary or desirable for or in connection with
any mining or mining operations under this Special Mining Lease, the Lessee and on its behalf its 
  

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 servants, agents and contractors shall be entitled on any or all of the lands included in this Special Mining Lease to
the following rights: 
 (a) to enter in, upon, under, over and through such lands to prospect or mine exclusively on such lands and to remove
and dispose of bauxite on payment of the prescribed royalty; 
 (b) to make all necessary excavations thereon and to stack or dump thereon
— 
 (i) any of the products of mining, and 
 (ii) solid tailings having regard to Regulation 53(1)(c) of the Mining Regulations; 
 (c) to erect,
construct and maintain houses and buildings for the Lessee’s use and for the use of the Lessee’s agents, servants and contractors; 
 (d) to erect, construct and maintain such engines, machinery, buildings, workshops and other erections as may be necessary or convenient; 
 (e) to lay water pipes and to make water courses, ponds, dams and reservoirs and to divert any public water on or flowing entirely through such lands, provided that any public water diverted shall be returned to its natural channel before
leaving such land and that any rights existing at the time of the grant of this Special Mining Lease to use any public water shall not be disturbed; 
 (f) to apply for a water right; 
 (g) to construct and maintain all such passageways, roads and railways as
may be necessary; and 
 (h) to cut, take and use any tree, subject to the directions of the Conservator of Forests whose directions shall be
obtained before the exercise of any right under this clause. 
  

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 8. The Lessee, and on its behalf its servants, agents and contractors shall be entitled at any time or
times during the term of this Special Mining Lease or within three (3) months after the termination of this Special Mining Lease or within such further time as the Commissioner of Mines may allow, to remove such plant, machinery, structures,
engines, tools, buildings, erections, installations, railroad lines and equipment and other transport facilities and equipment which may be located on any land contained in any of the sections delineated in the plan annexed or which are in, on or
over any passageway used in connection therewith and which belong to them or any of them or which have been erected or constructed by them for purposes of the Lessee’s mining operations. 
 9. As long as this Special Mining Lease remains in force, the Lessee, its contractors, servants and agents shall, subject to the provisions of the Mining
Act and Regulations made thereunder and clause 5 hereof, be entitled with or without workmen, vehicles, equipment or machines to free access and entry to any or all of the lands contained in this Special Mining Lease and shall be at liberty to
survey the whole or any part thereof, to sink shafts and drill holes thereon, to prospect thereon and to take and remove all such samples of ore and/or soil as the Lessee may deem necessary to test the mineral bearing qualities of such lands. In the
event that Lessee drills holes or shafts in excess of ten (10) centimetres in diameter, it shall fill or otherwise protect such holes or shafts upon completion. 
 10. The Lessee and the Commissioner of Mines may mutually agree to an extension of time for the filing of any returns or reports required under the Special Mining Lease or by any of the Mining Regulations. 

 

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 11. The Minister covenants not to grant to any other person, firm or company the right either on its own
account or on behalf of any person other than the Lessee to mine or work any bauxite within lands so long as such lands are contained in this Special Mining Lease. 
 12. Failure of the Lessee to fulfill any of the terms and conditions of this Special Mining Lease shall not give the Government of Jamaica any claim against the Lessee or be deemed a breach of the Special Mining Lease
insofar as such failure arises from force majeure as defined in clause 14.01 of the Establishment Agreement, and if through force majeure the fulfillment by the Lessee of any of the terms and conditions of the Special Mining Lease is delayed, the
period of such delay shall be added to the periods fixed by this Special Mining Lease. 
 DATED the thirtieth day of September 2004 
  

	
	  

	 Minister of Land and Environment

  

