TSM Hub Metals & Tokenization Glossary
type: DefinedTermSet
description: Authoritative glossary of 1247 terms across 58 categories: metals exchanges, mining, processing, warehousing, trading, RWA tokenization, regulation, ESG, battery & critical minerals. Definitions based on official documentation from USGS, LME, LBMA, SHFE, BIS, IOSCO, FSB, HKMA, SFC, EU (MiCA), and ICE Futures.
language: en
license: https://creativecommons.org/licenses/by-nc/4.0/
publisher: TrueSource Metals Hub
has defined term: BIF
has defined term: Competent Person (CP)
has defined term: Cutoff Grade
has defined term: Greenfield vs Brownfield Exploration
has defined term: JORC Code
has defined term: Laterite Deposit
has defined term: Lode / Vein Deposit
has defined term: Mineral Province / Belt
has defined term: NI 43-101 Technical Report
has defined term: Pegmatite
has defined term: Placer Deposit
has defined term: Porphyry Deposit
has defined term: Qualified Person (QP)
has defined term: SAMREC
has defined term: Sediment-Hosted Copper
has defined term: USGS
has defined term: VMS Deposit
has defined term: AG Mill
has defined term: Ball Mill
has defined term: Block Caving
has defined term: CRIRSCO Template
has defined term: Crushing
has defined term: Cut-off Grade
has defined term: Grade
has defined term: Grinding
has defined term: High-Pressure Grinding Rolls
has defined term: In-Situ Leach
has defined term: IP Survey
has defined term: Longwall Mining
has defined term: Mine Ventilation
has defined term: NI 43-101
has defined term: Open-pit Mining
has defined term: Ore
has defined term: Ore Body
has defined term: Ore Reserve
has defined term: Overburden
has defined term: P&P (Proven and Probable)
has defined term: Reserves vs Resources
has defined term: Rod Mill
has defined term: Room and Pillar Mining
has defined term: Run of Mine (ROM)
has defined term: SAG Mill
has defined term: Shaft / Adit / Decline
has defined term: SK-1300
has defined term: Soil Geochemistry
has defined term: Stripping Ratio
has defined term: Sub-level Caving
has defined term: Tailings
has defined term: Underground Mining
has defined term: Waste Dump
has defined term: Chain of Custody
has defined term: Chain-of-Custody Platform
has defined term: Conflict Minerals (3TG)
has defined term: LBMA Responsible Gold Guidance
has defined term: Mass Balance vs Segregated
has defined term: OECD DDG
has defined term: RMI
has defined term: Acid Leaching
has defined term: Amalgamation
has defined term: Autoclave / HPAL
has defined term: Basic Oxygen Furnace
has defined term: Bayer Process
has defined term: Beneficiation
has defined term: Bioleaching
has defined term: Blast Furnace
has defined term: Briquetting
has defined term: Calcining
has defined term: Carbon-in-Leach
has defined term: Carbon-in-Pulp
has defined term: Cathode / Anode
has defined term: Cementation

BIF
type: DefinedTerm
description: Precambrian chemical sedimentary rock consisting of alternating millimetre-to-centimetre-scale bands of iron-rich minerals (hematite, magnetite, siderite) and siliceous chert, deposited in stable shallow-marine environments mostly during the Early Proterozoic (~2.0 Ga). Superior-type BIFs are the primary source of the world's iron ore; individual deposits exceed one billion tonnes (median ~170 Mt) at around 30% Fe, with high-grade supergene ores formed by lateritic weathering.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: geology-deposits--bif
alternate name: Banded Iron Formation (Superior-Type)
is based on: USGS Bulletin 1693, 'Descriptive Model of Superior Fe' (Model 34a, Cannon)
is based on: USGS Open-File Report 1995-0831, Chapter 32

Competent Person (CP)
type: DefinedTerm
description: A qualified mining professional with at least five years' relevant experience who accepts professional and legal responsibility for resource and reserve estimates reported under the JORC Code or SAMREC Code in Australia/New Zealand and South Africa respectively.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: geology-deposits--competent-person-cp
alternate name: Competent Person (JORC / SAMREC)
is based on: JORC Code 2012, Section 4, jorc.org
is based on: SAMREC Code 2016, samcode.co.za

