Australia: Mining Sector Update: April 2014 edition

Recent announcements

On 27 March 2014, MetroCoal Limited (an ASX-listed company focused on thermal coal projects in southeast Queensland's Surat Basin) announced that it had substantially increased its shareholding in Cape Alumina Limited from 6.87% to 46.04% through the acquisition of over 95 million shares from Resource Capital Fund (RCF). The shares were purchased at A$0.06 each under the terms of the unconditional on-market cash offer made by MetroCoal to Cape Alumina on 18 March 2014. RCF reportedly identified the Queensland Government's ban on mining on the Steve Irwin Wildlife Reserve and the resulting uncertainty surrounding Cape Alumina's flagship bauxite project at Pisolite Hills as a key factor in its decision to sell its interest to MetroCoal.

On 18 March 2014, ASX-listed Ascot Resources Ltd announced that it has executed a binding agreement to acquire the Wonmunna Iron Ore Project, located in Western Australia's Pilbara region, from Ochre Group Holdings Limited. Following a two-for-one share consolidation, Ascot will issue 88 million fully paid ordinary shares to Ochre as consideration, and pay a maximum of A$2 million in cash to Ochre on completion. A further A$29.75 million is payable five years from completion and a 1% gross revenue royalty in favour of Ochre will commence one year after the first iron ore shipment. Ascot will also assume Ochre's obligation to Talisman Mining Limited to pay a 1% gross revenue royalty from first shipment.

Amongst other things, the transaction is conditional on Ascot raising at least A$10 million in new equity at an issue price of A$0.25 per share. Ascot has received subscription commitments (conditional on completion occurring by 30 June 2014) from sophisticated investors for a total of A$9.7 million at the prescribed issue price. Ascot's largest shareholder, Resource Capital Fund V L.P. has also indicated that it will make a further A$5 million investment by subscribing for new shares at A$0.25 subject to completion and its own due diligence of the Project. As part of the deal, Ochre has nominated Executive Chairman, Nathan Featherby, and Non-executive Director, McAndrew Rudisill, to the Ascot Board.

Further to our reporting in the January, February and March 2014 editions of the Australian Mining Sector Update, Roy Hill Holdings recently announced that it has signed the senior finance documentation for US$7.2 billion to complete the funding package for the US$10 billion Roy Hill iron ore mining project located in Western Australia's Pilbara region. The long term debt package is comprised of loans and guarantees from five Export Credit Agencies and a consortium of 19 commercial banks from Australia, Japan, Europe, China, Korea and Singapore. Roy Hill CEO Barry Fitzgerald was advised that this is the largest ever project financing for the development of a land-based mining project worldwide.

On 26 March 2014, Yancoal Australia Ltd, an ASX-listed company with thermal and metallurgical coal mines in New South Wales and Queensland, announced that it had successfully arranged a US$300 million long term loan facility from its largest shareholder, Yanzhou Coal Mining Company Limited. The first US$100 million tranche has a term of six years (with principal to be repaid in full at maturity) and is provided on an unsecured basis with no covenants. The interest and repayment timing for the next tranches will be agreed at a future time. The purpose of the US$300 million loan facility is to fund working capital and capital expenditure. The loan comes in the wake of Yanzhou's recent decision not to proceed with its indicative non-binding proposal to privatise Yancoal, as first announced in July last year. A recent Hong Kong media report said that Yanzhou, which currently holds a 78% interest in Yancoal, may reconsider the offer to take 100% control of Yancoal when conditions are more favourable.

Market rumours and opportunities

On 25 March 2014, ASX-listed coal miner New Hope Corporation Limited announced that it has A$1.1 billion cash and cash equivalents at hand providing it with the "capacity to pursue any attractive acquisition opportunities in coal, oil and gas that may be presented by the current economic climate". New Hope's primary operations occur at its open-cut New Acland and Jeebropilly mines, and the company also has a suite of other mining, exploration, development and infrastructure projects in Queensland. New CEO Shane Stephan reportedly said that, despite the slump in profits from the previous year, New Hope's first half net profit of A$22.7 million was a good result given the challenging market conditions. Stephan also dismissed depressed coal prices as cyclical and certain to rise.