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 EXHIBIT A1 
 SPECIAL MINING LEASE No. 165 
 DELINEATION OF THE AREA 
 The area covered by this lease No. 165, situated in the parish of St. Ann, comprises approximately 177.33km
2 (17,733 hectares) and is delineated as follows: 
 LOCATION BEACON: 
 The Location Beacon consists of a two inch (2”) metal pipe and is situated on the southern side of the Main Road
leading from Gibraltar to Browns Town at the intersection of false coordinates, 210824m East, 191576m North on Sheet 3 of the Topographical Map of Jamaica (Series 1, 1:50,000 metric edition). This is the starting point. 
 Thence, East-southeasterly for approximately 608m to the intersection of false coordinates 211423m East, 191473m North. 
 Thence, South-southwesterly for approximately 285m to the intersection of false coordinates 211301m East, 191216m North. 
 Thence, Southeasterly for approximately 620m to a point on the Eastern side of the Main Road from Alexandria to Browns Town at the intersection of false coordinates
211705m East, 190745m North. 
 Thence, generally Northerly along the said Main Road from Alexandria to Browns Town for approximately 1143m to the
intersection of false coordinates 211840m East, 191567m North. 
 Thence, Easterly for approximately 919m to the intersection of false coordinates 211756m
East, 191492m North, where it meets upon the Parochial Road from Bluefield to Browns Town. 
 Thence, along that road for approximately 868m to the
intersection of false coordinates 212830m East, 192012m North. 
 Thence, Southeasterly for approximately 971m to the intersection of false coordinates
213722m East, 191629m North. 
 Thence, Northeasterly for approximately 252m to a point on the Northern side of the Parochial Road from Browns Town to Lower
Buxton at the intersection of false coordinates 213939m East, 191758m North. 
 Thence, Southeasterly for approximately 7052m to the intersection of false
coordinates 220228m East, 188567m North in an area called, Dry Market. 
 Thence, South-southwesterly for approximately 2175m to the intersection of false
coordinates 219987m East, 186405m North. 
 Thence, Southwesterly for approximately 1424m to the intersection of false coordinates 219483m East, 185073m
North. 
  

 EXHIBIT A1 
 Thence, South-southeasterly for approximately 887m to the intersection of false coordinates 219613m East, 184196m North. 
 Thence,
East-southeasterly for approximately 764m to the intersection of false coordinates 220369m East, 184086m North. 
 Thence, South-southwesterly for
approximately 2746m to the intersection of false coordinates 220061m East, 181357m North. 
 Thence, Westerly for approximately 530m to the intersection of
false coordinates 219531m East, 181361m North. 
 Thence, Northerly for approximately 287m to the intersection of false coordinates 219521m East, 181648m
North. 
 Thence, Westerly for approximately 834m at a point on the Main Road from Stephney to Ballintoy at the intersection of false coordinates 218687m
East, 181674m North. 
 Thence, Southwesterly for approximately 1832m to a point on the Western side of the Parochial Road from Calderwood to Murray Mountain
at the intersection of false coordinates 217825m East, 180058m North. 
 Thence, Southerly for approximately 830m to the intersection of false coordinates
217856m East, 179229m North. 
 Thence, West-southwesterly for approximately 4435m to the intersection of false coordinates 213449m East, 178726m North.

 Thence, Southwesterly for approximately 2107m to the intersection of false coordinates 211779m East, 177443m North which is in the town of Aboukir.

 Thence, Westward for approximately 2368m to the intersection of false coordinates 209411m East, 177443m North in an area known as Arbuthnot. 

Thence, Northwesterly for approximately 4689m to the intersection of false coordinates 205721m East, 180337m North. 
 Thence, Northerly for approximately 1427m to the intersection of false coordinates 205684m East, 181763m North. 
 Thence, Westerly for approximately 301m to the intersection of false coordinates 205386m East, 181806m North. 
 Thence, Northerly for approximately 541m to the intersection of false coordinates 205380m East, 182347m North. 
 Thence, Westerly for approximately 1099m to the intersection of false coordinates 204281m East, 182368m North in an area known as Mahogany Hill. 
  

