MTU by industry convention — the MTU card highlights for them. Iron ore and bauxite use ore-specific logic (moisture %, payable %, TC/RC, penalties) — Phase 1B. Sources: LME · LBMA · MMTA · USGS MCS 2026 · Johnson Matthey PGM · UxC (uranium).
Unit & Price — calculator
Switch between troy ounces, kilograms, metric tons and pounds — and convert prices between $/lb, $/MT, $/troy oz and $/kg. Type any value; the right-hand field updates as you go.
Why no FX conversion: we list 19 currencies as a label, not as a converter. To turn USD into EUR or CNY you need a rate — and rates change every minute. We refuse to bake in a stale number that lies to you. Use your own working rate (forward, hedged, contract—whatever you actually trade on) and run the price card in that currency.
Total MTU = tonnage × grade(%), Total $ = MTU × price/MTU.
Calculations use values you entered. TSM Hub provides the calculation engine only — not freight, tariff, banking or market-rate data. Verify all inputs with primary sources (LME, LBMA, SHFE, COMEX, official bills of lading, contracted rates). Not financial advice.
Purity / Grade — calculator
Compute contained metal in a partially-pure material. Used for jewellery scrap (karat or fineness), doré bars, ore, concentrates, refining feedstock and recycled batteries. Material mass × grade % → contained metal.
contained = material × (grade%/100). Same unit in and out.
What is “material mass”? Mass of the material itself — the salt, ore, alloy, scrap or concentrate — excluding packaging, drums, pallets or container. This is not the shipping “gross weight” (IMO VGM / Maersk Bill of Lading definition: gross = product + tare). For concentrates the industry convention (S&P Platts IODEX, Argus, LME contracts) is to settle on DMT (Dry Metric Ton, moisture excluded); some intake contracts price on WMT (Wet Metric Ton). Use whichever your contract specifies.
Why pre-set forms matter: in real trade, metal salts and oxides settle on contained metal, not on the total material weight. 1 MT of nickel sulphate hexahydrate is not 1 MT of nickel — it's 0.223 MT of Ni (the rest is sulphate ion + water of crystallisation). Picking a form sets the theoretical maximum; your assay certificate tells you how close you really got.
Notation cheat-sheet:
- Percent: 99.5 % → 0.995 (LBMA "good delivery" gold = 99.5 %)
- Fineness: 995/1000 = 99.5 % (LBMA & standard refinery notation). 999.9 ("four nines") = 99.99 %.
- Karat: 24K = 100 % pure gold; 18K = 18/24 = 75 %; 14K = 58.33 %; 10K = 41.67 %.
- NiSO₄·6H₂O: M = 262.85 g/mol; Ni = 58.69 g/mol → 22.3 % Ni
- CoSO₄·7H₂O: M = 281.10 g/mol; Co = 58.93 g/mol → 20.9 % Co
- Li₂CO₃: M = 73.89 g/mol; 2×Li = 13.88 g/mol → 18.79 % Li
- LiOH·H₂O: M = 41.96 g/mol; Li = 6.94 g/mol → 16.54 % Li
- WO₃: M = 231.84 g/mol; W = 183.84 g/mol → 79.3 % W
- MoO₃: M = 143.96 g/mol; Mo = 95.95 g/mol → 66.7 % Mo
- APT (NH₄)₁₀[H₂W₁₂O₄₂]·4H₂O: ~88.5 % WO₃ → ~70.2 % W
- Cerium: usually sold as CeO₂ (ceria, Ce⁴⁺) → 81.41 % Ce, because Ce oxidises to +4 in air. Ce₂O₃ (sesquioxide, 85.38 % Ce) exists but is air-unstable.
- Praseodymium: sold as Pr₆O₁₁ (mixed-valence Pr³⁺/Pr⁴⁺, black powder) → 82.77 % Pr.
- Terbium: sold as Tb₄O₇ (mixed Tb³⁺/Tb⁴⁺) → 85.02 % Tb. Tb₂O₃ (pure +3) exists but Tb₄O₇ is what you get on calcination.