The Australian Financial Review reported that there would be no quick improvement in New Hope earnings, but that the miner's A$1.1 billion cash reserves give it "plenty of firepower to withstand the downturn" and the ability to "make selective acquisitions if opportunities emerged." Confirming that New Hope will probably try to take advantage of the coal price slump by focusing on acquisitions rather than developing the projects already on its books, The West Australian reported that Stephan expects continuing low coal prices will inevitably mean there are "better priced opportunities available".

Carpentaria Exploration's CFO, Chris Powell, has reportedly said that the company would like to find a joint venture partner to contribute A$25 million to bring the bankable feasibility study of its Hawsons Iron Project to completion as soon as possible. On 26 March 2014, Carpentaria announced a maiden Indicated Resource of 215 Mt for the magnetite asset which is located near Broken Hill in New South Wales. This brings the total Resource tonnage of the Project to 1.77 Bt at a mass recovery of 14.9%. Powell reportedly told Mergermarket that the company has looked at a number of options to advance the Project.

On 19 March 2014, ASX-listed iron ore miner Gindalbie Metals Limited advised that its joint venture partner and China's second largest steel maker, Ansteel, exercised its right to convert two shareholder loans worth US$60 million to new shares in Karara Mining Limited (KML), raising Ansteel's ownership interest in the Karara magnetite operation from 50% to 52.16%. Ansteel reportedly has the right to subscribe for additional equity in KML to repay A$230 million in further bank debt and pre-sales agreements. If it exercises the debt-to-equity conversions, Ansteel's stake in KML would increase to 62%. A recent Mergermarket report suggests that Ansteel is considering a buy out of Gindalbie's entire interest in KML. Although Gindalbie's recently released half year report showed it owes Ansteel almost A$430 million as at 31 December 2013, the Mergermarket source said Ansteel is not contemplating a full corporate takeover of Gindalbie.

According to Jim Beyer, CEO of Perth-based miner Mount Gibson Iron, the company could form a joint venture with Chinese State-owned Shougang Group if it finds an acquisition target too large to proceed alone, though a source at Shougang would not confirm whether it would pursue such an arrangement. Beyer reportedly said Mount Gibson was primarily seeking targets nearby to its existing Tallering Peak and Extension Hill operations in Western Australia to maximise infrastructure synergies. Mount Gibson is also said to be assessing targets in the rest of Western Australia as well as Victoria, Queensland, South Australia and the Northern Territory, and may even assess other commodities like coking coal at a later date to diversify the risk profile of its asset base. For the moment, Mount Gibson's focus remains on iron ore, and with minimal debt, a strong operating cash flow, a reported market capitalisation of A$911 million, and a "war chest of A$484 million", Beyer implied that the company could pursue "huge" deals, though did not disclose a particular value.

Mergermarket has reported that ASX-listed iron ore company, Atlas Iron, may seek to form a consortium comprising Process Minerals International and Consolidated Minerals (who, along with Atlas, are the primary users) to buy Utah Point if the Western Australian Government seeks to privatise this bulk export facility. Unnamed bankers in the sector have predicted that Atlas will look at defensively acquiring a majority stake in Utah Point to mitigate the risk that a new owner will raise prices to the detriment of Atlas' major export assets in the Pilbara. The Utah Point bulk export facility is likely to be the first Western Australian asset to be privatised by the State Government, with an estimated value of up to A$500 million and with the potential to attract interest from pension funds and commodity traders.

The Daily Mail reported that Rio Tinto is working on a US$8 per share cash offer for the remaining 49.2% stake in Turquoise Hill Resources (Rio holds an existing 50.8% interest in the listed Canadian miner). The report suggests that the transaction could be agreed within weeks.

The Business Standard has reported that Adani may divest 50% of its stake in the Carmichael thermal coal project. Adani was reportedly in negotiations with China Rail Corporation and another Chinese company but no deal has been finalised.

Murilo Ferreira, CEO of Vale, the world's largest iron ore miner, is reportedly considering selling its less profitable assets in 2014 to reduce costs. Assets potentially up for sale reportedly include Vale's coal mining projects in Australia.