Cutoff Grade
type: DefinedTerm
description: The minimum grade (metal content per unit of ore) at which ore is economic to mine and process at the prevailing commodity price, operating cost and recovery assumptions; material below cutoff grade is classified as waste.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: geology-deposits--cutoff-grade
alternate name: Cutoff Grade (Mining Economics)
is based on: CIM Best Practice Guidelines
is based on: JORC Code 2012 Table 1 (Modifying Factors)

Greenfield vs Brownfield Exploration
type: DefinedTerm
description: Greenfield exploration targets areas with no known mineral deposits, requiring extensive geological, geochemical, and geophysical surveys to identify new mineralised systems. Brownfield exploration is conducted in proximity to known deposits or existing mine infrastructure, leveraging established geological models and existing data to extend resources or discover satellite deposits; both concepts underpin the confidence categories (Inferred, Indicated, Measured) and the Exploration Target disclosure requirements of the JORC Code 2012.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: geology-deposits--greenfield-vs-brownfield-exploration
alternate name: Greenfield vs Brownfield Mineral Exploration
is based on: JORC Code 2012, 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (Joint Ore Reserves Committee, 2012), Clauses 17, 20, 29

JORC Code
type: DefinedTerm
description: The CRIRSCO-member reporting standard for Australian and New Zealand mining companies; classifies mineral inventory into Exploration Results, Mineral Resources (Inferred, Indicated, Measured) and Ore Reserves (Probable, Proven); JORC Code 2012 is current.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: geology-deposits--jorc-code
alternate name: Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves
is based on: JORC Committee, jorc.org

Laterite Deposit
type: DefinedTerm
description: Supergene ore deposit formed by intense chemical weathering of ultramafic parent rocks (peridotite, dunite) in tropical to subtropical climates, producing a layered regolith profile of limonite (Ni-bearing goethite) over saprolite (Ni-bearing hydrous Mg-silicates). Typical deposits range from 2.5 to 400 million tonnes at 0.66–2.4% Ni and form within 26° of the equator, requiring as little as one million years to develop.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: geology-deposits--laterite-deposit
alternate name: Nickel-Cobalt Laterite Deposit
is based on: USGS Scientific Investigations Report 2010–5070–H, 'Nickel-Cobalt Laterites—A Deposit Model' (Marsh, Anderson & Gray)

Lode / Vein Deposit
type: DefinedTerm
description: Hard-rock gold deposit consisting of quartz veins, stockworks, and disseminations hosted along major crustal fault zones in granite-greenstone terranes, formed from low-salinity, CO₂-rich hydrothermal fluids at 300–400°C and 4–12 km depth. Also termed orogenic gold deposits, they are the dominant lode source of gold and silver globally, with mineralisation controlled by second-order extensional structures and ductile shear zones along regional transcurrent faults.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: geology-deposits--lode-vein-deposit
alternate name: Lode Gold / Low-Sulfide Quartz-Gold Vein Deposit
is based on: USGS Open-File Report 2021–1041, 'GIS-Based Identification of Areas that have Resource Potential for Lode Gold in Alaska' (Karl et al., 2021)
is based on: USGS Open-File Report 2003–077, 'Low-Sulfide Quartz Gold Model' (Drew, 2003)

Mineral Province / Belt
type: DefinedTerm
description: A metallogenic belt is a geologic unit (area) that either contains or is favourable for a group of coeval and genetically related, significant lode and placer deposit models, typically 150–1,000 × 10³ km² in extent. This spatial and genetic association with a specific geodynamic event (collision, arc, rifting) gives each belt predictive power for undiscovered deposits; a planetary metallogenic province encompasses multiple belts across ≥1,000 × 10³ km².
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: geology-deposits--mineral-province-belt
alternate name: Metallogenic Province / Metallogenic Belt
is based on: USGS Open-File Report 2004–1252, 'Descriptions of Metallogenic Belts, Methodology, and Definitions' (Nokleberg et al., 2004)
is based on: USGS SIM 3022, 'Metallogenic Belt and Mineral Deposit Maps of Northeast Asia'