Concentrate & ore values are typical ranges — every shipment ships with an assay certificate. Type your real grade in. For commercial settlement, concentrate contracts pay on payable metal (raw grade × payable% schedule − TC/RC − penalties); use the MTU card on Unit & Price tab or your contract's payable schedule.
¹ Battery-grade lithium carbonate is the chemical product (~99.5 % pure Li₂CO₃), and the 18.8 % is the Li-content of that product. Two different percentages — don't confuse them in contracts.
² Scandium is classified as a rare earth by USGS and IUPAC despite its low atomic number (21) and lighter mass — its chemistry sits with Y, La and the lanthanides. Yttrium is the second non-lanthanide REE.
Assay laboratories certify purity to ±0.01–0.1 %. For commercial settlement reference your assay certificate, not nominal grade. Karat conversion uses the exact ratio K/24 — jewellers often quote nominal karat ("18K" stamped) which can be 1–2 % lighter in practice; for refining-grade calculations use measured fineness.
Freight & Tariff — EXW → DDP ladder calculator
Walk a shipment up the full Incoterms® 2020 ladder: EXW (factory gate) → FOB (onboard at origin port) → CFR / CIF (paid to destination port) → DAP / DPU (delivered, duties unpaid) → DDP (delivered, duties paid). Pick your from and to terms, fill the actual costs your forwarder quoted, see the per-MT price at every step. We never look up rates — lanes, season, contract and HS code change them daily.
EXW → FCA = + loading + inland-to-carrier + export-clear ·
FCA → FOB = + THC-origin (terminal handling onto vessel, sea-mode only) ·
FOB → CFR = + freight ·
CFR → CIF = + insurance ·
CIF → DAP = + THC-dest + inland-dest ·
DAP → DPU = + unloading ·
DPU → DDP = + import-clear + (CIF × duty%) + ((CIF+duty) × VAT%) + other.
FCA vs FOB: per ICC Incoterms® 2020, FCA is recommended over FOB for containerized cargo — handover happens at the terminal (carrier), not literally onboard the vessel. Use FCA for trucks, rail, air, and most container shipments. Use FOB for bulk vessels and breakbulk where seller really does load onto the ship. CPT/CIP are the multimodal aliases of CFR/CIF — same cost structure, different mode (enter freight/insurance the same way).
CIF FO / FI / FIO (charter party terms, not Incoterms®): in bulk / breakbulk shipping you'll see hybrids like
CIF Liner Terms (default — carrier covers loading and discharge), CIF FO (Free Out — buyer pays discharge at destination port), CIF FI (Free In — buyer pays loading at origin port), CIF FIO or CIF FIOS (Free In/Out, ±Stowed — buyer pays both ends). These come from BIMCO charter party contracts (Gencon, NYPE), not ICC Incoterms — they split who pays loading/discharge inside the sea-freight stage. Our calc handles all variants automatically: keep CIF as the term and put the actual stevedoring / discharge cost into the right line — THC-origin (loading) or THC-destination (discharge). Liner Terms = both bundled into the freight rate; FO = put discharge into THC-dest; FI = put loading into THC-origin; FIO = put both into THC lines. No new fields needed — the math stays the same.
Duty & VAT base: tax authorities assess duty on the CIF value (or CIP for non-sea modes). VAT/GST is then taken on CIF + duty. If your base price is past CIF (DAP/DDP), the duty % × base is a rough proxy — override the % to match what your broker invoiced.
Why no auto rates: freight changes daily (Baltic Exchange, container indices, fuel surcharges). Duty depends on HS code, country of origin, FTA status (CPTPP / RCEP / EU GSP). VAT depends on importer's jurisdiction. We refuse to bake numbers that mislead — type the rate your forwarder actually quoted you.
Reference sources (open in new tab — we don't parse): ICC Incoterms® 2020 · Baltic Exchange · Freightos Baltic Index · HS codes · World Bank WITS (tariff database).
Voyage time & capital cost: this calculator gives you landed cost per MT, but does not price the capital tied up while the cargo is at sea (inventory-in-transit = CIF × WACC × days/365), nor the contango / backwardation roll on a 3M hedge. Both are in TCO Pro (Logistics group: Voyage time; Pricing group: Forward curve shape + 3M–cash spread). Single source of truth for financing math.
