Copper cathode - Spot the Fraud 163 replies,64683 views
#1
Posted 27 Oct 2006 00:05
1. 914mm x 914mm x 12mm cathodes are not produced by any refinery on this planet
2. The DRC does not produce 99.99% cathodes
3. The DRC only produces 500mt a month through Somika and Gecamine. These facts are openly available on the internet
4. Copper cathodes are never sold in ports
5. Tanzania does not produce copper
6. Pictures of copper should reveal the white paint markings. This leads you back to the producer. A simple email to the security wing of the mine will tell you who the copper really belongs to
7. Copper is never sold at fixed prices
8. Copper is not sold at discounts from Africa. The real price is LME + $160 CIF
9. No copper is sold FOB
10. No Copper is sold FOB port.
11. Mines sell copper CIF as the responsibility is on them to deliver
12 No mines offer performance bonds. There are no mining contract on this planet that offer this brokers and scammers ploy
13. SGS do not do cathode inspections in any African port
14. Inspection in port- You will see MCM and KCM copper being loaded on a ship and end up paying your BG or TT for nothing
15. Unless your name is Samsung, LG or Pirelli you are not going to get a contract for anything over 1500mt a month.
15. Chinese buyers will not buy cathodes when their SME subsidises local copper sales. The SME copper is less than the LME price, so why would they buy premium price copper?
You want the truth. Read this carefully. 99% of the offers are fake and criminal. The brokers that make such offers are ignorant of copper sales and do not in fact know the name of the mine they represent and will use the NCND to hide behind this fact.
You will be conned if you do not heed this advice.
You will not buy copper
You will not sell copper
This is a fact
2. The DRC does not produce 99.99% cathodes
3. The DRC only produces 500mt a month through Somika and Gecamine. These facts are openly available on the internet
4. Copper cathodes are never sold in ports
5. Tanzania does not produce copper
6. Pictures of copper should reveal the white paint markings. This leads you back to the producer. A simple email to the security wing of the mine will tell you who the copper really belongs to
7. Copper is never sold at fixed prices
8. Copper is not sold at discounts from Africa. The real price is LME + $160 CIF
9. No copper is sold FOB
10. No Copper is sold FOB port.
11. Mines sell copper CIF as the responsibility is on them to deliver
12 No mines offer performance bonds. There are no mining contract on this planet that offer this brokers and scammers ploy
13. SGS do not do cathode inspections in any African port
14. Inspection in port- You will see MCM and KCM copper being loaded on a ship and end up paying your BG or TT for nothing
15. Unless your name is Samsung, LG or Pirelli you are not going to get a contract for anything over 1500mt a month.
15. Chinese buyers will not buy cathodes when their SME subsidises local copper sales. The SME copper is less than the LME price, so why would they buy premium price copper?
You want the truth. Read this carefully. 99% of the offers are fake and criminal. The brokers that make such offers are ignorant of copper sales and do not in fact know the name of the mine they represent and will use the NCND to hide behind this fact.
You will be conned if you do not heed this advice.
You will not buy copper
You will not sell copper
This is a fact
#2
Re: Copper cathode - Spot the Fraud
Posted 27 Oct 2006 02:04
17. Brokers.....and you are all brokers and not sellers or mandates. There is not a mine on this planet that sells copper through brokers and pays them commissions.
18. If you are offered a commission to sell copper you are being offered a commission to participate in a scam. If it is a scam, do you think they are going to pay you a commission having such scruples?
19. Mines accept offers for their copper. They do not issue soft offers and full corporate offers.
18. If you are offered a commission to sell copper you are being offered a commission to participate in a scam. If it is a scam, do you think they are going to pay you a commission having such scruples?
19. Mines accept offers for their copper. They do not issue soft offers and full corporate offers.
#3
Re: Re: Copper cathode - Spot the Fraud
Posted 27 Oct 2006 02:26
20. Non LME copper is 99.96% and less and referred to as B Grade or PQ grade. The difference in price ranges from 2 - 7 % and not $3000 as these scammers have you beli
#4
Re: Re: Re: Copper cathode - Spot the Fraud
Posted 28 Oct 2006 00:39
21. Country of origin - Africa = Fraud
22. Country of Origin DRC/Zambia = fraud
23. Country of Origin Tanzania = fraud
22. Country of Origin DRC/Zambia = fraud
23. Country of Origin Tanzania = fraud
#5
Re: Copper cathode - Spot the Fraud
Posted 28 Oct 2006 00:55
Replying to [Bwana]: Yes true, too many fake ppl who claims to be mandate or seller. In the actual fact these ppl are really conman who need to be punished and put them behind the bar, soon.