NI 43-101 Technical Report
type: DefinedTerm
description: A formal document required by Canadian securities commissions for material changes or events related to mineral properties, prepared and certified by a Qualified Person (QP) under NI 43-101; must follow CIM Definition Standards for resource and reserve classification.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: geology-deposits--ni-43-101-technical-report
alternate name: National Instrument 43-101 Technical Report
is based on: CSA National Instrument 43-101, sedarplus.ca

Pegmatite
type: DefinedTerm
description: Extremely coarse-grained granitic igneous body—characterised by anomalous enrichment in Li, Cs, and Ta—formed by extreme fractional crystallisation of peraluminous S-type granites in orogenic hinterlands. LCT pegmatites account for roughly one-quarter of world lithium production, most of the tantalum, and all of the cesium; giant examples include Greenbushes (Australia, 70 Mt at 2.6% Li₂O) and Tanco (Canada, 2.1 Mt at 0.215% Ta₂O₅).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: geology-deposits--pegmatite
alternate name: Lithium-Cesium-Tantalum (LCT) Rare-Element Pegmatite
is based on: USGS Scientific Investigations Report 2010–5070–O, 'Mineral-Deposit Model for Lithium-Cesium-Tantalum Pegmatites' (Bradley, McCauley & Stillings, 2017)

Placer Deposit
type: DefinedTerm
description: Concentration of dense, chemically resistant minerals—principally native gold and platinum-group element alloys—accumulated in gravels, sands, and silts by mechanical sorting in alluvial, beach, eolian, or glacial environments. Economic grades concentrate at natural traps such as river bends, bedrock riffles, and structures transverse to flow, with source material typically derived from lode deposits (gold-bearing quartz veins) or porphyry copper systems.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: geology-deposits--placer-deposit
alternate name: Alluvial Placer Gold and PGE Deposit
is based on: USGS Bulletin 1693, 'Descriptive Model of Placer Au-PGE' (Model 39a)

Porphyry Deposit
type: DefinedTerm
description: Large, low-grade magmatic-hydrothermal deposit genetically associated with porphyritic intrusions, typically containing 0.3–1% Cu with by-product molybdenum, gold, and silver. They are the world's largest source of copper (~60% of global production) and molybdenum, with individual deposits commonly containing hundreds of millions to billions of metric tonnes of ore and mine lives measured in decades.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: geology-deposits--porphyry-deposit
alternate name: Porphyry Copper (±Mo±Au) Deposit
is based on: USGS Scientific Investigations Report 2010–5070–B, 'Porphyry Copper Deposit Model' (John et al., 2010)

Qualified Person (QP)
type: DefinedTerm
description: An individual with a professional designation, at least five years of relevant experience, and who accepts professional liability under Canadian securities regulation NI 43-101 for technical reports on mineral properties.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: geology-deposits--qualified-person-qp
alternate name: Qualified Person (NI 43-101)
is based on: National Instrument 43-101, CSA, sedarplus.ca
is based on: CIM Definition Standards

SAMREC
type: DefinedTerm
description: The CRIRSCO-member reporting code for JSE-listed mining companies; aligns with JORC Code and NI 43-101 classification framework; SAMREC Code 2016 is current.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: geology-deposits--samrec
alternate name: South African Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves
is based on: SAMREC Committee, samcode.co.za

Sediment-Hosted Copper
type: DefinedTerm
description: The second most important class of copper deposits globally (~20% of world Cu production), comprising stratiform to stratabound Cu±Co±Ag mineralisation hosted in continental rift-related sedimentary sequences such as the Kupferschiefer of Poland and the Central African Copperbelt of the DRC and Zambia. SSC deposits form by basin-brine migration through reduced sedimentary host rocks and are the world's most important source of cobalt.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: geology-deposits--sediment-hosted-copper
alternate name: Sediment-Hosted Stratabound Copper (SSC) Deposit
is based on: USGS Scientific Investigations Report 2010–5070–M, 'Sediment-Hosted Stratabound Copper Deposit Model' (Hayes et al., 2015)

USGS
type: DefinedTerm
description: Scientific agency of the US Department of the Interior, established 1879. Provides authoritative earth-science research and data covering geology, hydrology, biology, and geography of the United States and (through its National Minerals Information Center) global mineral commodities. Publishes the annual Mineral Commodity Summaries (MCS) and Minerals Yearbook, the principal open-access primary sources for global reserves, production, and trade data used throughout the TSM Hub.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: geology-deposits--usgs
alternate name: United States Geological Survey
is based on: Source: USGS official publications (