Math only — we add the numbers you enter and step them through the Incoterms® 2020 ladder. Verify duty rates with your local customs / broker; freight with your forwarder's signed quote; insurance with the marine cargo policy schedule. Demurrage, detention, BAF/CAF go into the "Other fees" line. The ladder shows per-MT price at every Incoterm so you can renegotiate with your supplier (e.g. "your CIF is \$X; my own freight beats your quote by \$Y — give me FOB").
TCO Aggregator — final $/unit delivered (calculator)
Roll-up of every calculator on this page into one decision number. Pulls FOB price from the Price card, mass from Weight or Geometry, purity factor from Purity, and landed-cost components from Freight — then divides by contained metal to give your true $/unit of pure metal delivered. Unit-agnostic: use MT for base metals, troy oz for precious / PGM, kg or lb for whatever you quote in — as long as all four fields are entered in the same unit, the math holds. Override any field manually.
Need the professional view? Open TCO Pro — Total True Cost Calculator — ~80 fields across 12 groups (TC/RC payable %, factoring, CBAM, IRR, breakeven, sensitivity). Three modes: Student / Trader / CEO.
material = FOB × qty ·
logistics = freight_per_unit × qty ·
total = material + logistics ·
contained = qty × (purity/100) ·
$/unit_pure = total / contained.
Why TCO matters for tokenization: a token on "1 MT copper" backed by 99.5 %-pure cathode at landed $9 500/MT is a different instrument from one backed by 92 %-pure scrap at FOB $7 800/MT. Likewise a token on 100 troy oz of gold dust at 85 % grade is not the same as 100 oz of LBMA-good-delivery 99.99 %. Both are real, both are honest — but the TCO per unit of contained metal is what determines fair issuance value. This card normalizes them to the same denominator, in whatever unit you quote.
TCO assumes payable = grade (no payable% deductions, no TC/RC charges, no penalty elements for arsenic / lead / fluorine). For concentrate contracts, use the contract payable schedule instead. Result excludes financing cost, demurrage and any insurance for the warehoused metal — add those manually in the freight field if material.
Mining Recovery & Concentrate Yield — calculator
Walk a tonne of ore from the mill feed through flotation/leach to the concentrate truck. Type ore tonnage, head grade, metallurgical recovery and target concentrate grade — see contained metal, concentrate mass, mass yield, enrichment ratio and metal lost to tailings. Definitions from SME Mineral Processing Handbook and Wills & Finch — Mineral Processing Technology (8th ed).
contained = ore_mass × head_grademetal_in_conc = contained × (recovery / 100)conc_mass = metal_in_conc / (conc_grade / 100)(same-metal basis)mass_yield = conc_mass / ore_mass × 100 %enrichment_ratio = conc_grade / head_gradetailings_mass = ore_mass − conc_massmetal_lost = contained − metal_in_conc
Why "mass yield" and "enrichment ratio" matter: a 0.6 % Cu porphyry mine moves ~28× more ore than concentrate (yield ~3.5 %), so haul-truck fuel, comminution power, water and tailings volume scale with ore, not with metal sold. Mass yield × concentrate grade ≡ recovery × head grade; the two ways always check out.
For doré / refined bullion (gold, silver): set "concentrate grade" to the doré purity (typically 80–99.9 % Au + Ag for primary doré; refined LBMA Good Delivery is 99.5 % Au / 99.9 % Ag — see Purity tab). Doré mass will be in grams or kilograms, not tonnes — the calculator stays unit-consistent.
For leach circuits (heap leach Au/Ag, SX-EW Cu, oxide Ni HPAL): recovery is the share of contained metal that ends up in the loaded carbon / cathode / MHP. There is no "concentrate grade" — set it to the refined product purity (99 % for Cu cathode, 99.9 % for Au doré, ~40 % Ni in mixed hydroxide precipitate MHP). The mass-balance still holds.