#6
Re: Re: Re: Re: Copper cathode - Spot the Fraud
Posted 29 Oct 2006 00:19
24. Transferable LC = Fraud
They will attempt to use the LC as a financial instrument and draw against it
25. BG = fraud
They will attempt to encash the BG while you are running around a port chasing non-existent copper and not in direct contact with your bank.
A Singapore "seller" tried this three times
26 All mines encourage the contract to be signed at the mine. Once you have signed a NCND insist on signing the final contract at the mine headquarters and not a legal office on another continent
27. Mines encourage buyers to view the stocks they have at the refinery. They discourage you from viewing stocks in ports. Mine visits are imperative to good business
They will attempt to use the LC as a financial instrument and draw against it
25. BG = fraud
They will attempt to encash the BG while you are running around a port chasing non-existent copper and not in direct contact with your bank.
A Singapore "seller" tried this three times
26 All mines encourage the contract to be signed at the mine. Once you have signed a NCND insist on signing the final contract at the mine headquarters and not a legal office on another continent
27. Mines encourage buyers to view the stocks they have at the refinery. They discourage you from viewing stocks in ports. Mine visits are imperative to good business
#7
Re: Re: Re: Re: Re: Copper cathode - Spot the Fraud
Posted 29 Oct 2006 00:34
28. Offers of anything over 1000mt. New contracts issued by mines are always cautious.
The mine is not going to forsake its major clients and customers for some unknown buyer off the internet
29 Mines will only sell free copper to known end users. This means that brokers and traders are precluded
The reason for this is mines have major clients in copper consuming regions and the last thing they need is a conflict of interest arising
This effectively is an arrow in the heart of people who believe that they can sell cathodes on the internet.
If you get an offer to buy, ask the person if they are the end user. You will get a response saying " No , I am the buyer's mandate" or some foolish response which typifies a broker
The mine is not going to forsake its major clients and customers for some unknown buyer off the internet
29 Mines will only sell free copper to known end users. This means that brokers and traders are precluded
The reason for this is mines have major clients in copper consuming regions and the last thing they need is a conflict of interest arising
This effectively is an arrow in the heart of people who believe that they can sell cathodes on the internet.
If you get an offer to buy, ask the person if they are the end user. You will get a response saying " No , I am the buyer's mandate" or some foolish response which typifies a broker
#8
Re: Copper cathode - Spot the Fraud
Posted 12 Dec 2006 12:50
Replying to [Bwana]:THis is a very good warning.
I havebee trying to source Copper Cathodes for over 3 weeks.
We think we have a supplier now.. Small quanity. One shipment at a time.
Some wanted cash upfront... no way.
Others no performance bond.
We wil do nothing unless we get the go-ahead from the Embassey of DR Congo and Tanzania.
I wish more people like you would post these issues.
I wil do the same as well.
Time is money. Fhaud is everywhere.
Thanking you agin.
I havebee trying to source Copper Cathodes for over 3 weeks.
We think we have a supplier now.. Small quanity. One shipment at a time.
Some wanted cash upfront... no way.
Others no performance bond.
We wil do nothing unless we get the go-ahead from the Embassey of DR Congo and Tanzania.
I wish more people like you would post these issues.
I wil do the same as well.
Time is money. Fhaud is everywhere.
Thanking you agin.
#9
Re: Copper cathode - Spot the Fraud
Posted 13 Dec 2006 14:07
Replying to [Bwana]:
Could you give me more details about #14 - Inspection in port - you will see MCM and KCM copper being loaded on a ship and end up paying you BG or TT for nothing.
I am now negotiation contract with supplier of DRC Congo, need your help before I was scammed. Thanks!
Could you give me more details about #14 - Inspection in port - you will see MCM and KCM copper being loaded on a ship and end up paying you BG or TT for nothing.
I am now negotiation contract with supplier of DRC Congo, need your help before I was scammed. Thanks!
#10
Re: Re: Re: Re: Copper cathode - Spot the Fraud
Posted 13 Dec 2006 14:09
Replying to [Bwana]:
Could you give more details about
Country of Orign: DRC = fraud
Thanks!
Could you give more details about
Country of Orign: DRC = fraud
Thanks!
#11
Re: Re: Re: Re: Re: Copper cathode - Spot the Fraud
Posted 14 Dec 2006 01:16
Replying to [seaway]:
Forget DRC Cathodes, they do not exist. Anyone offering them is a clueless broker that has no idea where the DRC is never mind what copper they produce.
KCM are fine. They do have production problems though
Forget DRC Cathodes, they do not exist. Anyone offering them is a clueless broker that has no idea where the DRC is never mind what copper they produce.
KCM are fine. They do have production problems though
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