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 EXHIBIT A1 
 Thence, Northerly for approximately 310m to the intersection of false coordinates 204284m East, 182678m North. 
 Thence, Northwesterly for
approximately 195m to the intersection of false coordinates 204143m East, 182812m North. 
 Thence, Northerly for approximately 212m to the intersection of
false coordinates 204135m East, 183024m North. 
 Thence, Northwesterly for approximately 73m to the intersection of false coordinates 204069m East, 183058m
North. 
 Thence, North-northeasterly for approximately 1269m to a point on the Eastern side of the Main Road from Watt Town to Gibraltar in an area known as
Caledonia at the intersection of false coordinates 204319m East, 184302m North. 
 Thence, generally North, Northwesterly and Northeasterly along the Eastern
side of the said Main Road from Watt Town to Gibraltar for approximately 3967m to a point in the town of Gibraltar at the intersection of false coordinates 204429m East, 187713m North. 
 Thence, Eastward for approximately 1366m to the intersection of false coordinates 205795m East, 187712m North. 
 Thence,
Northeasterly for approximately 191m to the intersection of false coordinates 205891m East, 187877m North. 
 Thence, Northwesterly for approximately 265m to
the intersection of false coordinates 205648m East, 187984m North. 
 Thence, Northerly for approximately 308m to the intersection of false coordinates
205672m East, 188292m North. 
 Thence, Northwesterly for approximately 202m to the intersection of false coordinates 205574m East, 188468m North.

 Thence, Northerly for approximately 168m to the intersection of false coordinates 205569m East, 188636m North. 
 Thence, Northeasterly for approximately 227m to a point on the Southern side of the Main Road from Endeavour to Browns Town at the intersection of false coordinates
205676m East, 188836m North. 
 Thence Easterly, Southeasterly and Northeasterly along the Southern edge of the said Main Road for approximately 687m to the
intersection of false coordinates 206268m East, 188967m North. 
 Thence, Northerly for approximately 85m to the intersection of false coordinates 206279m
East, 189051m North. 
  

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 EXHIBIT A1 
 Thence, Westerly for approximately 67m to the intersection of false coordinates 206220m East, 189082m North. 
 Thence, Northwesterly for
approximately 296m to the intersection of false coordinates 206112m East, 189358m North. 
 Thence, West-northwesterly for approximately 342m to the
intersection of false coordinates 205791m East, 189478m North. 
 Thence, North-northwesterly for approximately 144m to the intersection of false coordinates
205749m East, 189616m North. 
 Thence, Northeasterly for approximately 559m to the intersection of false coordinates 206211m East, 189931m North.

 Thence, Southeasterly for approximately 138m to the intersection of false coordinates 206312m East, 189837m North. 
 Thence, Northeasterly for approximately 774m to the intersection of false coordinates 206984m East, 190221m North. 
 Thence, Southeasterly for approximately 536m to the intersection of false coordinates 207243m East, 189752m North. 
 Thence, North-northwesterly for approximately 943m to the intersection of false coordinates 207078m East, 190681m North. 
 Thence, North-northeasterly for approximately 391m to the intersection of false coordinates 207224m East, 191043m North. 
 Thence, East-northeasterly for approximately 1343m to the intersection of false coordinates 208552m East, 191248m North. 
 Thence, Northeasterly for approximately 912m to the intersection of false coordinates 209377m East, 191637m North. 
 Thence, East-southeasterly for approximately 1087m to a point on the Main Road from Tobolski to Browns Town at the intersection of false coordinates 210448m East,
191447m North. 
 Thence, Northeasterly, generally following the alignment of the said Main Road leading from Gibraltar to Browns Town for approximately 340m
back to the starting point (the Location Beacon) which is situated on the southern side of the said Main Road at the intersection of false coordinates 210824m East, 191576m North. 
  

 -4-Alumina Purchase Agreement

 Exhibit 10.14 
 ALUMINA PURCHASE AGREEMENT 
 This Alumina Purchase Agreement (this
“Agreement”) is entered into on this 2nd day of November, 2004, between Gramercy Alumina LLC, a Delaware limited liability company (hereinafter called “Seller”) and Gramercy Alumina Holdings Inc., a
Delaware corporation (“Buyer”). 
 RECITALS: 
 A. WHEREAS, Seller desires to sell to Buyer fifty percent (50%) of the sandy calcined metallurgical grade alumina
(“Alumina”) produced at Seller’s alumina refinery located at Gramercy, Louisiana (the “Refinery”); and 
 B. WHEREAS, Buyer desires to purchase and accept from Seller fifty percent (50%) of the Alumina produced during the term hereof at the Refinery; 
 NOW, THEREFORE, in consideration of the premises and the covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound hereby, agree as follows: 
 Article 1 
 Definitions 
 1.1 Definitions.
As used herein, unless otherwise defined herein or the context otherwise requires, the following terms shall have the meanings specified below: 
 “Affiliate” of any person means any person directly or indirectly controlling, controlled by or under common control with such person. For the purpose of this definition only, “control” shall mean owning more than
50% of the equity interests in, or having the right to elect or designate a majority of the Board of Directors or similar governing body of, whether through the ownership of voting securities, by contract or otherwise, any person. 