Note on units: for precious metals you usually have head grade in g/t and ore in tonnes — the calculator converts automatically, contained metal will be in grams. For base metals (Cu/Zn/Pb/Ni/Sn), keep both head grade and concentrate grade in %.
Operation presets are industry-typical ranges drawn from public technical reports (NI 43-101 / S-K 1300 filings of major operators: Freeport-McMoRan, BHP, Vale, Norilsk, Albemarle, Pilbara Minerals, Vale, Newmont, Barrick, Pan American Silver, MP Materials, Lynas). Always override with your actual plant or feasibility-study data — head grade dispersion within a single deposit can be ±50 %, and recoveries vary 5–10 percentage points with feed mineralogy.
This calculator solves the classical two-product mass balance used in mineral processing: ore in, concentrate out, tailings as the difference. It does not include payable-metal deductions (treatment charges TC, refining charges RC, penalty elements As/Sb/Pb/F), moisture content of concentrate (wet vs dry tonnes), or off-site refining losses. For a commercial payable calculation, take "metal in concentrate" from this calculator, multiply by the payable schedule in your offtake contract, then deduct TC/RC. Use the Unit & Price and TCO tabs for the commercial side.
Reported recovery in technical reports (JORC, NI 43-101, S-K 1300) is usually plant-gate (mill recovery), not mine-to-market — concentrate handling, smelter losses, refining losses are separate. Mill recovery and payable recovery should be reported side-by-side. See JORC Code 2012, Table 1, section 5 and SEC S-K 1300 for reporting standards.
NPV / IRR — Project Economics calculator
Run a simplified mine-economics model: enter mine life, annual production, metal price, AISC, upfront capex and the discount rate — get pre- and after-tax NPV, IRR, payback period and project sensitivity. Methodology after Brealey, Myers & Allen — Principles of Corporate Finance (13th ed), Damodaran — Investment Valuation (3rd ed), and the cash-flow conventions in NI 43-101 / S-K 1300 / JORC pre-feasibility study disclosures.
annual_revenue = production × priceannual_opex = production × AISC(AISC already includes sustaining capex, royalties, on-site G&A, reclamation accretion)pre_tax_cash = annual_revenue − annual_opextax = max(0, pre_tax_cash) × tax_rate(simplification: no NOL carry-forward, no depreciation schedule modeled separately)after_tax_cash = pre_tax_cash − taxNPV = Σ after_tax_casht / (1+DR)t − upfront_capex(t = 1 … mine_life; capex outflow at t=0)IRR= discount rate that makes NPV = 0 (solved by bisection between −50 % and +200 %, 60 iterations, tolerance 0.01)payback= first year at which cumulative undiscounted after-tax cash ≥ upfront capex
Typical hurdle rates (IRR floor for go/no-go):
- Gold majors (Newmont, Barrick) — 15 % IRR minimum (their stated capital allocation framework)
- Base metals (BHP, Rio Tinto, Glencore) — 12–15 % IRR with copper-equivalent normalisation
- Lithium / battery materials (Albemarle, SQM, Pilbara, Ganfeng) — 20–25 % IRR to compensate for commodity-cycle volatility
- Juniors / early-stage explorers — 25–30 % IRR equity return required by capital markets (S&P Global Market Intelligence project finance dataset)
- Royalty / streamers (Wheaton, Franco-Nevada, Royal Gold) — 8–10 % unlevered IRR target on the streaming asset
Project presets are industry-typical ranges drawn from PFS/DFS filings of public majors (Newmont, Barrick, Pan American, Freeport, Teck, BHP, Rio Tinto, Albemarle, Pilbara, Vale, Fortescue) and the S&P Global Capital IQ project database. Always override with the actual deposit's grade, recovery, capex and AISC from its NI 43-101 / S-K 1300 technical report — model defaults can mis-rank projects by ±30 % NPV in either direction.
This is a screening-level DCF, not an investment recommendation. It uses constant flat-line assumptions: no production ramp-up, no grade profile (declining or boost-first), no inflation, no escalation of opex, no commodity price deck (mark-to-market vs. long-term), no leverage / debt service, no working capital changes, no project-finance interest cost, no salvage value. Real-world projects routinely show ±40 % NPV variance between a flat-line screening model and a full PFS DCF — the largest single driver is the price-deck assumption (spot vs. consensus vs. long-term), then production ramp, then tax regime. For investment decisions consult the project's full NI 43-101 / S-K 1300 / JORC technical report and a qualified financial adviser.