VMS Deposit
type: DefinedTerm
description: Seafloor polymetallic deposit formed where circulating hydrothermal fluids driven by magmatic heat are quenched through mixing with bottom waters, precipitating massive sulphide lenses (>40% sulphide minerals) rich in Cu, Zn, Pb, Au, and Ag. Deposits are generally stratiform and range in age from 3.55 billion years to actively forming on modern mid-ocean ridges and island arc back-arcs; they include supergiant accumulations such as the 1.5-billion-tonne Rio Tinto deposit in Spain.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: geology-deposits--vms-deposit
alternate name: Volcanogenic Massive Sulphide Deposit
is based on: USGS Scientific Investigations Report 2010–5070–C, 'Volcanogenic Massive Sulfide Occurrence Model' (Shanks & Thurston, 2012)

AG Mill
type: DefinedTerm
description: A grinding mill that uses no added steel grinding media — the ore acts as its own media. Coarse run-of-mine rock is charged directly; impact, attrition, and abrasion between rock particles reduce size as the mill rotates. AG mills suit competent, abrasive, and brittle ores where steel-media contamination is undesirable (iron-ore concentrate downgrading, magnetite, kimberlite-diamond ores). Lower operating cost than SAG (no ball wear) but more sensitive to feed competency, with throughput penalties on softer or finer ores.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--ag-mill
alternate name: Autogenous Grinding Mill
is based on: Based on: SME Mineral Processing & Extractive Metallurgy Handbook —
is based on: Metso Outotec Autogenous Mills —

Ball Mill
type: DefinedTerm
description: A rotating cylindrical drum (typically 3-8 m diameter, L/D 1.0-1.5) charged with 25-40% steel balls (25-90 mm) plus ore slurry, which cascades and cataracts to grind ore by impact and attrition. Standard secondary grinding equipment downstream of SAG or rod mills; grind size typically 75-300 μm. Wet ball mills dominate metals processing; dry mills serve cement and coal. Ball consumption 0.5-1.5 kg/tonne ore is a major consumable cost.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--ball-mill
is based on: SME Mineral Processing Handbook 'Grinding Circuits'
is based on: Metso Outotec 'Grinding Mill Handbook' (mogroup.com)
is based on: Napier-Munn 'Comminution Handbook'

Block Caving
type: DefinedTerm
description: A bulk, low-cost underground mining method suited to large, low-grade, massive orebodies (porphyry copper, kimberlite diamond, low-grade molybdenum). A horizontal undercut is mined beneath the orebody, removing support so the rock above caves under gravity; broken ore is drawn down through drawpoints and a network of extraction levels to surface haulage. Capital-intensive and slow to ramp up, but very low operating cost per tonne. Major projects include Codelco's El Teniente and Chuquicamata Underground, Newcrest's Cadia East, Rio Tinto/Turquoise Hill's Oyu Tolgoi Underground, and Resolution Copper.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--block-caving
alternate name: Block Caving Bulk Underground Mining
is based on: Based on: D. H. Laubscher, A Practical Manual on Block Caving (2000)
is based on: SME Mining Engineering Handbook (3rd ed., 2011) —
is based on: Codelco Annual Report —
is based on: Rio Tinto Operations —

Competent Person (CP)
type: DefinedTerm
description: Under the JORC Code 2012, a Competent Person is a minerals-industry professional who takes responsibility for Public Reports on Exploration Results, Mineral Resources or Ore Reserves. Must be a member of a Recognised Professional Organisation (RPO) recognised by JORC (e.g., AusIMM, AIG), have at least five years of relevant experience in the style of mineralisation and type of deposit and is liable for the technical content signed. SAMREC and the Pan-European PERC Code use the same title. NI 43-101 (Canada) and SK-1300 (US) use the equivalent title "Qualified Person".
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--competent-person-cp