 “Alumina” has the meaning specified in Recital A. 
 “Alumina Price” has the meaning specified in Section 2.5. 
 “Buyer’s Customer” means any person to which Buyer may sell Alumina. 
 “Century” has the meaning specified in Section 5.4. 
 “Contract Year” means a period of time running from January 1 of each year through December 31 of the same year, except that the first Contract Year shall run from the Effective Date through
December 31, 2004. 
 “Customary Quick Dispatch” means the barge is to be loaded as quickly as is customary and
possible. 
 “Effective Date” has the meaning specified in Section 4.1. 
 “FOB” means, to the extent that the 1990 version of the Incoterms are not inconsistent with the provisions of this Agreement, FOB as
defined by the 1990 version of the Incoterms published by the International Chamber of Commerce, Paris, France, as amended from time to time (collectively, the “Incoterms”). 
 “Force Majeure” means any event or circumstance beyond the reasonable control of a party, including but not limited to: accidents to or
breakdown or mechanical failure of machinery or equipment, however caused; strikes or other labor troubles; shortage of labor, transportation, raw materials, energy sources, or failure of usual means of supply; fire, explosion, flood or hurricane;
war, declared or undeclared; insurrection, riots or sabotage; acts of God or the public enemy; river conditions; and priorities, allocations, or limitations or other acts required or requested by government or any subdivisions, bureaus or agencies
thereof. 
 “GAAP” means U.S. generally accepted accounting principles, consistently applied. 
 “mt” or “metric ton” means a unit of metric weight of 1,000 kilograms. 
  

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 “Operating Costs” has the meaning specified in Exhibit B. 
 “Rated Capacity” means, assuming normal operating conditions and taking into account maintenance and other technical requirements,
1,000,000 mt of Alumina per year. 
 “Refinery” has the meaning specified in Recital A. 
 “Seller’s Account” means such account as Seller shall notify to Buyer from time to time in writing. 
 Article 2 
 Purchase and Sale of
Alumina and Related Matters 
 2.1 Quantity. Subject to and in accordance with the terms and conditions of this Agreement, Seller
shall sell to Buyer, and Buyer shall purchase and accept from Seller, fifty percent (50%) of the Alumina produced at the Refinery for each Contract Year during the term of this Agreement. Seller shall use reasonable commercial efforts to cause
the Refinery to operate at Rated Capacity at all times during the term of this Agreement. Seller shall notify Buyer of the estimated tonnage to be supplied during each Contract Year on or before September 15 of the immediately preceding year.

 2.2 Source of Supply and Quality. 
 (a) Specifications. The parties intend that the Alumina to be sold by Seller to Buyer pursuant to this Agreement shall be produced at the Refinery and shall conform to the specifications set forth in Exhibit A
hereto. In addition to meeting the standards on Exhibit A, Seller will use its reasonable efforts to improve its quality standards at the Refinery and will meet with Buyer on at least a yearly basis to discuss quality standards. Seller will use its
reasonable efforts to meet, at a minimum, alumina industry averages for North and South American, Western European and Australian refineries for chemical and physical specifications. 
  