Regulatory updates

REGIONAL PLANNING INTERESTS ACT 2014 (QLD)

The Queensland Government passed the Regional Planning Interests Act 2014 on 20 March 2014. The new Act seeks to resolve potential conflicts which may arise from the interaction of competing land users like farmers and mining companies. The Act aims to strike a balance between protecting priority land and delivering economic prosperity to the region. Under the Act, a resource or other regulated activity can only occur in areas of "regional interest" (being Priority Agricultural Areas, Priority Living Areas, Strategic Environmental Areas or Strategic Cropping Areas) if the proponents reach agreement with the landholder, or if a Regional Interest Development Approval is granted. Deputy Premier and State Development, Infrastructure and Planning Minister, Jeff Seeney, said that the assessment process under this Act will not stop resource developments, but "restores the balance of power between rural producers and resource companies when new mining or gas developments are proposed, and offers greater incentives for resource companies to reach mutually beneficial agreements with landholders." He said this legislation provides "an opportunity for farmers and resource companies to be responsible for determining how these two critical industries might coexist at a property and regional level."

A copy of the Act can be found here. A link to the Corrs Thinking Piece discussing what the Act means for resources projects can be found here.

Other news

WA RESOURCES WORTH RECORD VALUE IN 2013 BUT MUST FOCUS ON RESEARCH

The value of Western Australia's minerals and petroleum sector reached a record A$113.8 billion in 2013, despite a significant drop in exploration expenditure in the State. Western Australia's Minister for Mines and Petroleum, Bill Marmion, said it was a good outcome, particularly given soft commodity prices and the strength of the Australian dollar in the first half of 2013. Iron ore continues to be the State's most valuable export, contributing A$68 billion, or 76% of the mineral sector's total sales. Marmion reportedly said that "strong demand from China meant the iron ore sector achieved a record 556 million tonnes in exports [in 2013], an increase of 16% over the previous calendar year."

Perhaps in response to the concerning 17.1% or A$38 million reduction in spending on iron ore exploration in 2013, the Minerals Research Institute of Western Australia, which began operation in February this year, has plans to fund A$2.6 million over three years to "unravel the technical challenges of exploring in the complex geology of the State." The Institute has State backing, with the Government providing an additional A$7.5 million in funding to support the new group's research. Marmion reportedly explained that "the Government needs to facilitate investment in minerals research to ensure the State's mining operations are competitive with operations in lower-cost jurisdictions," saying that "Western Australia was recently ranked number one in the world for investment attractiveness by the Fraser Institute, but we must continue to work on ensuring we remain number one."

RIO'S EXPANSIONS APPROVED

In more good news for Western Australia's iron ore industry, the State Government has approved A$880 million worth of expansions by Rio Tinto, including plans to increase production at its West Angelas mine in the Pilbara by 20%. The West Angelas expansion is expected to boost production from 29 Mtpa to 35 Mtpa, create 290 jobs during construction, and increase the ongoing operations workforce by 200, to a total of 1300. It is anticipated that this development will extend the mine's life by around 13 years. Rio's expansion plans also include an expected A$200 million investment at its Western Turner Syncline mine, also in the Pilbara. This expenditure is aimed at raising production from 25 Mtpa to 30 Mtpa, creating around 240 construction jobs and an expected 30 permanent positions.

RESOURCESQ PARTNERSHIP GROUP ANNOUNCED

Six resource industry experts have been selected to work with the Queensland Government to help drive growth and jobs in the sector over the next three decades as part of the ResourcesQ initiative which is designed to provide strategic advice and recommendations to the resources sector. Minister for Natural Resources and Mines, Andrew Cripps, said the group "will play a key role in ensuring broad industry consultation guides our strategic direction and ... addresses industry challenges." The ResourcesQ forum will be chaired by Steve de Kruijff, former COO of Xstrata's North Queensland Copper Division and former Queensland Resources Council President. The other group members are Dr Laurie Hammond, Chair of CRC Mining, Theo Psaros, leading transport infrastructure consultant and former COO of MetroCoal, Brendan Ostwald, CEO of mining services company Ostwald Bros Pty Ltd, Gavin Becker, former CEO of Metallica Minerals, and Dr Julie Beeby, Queensland Resource Industry Ambassador and former CEO of WestSide Corporation Limited.