Methodology references: SEC S-K 1300, CIM Definition Standards, JORC Code 2012, Damodaran online valuation toolkit. IRR convention follows the conventional IRR (single sign-change) — for projects with multiple sign changes (e.g., end-of-life reclamation outflow), MIRR is the technically correct measure.
AISC Builder — C1 → AISC → AIC (WGC 2013 Guidance Note)
Build a producer's All-In Sustaining Cost bottom-up, following the World Gold Council Guidance Note on Non-GAAP Metrics — All-In Sustaining Costs and All-In Costs (June 2013, revised 2018). Compute AISC margin, all-in cost (AIC), and reconcile to an annual P&L. Used by all WGC member gold producers (Newmont, Barrick, Agnico Eagle, Gold Fields, AngloGold, Kinross) and adopted by silver/PGM/base-metal producers reporting cost-per-unit metrics.
C1 = mining + processing + refining/TC-RC + transport + royalties − by-product creditsAISC = C1 + on-site G&A + reclamation accretion + sustaining capex + sustaining exploration + corporate G&AAIC = AISC + growth capex + growth explorationAISC margin ($) = realised price − AISCAISC margin (%) = AISC margin / realised price × 100 %
- C1 (cash cost): on-site direct production cost — mining (drilling, blasting, loading, hauling), processing (crushing, grinding, flotation, leaching), site services. Refining and TC-RC are external smelter charges. By-product credits are net revenue from secondary metals (Ag/Cu/Pb/Zn credits on a primary gold mine, or PGM credits on Ni mine) — WGC requires net of realisation cost.
- AISC sustaining items: the recurring, ongoing costs needed to maintain current production capacity. Sustaining capex = replacement of existing equipment, mine development to maintain LOM. Sustaining exploration = drilling at and around existing operations. Reclamation accretion = annual interest accretion on the rehabilitation provision (discounted back from end-of-life).
- AIC growth items: capex on net new capacity (new plants, mine expansion, new deposits), greenfield exploration. WGC distinguishes these because they're "discretionary" — a producer can pause growth capex without disrupting current production.
Where the metric varies by producer: WGC 2013 left some discretion to companies — e.g., where to draw the line between sustaining and growth capex (Newmont historically classified more aggressively as sustaining; Barrick is conservative). Always read the producer's "Non-GAAP measures" footnote in their MD&A to understand their specific allocation policy. The WGC 2018 revision tightened definitions but variance still exists at ±$50–100/oz between peer producers reporting on identical mines.
Application to base metals: WGC AISC was designed for gold but is now used by silver (Pan American, Fresnillo, Hecla), copper (the C1 layer is universal; AISC less standardised but Freeport, Teck, First Quantum and BHP report it), nickel and PGM producers. Iron-ore majors tend to report "C1" only and disclose sustaining capex separately. Lithium producers report cash cost per LCE-tonne, not AISC.
Producer-archetype presets are industry-typical ranges drawn from public Q1–Q4 disclosures: Newmont, Barrick, Agnico Eagle, Kinross, Eldorado, Centerra, Pan American Silver, Sibanye-Stillwater, Impala, Freeport-McMoRan, Teck Resources. Always override with the actual producer's reported numbers from their MD&A or technical report — peer ranges are ±15 % even within the same sub-segment.
AISC is a non-GAAP metric — it does not appear directly in audited financial statements. Producers reconcile AISC to GAAP cost of sales in their MD&A. This calculator reproduces the WGC 2013 / revised 2018 formula on a per-unit-sold basis. It does not handle (a) co-product accounting (where two metals are primary, each carries pro-rata cost allocation), (b) stockpile movements (WGC permits adjustments for inventory build/draw), (c) the difference between costs incurred and costs allocated to ounces sold (the timing difference where production ≠ sales). For peer comparison, always normalise to a sold-unit basis from the producer's MD&A — production AISC and sales AISC can diverge ±5 % in any quarter.