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 (b) NO OTHER WARRANTIES. SELLER MAKES NO OTHER WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, WRITTEN
OR ORAL, INCLUDING THAT OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. 
 2.3 Delivery; Risk of Loss. 
 (a) Deliveries. Deliveries of Alumina hereunder shall be made by Seller to Buyer in approximately equally spread shipments during each Contract
Year, FOB Buyer’s or Buyer’s Customer’s barge at Gramercy, Louisiana. 
 (b) Passage of Title. Title, risk of loss and
all other incidents of ownership of Alumina shall pass from Seller to Buyer or to Buyer’s Customer, as the case may be, upon delivery at the FOB point. 
 2.4 Weight Loaded. The weights of Alumina delivered hereunder shall be determined at the time of loading by an independent marine surveyor (appointed and paid for by Seller), and the results of such
determination shall be conclusive and binding on the parties hereto for the purpose of determining the quantity of Alumina delivered hereunder. A copy of the draft weight determination for each barge will accompany each bill of lading provided by
Seller to Buyer. 
 2.5 Purchase Price. The purchase price per mt of Alumina sold by Seller to Buyer hereunder, which shall include a
commercially reasonable profit component (the “Alumina Price”) shall be determined in accordance with the procedures outlined in Exhibit B. 
 2.6 Invoicing and Payment. 
 (a) Invoicing. Seller shall invoice Buyer for each delivery of
Alumina to Buyer’s, or Buyer’s Customer’s, barge. Alumina delivered prior to the month in which it is to be priced according to Section 2.5 shall be invoiced provisionally at the Alumina Price in effect for the month in which the
Alumina is delivered, and Seller shall issue a corrected invoice promptly at the beginning of the calendar month immediately following the month of delivery. 
  

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 (b) Payment. Payment shall be made by Buyer to Seller on or before the fifteenth (15th) day
of the month following the month of shipment by wire transfer of immediately available funds to Seller’s Account. 
 (c)
Currency. All transactions and payments pursuant to this Agreement shall be made in United States dollars. 
 (d) Interest.
Without prejudice to any other rights Seller may have, the amount of any overdue payments or any partial payment of any invoiced portion of the Alumina Price shall bear interest at a rate per annum equal to the U.S. prime rate for first class
customers as quoted by J.P. Morgan Bank One, N.A., plus two percent (2%), over the period from the date on which payment or partial payment should have been made to the date of actual making of payment. 
 (e) Timing and Format. The parties agree that invoices may be rendered, and payment may be required, at more frequent intervals than otherwise
described in this Section 2.6 (including on a prepayment basis) as Seller may reasonably determine (on either a short-term or long-term basis) in order to assure adequate funding for Operating Costs, with reasonable prior notice to Buyer to the
extent practicable. The Parties further agree that the form of the invoices shall contain such detail as either Party may reasonably request, including description of any special charges attributable to unusual and incremental costs specifically
related to Buyer’s purchases of Alumina under this Agreement or related to any breach of this Agreement by Buyer. 
  

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 Article 3 
 Shipping 
 Buyer shall provide or cause to be provided barges that are suitable for loading and in
conformance with restrictions and limitations at the barge loading facility located adjacent to the Refinery. Reasonable barge schedules shall be agreed between Buyer and Seller at least fifteen (15) days prior to commencement of each calendar
quarter during the Contract Year then in effect. The parties will cooperate in regard to scheduling deliveries hereunder in accordance with local customs and practices, but, in any event, Buyer shall and shall cause Buyer’s Customer to, unless
otherwise agreed in writing, move its barges from the loading area as soon as reasonably possible following completion of loading. Barge loadings shall be on a Customary Quick Dispatch basis. 
 Article 4 
 Term; Termination 
 4.1 Term. This Agreement shall be effective as of the 1st day of October, 2004 (the “Effective Date”) and shall terminate on December 31, 2010, unless sooner terminated in accordance with Section 4.2 or extended
by mutual agreement of Buyer and Seller. 
 4.2 Termination. This agreement may be terminated prior to the expiration of its term only
by mutual agreement of Buyer and Seller. 
 4.3 Default. 
 (a) Suspension. If Buyer fails to timely make payments to Seller as provided herein, Seller shall, after ten (10) days written notice of default has been given to Buyer, suspend further shipments of
Alumina to Buyer. Subject to the provisions of subparagraph (b) of this Section 4.3, Seller will retain and store such Alumina as would otherwise be shipped to Buyer and will ship said Alumina when Buyer has cured its default and made the
payments provided for herein. 
  

