Ores & Minerals Secures Favorable Arbitration Award Against Golden Base Industry Development Limited

London, 4 November 2024 – Ores & Minerals UK Ltd. ("Ores & Minerals") announces the conclusion of arbitration under the London Court of International Arbitration (LCIA), in its case against Golden Base Industry Development Limited ("Golden Base"), related to the supply of iron ore pellet chips and fines.

The tribunal affirmed that Golden Base, with director Mr Zhonghui Chen, breached its contractual obligations under the sale and purchase agreement, by failing to remit full payment of USD $1,044,970.52 for delivered cargo.

Zhonghui Chen is also Director of Fujian Xinhuite Trading Co Ltd, and sold this unpaid iron ore cargo to Yancheng LIanxin Steel Co, Ltd, a company based in Jinangsu, China.

The total recovery awarded includes over $1,124,296 USD with additional statutory interest, to be paid to Ores & Minerals.

Ores & Minerals extends its appreciation to the tribunal for its diligent review of the case.

Registered in LCIA Registry of Awards as: 246269

For media inquiries or further information, please contact Ores Minerals UK on +44 2037 519 391

Ores & Minerals Arbitration Award Against Anh Son Thuy - a company nominated by Hoa Phat Group Singapore

LONDON, and SINGAPORE, May 23, 2024 /PRNewswire/ -- Bulk commodity trader, Ores & Minerals, announces a victory in arbitration against Anh Son Thuy, a company nominated by industrial group Hoa Phat, Singapore.

Hoa Phat's nominated entity, Anh Son Thuy must pay Ores & Minerals $1,473,802.48 in arbitration, as ruled by The Singapore International Arbitration Centre on 2nd May 2023, due to violations in deadfreight, demurrage, and detention.

The dispute stems from a contractual agreement between Ores & Minerals and Anh Son Thuy for the transportation of a cargo consisting of 50,000 metric tons of iron ore pellet chips and fines.

Despite explicit contractual terms and industry-standard practices, Hoa Phat Singapore's nominated Anh Son Thuy's actions led to substantial deadfreight costs and associated damages, causing non-performance and breach of contract.

As a company committed to integrity, transparency, and fair business practices, Ores & Minerals underscores the importance of upholding contractual obligations and fostering trust within the global business community.

Ores & Minerals extends its appreciation to the tribunal for its diligent review of the case.

Final Arbitration Award
Registered in SIAC Registry of Awards as: Award No. 062 of 2023
For media inquiries or further information, please contact Ores Minerals UK on +44 2037 519 391

Ores & Minerals Corporation is an International Commodity Trading Group acting as trader and merchant, primarily in metals and minerals, obtained through direct relationships with mine owners, aggregators, refiners, processors and fabricators around the world.