Primary source: WGC Guidance Note on Non-GAAP Metrics — All-In Sustaining Costs and All-In Costs (revised 2018). Originally issued June 2013, the 2018 revision clarified treatment of leases (IFRS 16), inventory write-downs and stripping costs. All gold-council members report AISC consistently with this guidance; non-gold producers (silver, PGM, copper, base) report a "WGC-equivalent" AISC adapted to their commodity but the layers map 1:1.
Arbitration Cost Estimator — 10 institutions
Estimate the institutional cost of an international commercial arbitration under the official published fee schedules of ten leading institutions: HKIAC, SIAC, ICC, SCC, CIETAC, VIAC, DIAC (ad-valorem), ICDR (flat-per-bracket), LCIA (hourly) and LME (fixed fees + tribunal-set rates). Returns filing fee, administrative fee and arbitrator fee range — all in the institution's native currency. Estimate only — actual fees are fixed by each institution within the published min/max.
This calculator implements the official published fee schedules of ten institutions. HKIAC, SIAC, SCC, VIAC and DIAC use a cumulative-marginal formula for the admin scale (the percentage applies only to the slice of the amount falling in each bracket). ICC applies the percentage to the full amount in dispute within each bracket — a structural difference noted by the ICC's own Appendix III. CIETAC charges a single combined fee (registration + handling, ad-valorem) that covers both administrative and tribunal costs — admin and arbitrator are not split. ICDR charges flat Initial Filing + Final Fees per claim bracket; arbitrator compensation is set case-by-case per Article 38 — no published tariff. LCIA is hourly only; LME has fixed Registration + Deposit (each GBP 5,000) with tribunal fees set by the tribunal itself (no published tariff). For SCC three-arbitrator tribunals the total = 2.2× chair (chair 100% + 2 × 60% co-arbitrator). For VIAC three-arbitrator tribunals = 2.5× sole; the Secretary General may adjust arbitrator fees ±40% (Article 44(8)). For DIAC the arbitrator scale is per-arbitrator (multiply by tribunal size). Each institution retains discretion to depart from the scale in exceptional cases. Excludes: VAT/GST, tribunal expenses (travel, hearing rooms, experts, transcription), party legal fees, witness fees and any third-party funding charges. Estimates do not constitute legal advice — verify against the cited live schedules.
Primary sources (all ten institutions):
- HKIAC 2024 Schedule of Fees — applicable to cases filed on or after 1 January 2026.
- SIAC Schedule of Fees 2025 — effective 1 January 2025, applicable to arbitrations commenced on or after that date.
- ICC Appendix III — Arbitration Costs and Fees — scales effective 1 January 2017, in force under the 2021 ICC Arbitration Rules.
- SCC Arbitration Rules 2023 — Appendix IV Schedule of Costs — admin fees in force from 1 January 2023; arbitrators' fees updated 1 January 2024.
- CIETAC Arbitration Fee Schedule I (2024 Rules) — applicable to foreign-related cases and cases with a foreign element.
- VIAC Rules of Arbitration and Mediation 2021 (3rd edition, January 2025) — Annex 3 Schedule of Fees.
- DIAC 2025 Table of Fees and Costs — applicable to all proceedings commenced after 1 January 2025 (DIAC Rules 2022).
- ICDR International Arbitration Fee Schedule — amended and effective 1 September 2025.
- LCIA Schedule of Costs — effective 1 December 2023. Registration £1,950; tribunal £250–£650/hr; admin £190–£300/hr by role; 5% LCIA overhead surcharge on tribunal fees.
- LME Arbitration Regulations — Part 8 (March 2022) — Registration GBP 5,000 (excl. VAT) + Deposit GBP 5,000; tribunal fees set by tribunal itself per Regulation 12.10.
Demurrage / Despatch Calculator — BIMCO 2013
Compute demurrage (liquidated damages owed by charterer to shipowner when laytime is exceeded) or despatch (rebate owed by shipowner to charterer when cargo operations finish early), based on the BIMCO Laytime Definitions for Charter Parties 2013 and GENCON Clause 13(a) — the market-standard "despatch = half demurrage" convention.