CRIRSCO Template
type: DefinedTerm
description: The Committee for Mineral Reserves International Reporting Standards (CRIRSCO) publishes the International Reporting Template — the umbrella framework on which all major national reporting codes are aligned, including JORC (Australasia), NI 43-101 (Canada, via CIM Definition Standards), SK-1300 (US), SAMREC (South Africa), PERC (Europe), CBRR (Brazil) and others. Provides common definitions for Exploration Result, Mineral Resource (Inferred / Indicated / Measured) and Mineral Reserve / Ore Reserve (Probable / Proved). Recognised by IFRS and the World Bank.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--crirsco-template

Crushing
type: DefinedTerm
description: First stage of comminution in which run-of-mine ore is reduced from up to 1-2 m boulders down to 5-25 mm feed for grinding. Primary crushers: jaw (for hard/abrasive, high-capacity), gyratory (largest, continuous), impact (softer ores). Secondary and tertiary: cone crushers and short-head cones. High-Pressure Grinding Rolls (HPGR) can substitute for tertiary + fine crushing. Typical circuit reduction ratio 4:1 to 8:1 per stage. Precedes SAG/ball milling.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--crushing
alternate name: Crushing (Primary/Secondary/Tertiary Crushing)
is based on: SME Mineral Processing Handbook (SME.org)
is based on: Wills & Finch 'Mineral Processing Technology' 8th ed.
is based on: ISO 4867 'Wear-resistant steel castings for crushing and grinding'

Cut-off Grade
type: DefinedTerm
description: The minimum grade at which mineralised material is classified as economically mineable under prevailing conditions. The JORC Code 2012 (Appendix 1) defines it as 'the lowest grade, or quality, of mineralised material that qualifies as economically mineable and available in a given deposit,' which may be set on the basis of economic evaluation or on physical/chemical attributes that define an acceptable product specification. SEC Regulation S-K Item 1300 requires qualified persons to take cut-off grade into account when estimating mineral resources.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--cut-off-grade
is based on: Based on: JORC Code 2012 (Appendix 1, Generic Terms and Equivalents)
is based on: SEC Regulation S-K Item 1300 (17 CFR §229.1300), as reproduced by Mine Technical Services (Searston & Gosson, 2020)

Grade
type: DefinedTerm
description: The concentration of a target metal or mineral within a sample or ore body, expressed as a percentage (e.g., % Cu), grams per tonne (g/t Au), or other appropriate units. The JORC Code 2012 (Appendix 1) defines grade as 'any physical or chemical measurement of the characteristics of the material of interest in samples or product,' noting that the units of measurement must be stated when figures are reported. The term is interchangeable with 'quality' in the context of non-metallic commodities.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--grade
is based on: Based on: JORC Code 2012 (Appendix 1, Generic Terms and Equivalents)

Grinding
type: DefinedTerm
description: Second comminution stage in which crushed ore is further reduced to typically 40-300 μm to liberate mineral grains from gangue for flotation or leaching. Wet grinding dominates (60-75% solids). Equipment families: rod mills, ball mills, autogenous (AG) mills, semi-autogenous (SAG) mills, tower/vertimill (fine grinding), IsaMill/SMD (ultra-fine to 5-10 μm). Grinding is the single largest energy consumer at most mines — often 30-50% of site power and 20-40% of total operating cost.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--grinding
alternate name: Grinding (Milling — Comminution Stage)
is based on: Bond 'Third theory of comminution' Trans. AIME 1952
is based on: SME Mineral Processing Handbook
is based on: Napier-Munn 'Comminution Handbook' AusIMM

High-Pressure Grinding Rolls
type: DefinedTerm
description: A comminution device in which two counter-rotating rolls press ore between them at very high pressure (50–250 MPa) — orders of magnitude higher than a conventional roll crusher — fracturing the rock by inter-particle compression rather than impact. HPGR consumes 20–50% less energy per tonne than equivalent SAG mills and pre-conditions the ore with micro-cracks that improve downstream grinding and leaching kinetics. Originally commercialised in cement (Schönert, 1979), HPGR has been adopted by major copper, gold, iron-ore, and diamond operations (Cerro Verde, Boddington, KSL, Newmont Karali).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--high-pressure-grinding-rolls
alternate name: HPGR — High-Pressure Grinding Rolls
is based on: Based on: SME Mineral Processing & Extractive Metallurgy Handbook —
is based on: Metso Outotec HPGR technical reference —
is based on: K. Schönert, US Patent 4,357,287 (1982)