COAL PRODUCERS GRANTED INTERIM AUTHORISATION FOR COLLECTIVE NEGOTIATIONS

Further to our report in the March 2014 edition of the Australian Mining Sector Update, the ACCC has issued a draft decision proposing to grant authorisation to a group of Queensland coal producers, known as the RG Tanna Coal Export Terminal Producers, to collectively negotiate with Gladstone Ports Corporation (GPC) in relation to the terms and conditions of new coal handling and port services agreements at Gladstone Port in Queensland. Authorisation would provide the RG Tanna Coal Export Terminal Producers with statutory protection from court action for conduct that might otherwise raise concerns under the competition provisions in the Competition and Consumer Act 2010 (Cth). The ACCC is entitled to grant authorisation if it is satisfied that the public benefit from the conduct outweighs any public detriment. The companies involved are Anglo American, BHP Billiton Mitsubishi Alliance, Cockatoo Coal, Glencore Coal Investments, Idemitsu Australia Resources, Jellinbah Resources, Rio Tinto, Sojitz, Wesfarmers Resources and Yancoal Australia.

Interim authorisation was granted on 6 February 2014 and allows the applicants to immediately commence collective negotiations in respect of terminal and channel infrastructure while the ACCC assesses the application, provided the applicants do not give effect to any such agreement unless and until final authorisation is granted. The ACCC is seeking submissions from interested parties in relation to its draft determination before making a final decision. Further information on the draft determination is available here.

QUEENSLAND GOVERNMENT PUTS AURUKUN ON ICE

The Queensland Government has suspended the 650 Mt Aurukun bauxite project after deciding that development proposals submitted in September last year by Australian Indigenous Resources and Glencore International provided insufficient benefit to local groups in the western Cape York region, and the timeframes for delivery of those benefits were too long. Deputy Premier and State Development, Infrastructure and Planning Minister, Jeff Seeney, said that the Government was determined to avoid the mistakes of the past, where companies were granted rights, but were later unable to uphold their obligations to the community. Seeney said the Government remains interested in developing the Aurukun resource for the benefit of the local community and all Queenslanders, and will revisit the Aurukun development at a later date. "Our door remains open to proposals which would develop these resources in a timely fashion," he said, confirming that the State remains receptive to "other resource development in the Cape that [has] the potential to deliver economic benefits."

AUSTRALIA-KOREA FTA REFERRED TO SENATE INQUIRY

Further to our story in the March 2014 edition of the Australian Mining Sector Update, the Senate recently voted to refer the free trade agreement between Australia and South Korea (KAFTA) to the Foreign Affairs, Defence and Trade References Committee for closer inspection. The free trade agreement reached between Australia and Korea in December 2013 would see tariffs reduced on a range of Australian agricultural export commodities and would provide an estimated boost to Australia's economy of around A$653 million by 2030.

According to ABC Rural, Labor's trade spokeswoman, Senator Penny Wong, said that referring KAFTA to a Senate inquiry is necessary because "people have raised some concerns about whether the market access for a number of agricultural industries is as good as it could be", but that Labor understands "how important [KAFTA] is ... particularly for our beef producers." The full text of the KAFTA is available here.

AUSTRALIA-MONGOLIA MINING INDUSTRY CO-OPERATION

On 18 March 2014, Minister for Foreign Affairs, Julie Bishop, along with her Mongolian counterpart, Luvsanvandan Bold, announced a five year, A$20 million program to support sustainable development of the resources sector in Mongolia. The Australia-Mongolia Extractives Program will utilise Australian expertise in Mongolia to help ensure benefits of the mining industry are spread across Mongolia's entire population by improving industry governance, opening the Mongolian economy to international investment and development opportunities, and helping disadvantaged Mongolian communities to gain access to technical and vocational training. This initiative is additional to the Federal Government's existing A$5 million partnership with the World Bank which aims to strengthen management of groundwater resources in Mongolia's southern Gobi region.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Most awarded firm and Australian deal of the year
Australasian Legal Business Awards
Employer of Choice for Women
Equal Opportunity for Women
in the Workplace (EOWA)

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
Similar Articles
Relevancy Powered by MondaqAI
Corrs Chambers Westgarth
Corrs Chambers Westgarth
Corrs Chambers Westgarth
Corrs Chambers Westgarth
 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Topics
 
Similar Articles
Relevancy Powered by MondaqAI
Corrs Chambers Westgarth
Corrs Chambers Westgarth
Corrs Chambers Westgarth
Corrs Chambers Westgarth
Related Articles
 
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions