Good afternoon Dear Friends,

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1. You are reviewing the generic equation for Net Smelter Return with a colleague, who comments to you that revenue earned by a downstream company for smelting and refining of the concentrates your company produces is fully determined by the terms Tc and Rc in the equation: Gt: Ud Pr NSR($)= [PPd] -Tc-Rc+c,-Pn-T r 100 100 Your colleague's observation is incorrect. Identify (an)other term(s) that could contribute to the compensation of the downstream company. Also indicate what the term or terms you have identified are called, and the type of document in which you would be able to find them specified