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 (b) Resale. If written notice of default has been given to Buyer as provided in subparagraph
(a) above and Buyer has not cured the default by making the required payments within an additional ten (10) days from the receipt by Buyer of the notice provided in subparagraph (a), Seller, at its sole option, may sell to one or more
third parties, in any commercially reasonable manner, the Alumina that would otherwise have been shipped to Buyer, including the Alumina held pursuant to the provisions of subparagraph (a). If the sale(s) of such Alumina to third party(ies) produces
revenues less than Seller would have received from Buyer if Buyer had purchased such Alumina hereunder, Buyer shall pay the deficiency, on demand, to Seller. If the sale(s) to third party(ies) produces revenues greater than Seller would have
received from Buyer, Buyer shall not be entitled to the excess, which shall be retained by Seller. 
 (c) Costs. Buyer shall be
responsible for any and all additional costs, including demurrage and additional shipping costs, incurred by Seller as a consequence of Buyer’s default and Seller’s conduct pursuant to this Section 4.3 and shall pay said additional
costs to Seller on demand. In the event that Seller receives excess revenues pursuant to the provisions of subparagraph (b) above, Buyer shall not be entitled to set-off said excess revenues against the additional costs payable by Buyer
provided for herein. 
 Article 5 
 Liability 
 5.1 Liability. Except as specifically provided in this Agreement, neither party to this Agreement shall
be liable to the other party hereto for direct economic loss or damage, including, but not limited to, personal injuries or loss of physical equipment, actually sustained as a result of the operation of this Agreement, unless such loss or damage
result from the gross negligence, willful act or intentional failure to act of a party hereto. 
  

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 5.2 NO CONSEQUENTIAL DAMAGES. NEITHER PARTY TO THIS AGREEMENT SHALL BE LIABLE TO THE OTHER PARTY
HERETO FOR ANY INDIRECT, CONSEQUENTIAL OR INCIDENTAL DAMAGE OR LOSS INCURRED AS A RESULT OF THE OPERATION OF THIS AGREEMENT, UNLESS SUCH DAMAGE OR LOSS IS THE RESULT OF WILLFUL ACTION OR INTENTIONAL FAILURE TO ACT OF A PARTY HERETO. 
 5.3 Limitation on Liability. Upon termination of this Agreement (including termination upon the expiration of the term of this Agreement), neither
party to this Agreement shall have any liability to the other party to this Agreement, except for any such liability that may have accrued through the date of termination. 
 5.4 Century Agreement. Seller and Buyer acknowledge that, concurrent with the execution of this Agreement, Seller will enter into a like agreement
with Century Aluminum of Kentucky LLC or an Affiliate thereof (“Century”) for the purchase of the fifty percent (50%) of the Alumina produced by the Refinery not purchased by Buyer hereunder. Seller acknowledges that the provisions of
Section 5.5 will be incorporated in its like agreement with Century. 
 5.5 Force Majeure. If an event of Force Majeure occurs at
the Refinery, Buyer and Century shall each be entitled to receive fifty percent (50%) of any Alumina that Seller produces. If an event of Force Majeure occurs by Buyer’s facility or any facility of Buyer’s Customer and Buyer or
Buyer’s Customer is unable to use the Alumina to be purchased hereunder, Buyer shall continue to be obligated to purchase the Alumina provided hereunder and shall not be entitled to cease performance hereunder, in any manner, due to the event
of Force Majeure. Neither Buyer nor Seller shall be entitled to terminate this Agreement by reason of an event of Force Majeure. 
  

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 Article 6 
 Miscellaneous 
 6.1 Notices. All notices or communications required or permitted to be given
hereunder shall be in writing and shall be deemed to have been duly given (a) when received (in the case of personal delivery or delivery by 24-hour guaranteed courier service or delivery within the United States by registered or certified
United States mail) at the addresses set forth below or (b) when transmitted by fax (and confirmed by mail) to the fax numbers set forth below: 
  

			
	If to Seller:	    	 Gramercy Alumina LLC
 Mail:
 P.O. Box 3370
 All other: 111 Airline Hwy.
 Gramercy, LA 70052
 Fax: (225) 869-2191

		
	with a copy to:        	    	 Century Aluminum Company
 2511 Garden Road

Building A, Suite 200
 Monterey, CA 93940
 Attn: General Counsel
 Fax: (831) 642-9328

