Incoterms for mineral shipments

Incoterms are standard three-letter trade terms published by the International Chamber of Commerce. They state who arranges and pays for transport, insurance and customs, and where responsibility changes hands.

FCA (Free Carrier): the seller hands the goods to the buyer's carrier at an agreed place. CIF (Cost, Insurance and Freight): the seller pays freight and insurance to the destination port, but risk passes when goods are loaded. DAP (Delivered at Place): the seller delivers to the buyer's named destination.

High-value parcels often move under terms agreed with a secure-logistics firm, with delivery to the buyer's refinery or vault. Whatever the term, it is written into the contract.