Time on demurrage = max(0, actual time used − allowed laytime)Demurrage owed = time on demurrage × daily rate(charterer → owner)Time saved = max(0, allowed laytime − actual time used)Despatch earned = time saved × (daily rate × despatch%)(owner → charterer; default 50%)
GENCON 1994 Clause 13(a): "Demurrage shall be payable by the Charterers at the rate stated in Box 19 and despatch shall be payable by the Owners at half the demurrage rate on all laytime saved."
What this calculator does NOT model: weather-stoppage proportional deductions (WWD), Sunday/holiday exclusions in detail (SHEX UU/EIU variants), the difference between despatch-on-all-time-saved (DATS) vs despatch-on-working-time-saved (DAWS, BIMCO defs 32–33), tier escalation, or interest on late demurrage payment. Always reconcile against the Statement of Facts and the specific charter party clauses.
Demurrage rates are not published — they are contractually negotiated per fixture and stated in Box 19 of GENCON (or equivalent clause). The vessel-class ranges shown above are market estimates (USD/day) reflecting approximate Baltic-Exchange-derived levels for 2023–2025; actual rates vary with market cycles. For live timecharter benchmarks, subscribe to Baltic Exchange dry-bulk indices (BCI / BPI / BSI / BHSI) — demurrage rates typically track 50–100% of the prevailing timecharter rate.
Primary sources:
- BIMCO Laytime Definitions for Charter Parties 2013 — adopted by BIMCO, CMI, UK Chamber of Shipping, FONASBA (May 2013, Paris). Definitions 5 (Laytime), 30 (Demurrage), 31 (Despatch), 32 (DAWS), 33 (DATS).
- GENCON Uniform General Charter 1994 — Clause 13 (Demurrage and Despatch). Latest edition: GENCON 2022 (published by BIMCO).
- Baltic Exchange — dry-bulk indices (BCI, BPI, BSI, BHSI) — official daily timecharter assessments. Subscription required for granular data.
RWA Tokenization — cost-structure calculator
Estimate the cost structure of tokenizing a physical metal (gold, silver, copper, platinum, palladium, lithium, REE, etc.) as a Real-World Asset on-chain. Not a price quote — a transparent structure calculator: pick the chain, oracle, custody, platform, regulator, audit firm and listing venue, supply your own RFQ quotes, and the tool aggregates 8 cost groups into a Year-1 total, annual run-rate, cost per token and break-even AUM. Uses 61 RWA tokenization glossary terms with NIST / MiCA / BIS / Nakamoto primary-source attribution.
Pro version available. Open RWA Tokenization Pro — the full standalone calculator — 30+ fields across 8 groups (chain / oracle / custody / platform / KYC / audit / legal / listing), 7-chain comparison (Ethereum, Polygon, Base, Arbitrum, Avalanche, Solana, Stellar) with TPS, finality, native asset and explorer links; 7-regulator matrix (MAS, VARA, FINMA, SEC, MiCA, HK SFC, JFSA) with regime, vehicle, licence type, KYC and primary-source citations; Chainlink Proof-of-Reserve availability per chain; and a curated directory of 35 service providers (platforms, custodians, oracles, KYC, audit, listing venues, vaulting) with direct links to their official sites.
- Chain — deployment, gas, mint, transfer, redemption (Ethereum / Polygon / Base / Arbitrum / Avalanche / Solana / Stellar).
- Oracle — price feed subscription + Proof-of-Reserve feed (Chainlink / RedStone / Pyth / API3).
- Custody & vaulting — physical metal storage + qualified digital custody (BitGo, Anchorage, Komainu, Fireblocks, Copper, Hex Trust; Brink's, Loomis, Malca-Amit for physical).
- Tokenization platform — SaaS or per-issuance (Tokeny, Securitize, Polymesh, Brickken, Bitbond).
- KYC / compliance — onboarding cost per investor + monitoring (Sumsub, Onfido, Chainalysis, TRM Labs, Elliptic).