		
	If to Buyer:	    	 Gramercy Alumina Holdings Inc.
 801 Crescent Centre
Drive
 Suite 600
 Franklin, TN 37067
 Attn: President
 Fax: (615) 771-5710

		
	with a copy to:	    	 Noranda Aluminum, Inc.
 801 Crescent Centre
Drive
 Suite 600
 Franklin, TN 37067
 Attn: President
 Fax: (615) 771-5710

  

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 6.2 Headings. The headings of Articles and Sections of this Agreement are merely for convenience
of reference and have no substantive significance. Headings shall be disregarded in the interpretation of this Agreement. 
 6.3 Entire
Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous written or oral understandings, agreements, negotiations and discussions
between the parties relating to the subject matter hereof. 
 6.4 Amendments. No amendment to or modification of this Agreement shall
be valid or binding on either party hereto unless reduced to writing and executed by both parties hereto. 
 6.5 Waiver. No waiver by
either party of any breach or default in performance by the other party, and no failure to exercise any right or option given to either party hereunder or to insist upon strict compliance with or performance of the terms of this Agreement, shall
constitute a waiver of the provisions of this Agreement with respect to any subsequent breach thereof. 
 6.6 Severability. Should any
provision herein contained prove to be invalid, illegal or unenforceable, the remaining provisions shall remain of full force and effect and the parties shall endeavor in good faith to agree on the details of alternative provisions that are valid,
legal and enforceable and that come nearest to the original provisions in legal and economic impact and intent. 
 6.7 Parties In
Interest; Assignment. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. This Agreement shall not be assigned by either party hereto without the written consent
of the other party hereto, provided, however, that each party may assign this Agreement to an Affiliate of such party, and such Affiliate may further assign the Agreement to other Affiliates of such party, 

  

 -10- 

 
without the consent (written or verbal) of the other party to this Agreement. If a party assigns this Agreement to an Affiliate and such Affiliate ceases to
be an Affiliate of the assignor, the person that ceases to be an Affiliate of the assignor shall immediately reassign this Agreement to its assignor effective as of the date that such affiliation terminated. Nothing in this Agreement is intended or
shall be construed to confer upon or to give any person, other than the parties hereto and their successors and assigns, any rights or remedies under or by reason of this Agreement. 
 6.8 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original, and such counterparts
shall constitute one and the same instrument. 
 6.9 Governing Law. This Agreement shall be governed by and construed in accordance
with the internal laws of the State of New York (without regard to applicable principles of conflict of laws). Any action or proceeding arising out of or relating to this Agreement shall be brought, heard and determined in any New York state or
federal court sitting in the City of New York, and each of the parties consents to the jurisdiction and venue of such courts in any such action or proceeding. 
 6.10 Relationship between the Parties. It is not the purpose or intention of this Agreement to create a partnership relationship between the parties. Nothing contained in this Agreement shall be deemed to
constitute any party as the partner of any other party or, except as otherwise expressly provided, to constitute any party as the agent or legal representative of any other party or to create any fiduciary relationship between them. Neither party
shall have any authority to act for or to assume any obligation or responsibility on behalf of the other party except as expressly provided in this Agreement. 
 [SIGNATURE PAGE FOLLOWS] 
  

 -11- 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date
and year first above written. 
  

			
	GRAMERCY ALUMINA LLC
		
	By:	 	 /s/ William H. Brooks

	Name:	 	William H. Brooks
	Its:	 	Manager and Vice President
	
	AND
		
	By:	 	 /s/ E. Jack Contes

	Name:	 	E. Jack Contes
	Its:	 	Manager & Vice President
	
	GRAMERCY ALUMINA HOLDINGS INC.
		
