Covering pricing mechanisms, letter-of-credit terms and FX exposure, the commercial, finance and legal teams completed their first joint review of the year.
In April the company brought its commercial, finance and legal teams together for a review of settlement and price risk management in mineral trading, focusing on pricing periods, identification of soft clauses in letters of credit, and FX exposure hedging.
The meeting confirmed three operating standards: every order must carry verifiable source documents, payment terms stay within approved credit limits, and inspection clauses set out sampling and re-assay responsibilities in explicit terms.
The conclusions have been compiled into internal operating guidance for new-hire training and the review of major contracts.