- Smart-contract audit — ERC-20 / ERC-1400 review (OpenZeppelin, Trail of Bits, CertiK, Hacken, Quantstamp).
- Legal — licence application, prospectus / offering memo, ongoing counsel — jurisdiction-dependent (Singapore PSA, UAE VARA, Swiss DLT, US Reg D / Reg S, EU MiCA, HK SFC VATP, Japan FIEA).
- Listing & secondary market — INX, ADDX, Archax, SDX, tZERO.
Not legal, financial, tax or investment advice. Token issuance is heavily regulated and outcomes depend on jurisdiction, vehicle type (SPV / fund / direct), investor classification (retail / accredited / institutional) and asset type (precious metal / industrial metal / battery material). The Pro version's references are direct to primary regulators (MAS Payment Services Act, VARA, FINMA DLT-TF, SEC Reg D / Reg S, MiCA Regulation (EU) 2023/1114, HK SFC VATP, Japan FSA virtual-currency framework) — always validate against the live regulator page before committing.
Primary sources used in the Pro version:
- Chainlink Data Feeds — official feed addresses (XAU/USD, XAG/USD and others).
- Regulation (EU) 2023/1114 — Markets in Crypto-Assets (MiCA).
- MAS Payment Services Act (Singapore).
- VARA Regulations (Dubai).
- FINMA DLT Trading Facility (Switzerland).
- SEC Exempt Offerings — Reg D & Reg S.
- HK SFC — Virtual Asset Trading Platform licensing.
- JFSA — Virtual currency / crypto-asset regulatory framework.
Indonesia HPM Nickel Ore — official benchmark calculator
Reproduces the Harga Patokan Mineral (HPM) nickel ore reference price mandated by KEPMEN ESDM 144/2026 and published biweekly by minerba.esdm.go.id. Formula: HPM = CF × %Ni × HMA — corrective factor (loss during smelting), nickel content, and Harga Mineral Acuan (LME-derived reference). Indonesia is the world's #1 nickel producer (~50% of global mine supply, USGS MCS 2026); this calculator is the primary tool for reproducing the government export benchmark. Uses 6 HPM glossary terms with primary Kepmen PDF attribution.
Standalone calculator available. Open HPM Nickel Ore — full 5-tab standalone — (1) HMA input (manual or from minerba feed), (2) Corrective Factor picker (limonite/saprolite/mixed), (3) Ni content × moisture adjuster, (4) HPM output USD/DMT + IDR conversion, (5) Comparison vs LME 3M nickel and Chinese NPI/FeNi indices. Every field cites the Kepmen article. Update cadence: biweekly (Periode Pertama 1–15, Periode Kedua 16-end of month).
- HMA input — current biweekly Harga Mineral Acuan from minerba.esdm.go.id. Derived from LME 3-month cash-settlement average.
- Corrective Factor — loss during smelting: limonite ~20%, saprolite ~30-40% per Kepmen 144/2026 Article schedules. User-selectable or preset.
- Ni content — nickel mass %, moisture-adjusted (Wet Metric Ton → Dry Metric Ton via DMT conversion).
- HPM output — USD/DMT (official) and IDR/DMT (BI middle rate, user-supplied FX or default).
- Comparison — vs LME 3M nickel (spot proxy), Chinese NPI and FeNi index equivalents. Reveals implicit HPM discount/premium vs global market.
- Regulatory context — covers all 19 mineral commodities under Kepmen 144/2026 (nickel, cobalt, bauxite, copper, iron ore, tin, zinc, lead, chromite, manganese, titanium, gold, silver + downstream: FeNi, NPI, Matte, MHP, MSP).
Not tax, legal, or investment advice. The HPM benchmark is official Indonesian government export/royalty reference; commercial transactions may deviate. Always verify current HMA and CF values at minerba.esdm.go.id before executing trades or filings.
Primary sources: KEPMEN ESDM 144/2026 (PDF) · minerba.esdm.go.id biweekly HMA feed · JDIH ESDM (Ministry of Energy legal document repository) · LME Nickel (HMA input) · Bank Indonesia middle rate (FX). Update cadence: HMA biweekly since 26 Feb 2025.