	By:	 	 /s/ Richard J. Anderson

	Name:	 	Richard J. Anderson
	Its:	 	Vice President and Secretary

  

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 EXHIBIT A 
 ALUMINA SPECIFICATIONS 
  

													
	Chemical
Properties	 	% Max	 	As Elements
% Typical	 	Long Range	 	% Max	 	As Oxides
% Typical	 	Long Range
	Si	 	    0.010%	 	    0.0030%	 		 	  0.0210%	 	    0.0060%	 	
	Fe	 	    0.010%	 	    0.0060%	 		 	  0.0140%	 	    0.0090%	 	
	Na	 	  0.40%	 	  0.250%	 		 	0.540%	 	  0.340%	 	
	Ca	 	    0.040%	 	    0.0240%	 		 	  0.0560%	 	    0.0340%	 	
	Zn	 	      0.0120%	 	    0.0090%	 	0.010% Max	 	  0.0150%	 	    0.0110%	 	0.012% Max
	P	 	      0.0007%	 	  <0.0007%	 		 	    0.00150%	 	  <0.0015%	 	
	V	 	      0.0020%	 	  <0.0020%	 		 	  0.0040%	 	<0.004%	 	
	Ga	 	    0.010%	 	<0.010%	 		 	  0.0130%	 	<0.013%	 	

									
					
	Physical
Properties	 	% Min	 	% Max	 	% Typical	 	Long Range
	+100 Mesh	 		 	  15.0%	 	    3.0%	 	
	-325 Mesh	 		 	  10.0%	 	    5.0%	 	
	-20 Micron	 		 	    1.5%	 	  <1.5%	 	  1.0%
	Attrition Index	 		 	  20.0%	 	<20.0%	 	
	LOI	 		 	    1.0%	 	    1.0%	 	
	% Moisture	 		 		 		 	
	(0-300 C)	 		 		 		 	<1.0%
	BET	 	60.0	 	80.0	 		 	
	Density	 	Report only	 		 		 	

  

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 Exhibit B 
 ALUMINA PRICE 
 The Alumina Price per mt in any period shall equal the aggregate of Operating Costs incurred by Seller, net
of any revenue realized by Seller, including, without limitation, revenue arising from sales by Seller of products or assets, excluding any sales of Alumina to Buyer or to Gramercy Alumina Holdings Inc. or one of its Affiliates, divided by the total
production of Alumina during that period. 
 Operating Costs shall mean all costs, expenses and charges incurred by Seller for the operation, maintenance and
repair of the Refinery, including, without limitation, (i) all costs and expenses incurred by Seller for the purchase of bauxite and other raw materials used in the production of Alumina and all chemicals, additives and agents used in the
production process, natural gas, electrical power and other energy sources used in the production process and all utilities and other services used in the operation of the Refinery, (ii) all Employee Costs (as defined below), (iii) all
costs and expenses incurred by Seller for the services of third-party contractors, advisors and agents, including without limitation any marine surveyor engaged in connection with the weighing of Alumina, and for the purchase of equipment and
supplies used in the operation, maintenance and repair of the Refinery, (iv) all Capital Expenditures (as defined below), and (v) all interest and other costs related to refinancing that may be incurred by Seller, all as determined by
Seller. All such costs, expenses and charges shall be computed on an accrual basis in accordance with GAAP, and shall exclude (a) depreciation and amortization, and (b) all additional costs incurred by Seller as a consequence of
Buyer’s default hereunder or Century’s default under its like agreement with Seller. 
 “Capital Expenditures” shall mean all costs and
expenses incurred by Seller in connection with the purchase, lease, construction or use of fixed assets or other assets constituting part of Seller’s plant, property or equipment, both tangible and intangible, that would be capitalized and
shown on the balance sheet of Seller in accordance with GAAP. 
 “Employee Costs” shall include, without limitation, all salaries, wages and
benefits payable by Seller and the cost to Seller of funding of actuarial cost obligations accruing under pension plans determined under the funding methods used to determine costs under the plans, and the payment of other obligations accruing under
any employee benefit plans, group life insurance plans, major medical plans, medical (including drug) reimbursement plans, salary continuation plans, supplemental unemployment benefit plans and welfare plans, severance or termination of pay plans,
and retiree benefit, savings, bonus or profit-sharing plans. 
 In the quarter prior to the commencement of each calendar year, Seller’s management
shall prepare and present an annual plan (“Annual Plan”) of all Operating Costs, Employee Costs and Capital Expenditures for the forthcoming year, to Buyer and to Seller’s Managers for review and approval. During the course of each
year, Seller’s management shall update Buyer and its Managers as to compliance with the Annual Plan. Any major deviation from the Annual Plan shall be subject to review and approval by Buyer and by Seller’s Managers. 
  

 -14-

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