In-Situ Leach
type: DefinedTerm
description: An extraction method in which a lixiviant solution is injected via wells into a permeable, ore-bearing aquifer underground; the dissolved metal-bearing solution is pumped to surface via recovery wells and processed by ion exchange, solvent extraction, or precipitation. ISL is the dominant uranium mining method globally — the World Nuclear Association reports it supplied ~57% of world uranium output in 2022 (Kazatomprom in Kazakhstan, Cameco/Orano in the US and Niger). Variants are also applied to copper (alkaline ISR in oxide caps) and lithium-from-brine (Salar de Atacama, Argentine triangle).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--in-situ-leach
alternate name: ISL / ISR — In-Situ Leach (Recovery)
is based on: Based on: World Nuclear Association, Uranium Mining Overview —
is based on: IAEA Nuclear Energy Series NF-T-1.4, In Situ Leach Uranium Mining —
is based on: Kazatomprom Annual Report —

IP Survey
type: DefinedTerm
description: A ground geophysical technique that measures the chargeability of rocks in response to an injected electrical current; it is the primary exploration method for porphyry copper and epithermal gold systems because sulphide disseminations (pyrite, chalcopyrite) produce high chargeability anomalies even at low grades.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--ip-survey
alternate name: Induced Polarisation (IP) Geophysical Survey
is based on: Telford, Geldart & Sheriff, 'Applied Geophysics', 2nd ed., Cambridge UP, 1990
is based on: SJ Geophysics, 'Introduction to Induced Polarization', sjgeophysics.com.

JORC Code
type: DefinedTerm
description: The JORC Code is the Australasian professional standard for public reporting of exploration results, Mineral Resources, and Ore Reserves. It requires that all public reports be based on work by a Competent Person and that Mineral Resource and Ore Reserve classifications follow defined confidence levels (Inferred, Indicated, Measured; Probable, Proved). The 2012 edition requires Table 1 disclosure of the criteria used in each report. It is mandatory for ASX- and NZX-listed companies and widely referenced in Asia-Pacific jurisdictions.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--jorc-code
alternate name: Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code)
is based on: Based on: JORC Code 2012 Edition (The Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia)

Longwall Mining
type: DefinedTerm
description: Highly mechanised underground coal (and some potash/trona) mining method in which a long face (150-450 m) of ore is extracted in a single continuous pass by a shearer moving back and forth, while hydraulic roof supports advance behind it and the roof collapses (caves) into the void. Extraction ratio 80-95%, output up to 8-15 Mtpa from a single face. Dominant coal-mining method in Germany, Poland, China, Australia, and much of the U.S. Requires long panels of relatively undisturbed geology.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--longwall-mining
is based on: SME Mining Engineering Handbook 3rd ed. ch. 'Longwall Mining'
is based on: MSHA 'Coal Mining Basics'
is based on: International Energy Agency (IEA) 'Coal 2024'

Mine Ventilation
type: DefinedTerm
description: Engineered airflow system that supplies fresh air to underground workings and removes heat, dust, diesel particulate matter, blasting fumes, and toxic/flammable gases (methane, CO, H₂S, radon). Typically 3-10 m³/s per kW of installed diesel power. Includes main fans (up to MW-scale), booster fans, air doors, regulators, ducting, refrigeration for deep mines, and monitoring for CO/CH₄/O₂/radon. Governed by MSHA, ICMM Fatality Prevention, and country regulators. Ventilation on Demand (VoD) systems increasingly common for energy reduction.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--mine-ventilation
is based on: McPherson 'Subsurface Ventilation and Environmental Engineering' 2nd ed.
is based on: MSHA 30 CFR §75 subpart D 'Ventilation'
is based on: ICMM 'Health and Safety Critical Control Management'

NI 43-101
type: DefinedTerm
description: NI 43-101 is the Canadian securities regulation governing public disclosure of scientific and technical information about mineral projects by companies listed on Canadian exchanges. It requires that all material technical information be based on work by or supervised by a Qualified Person, and mandates a Technical Report for material properties. Mineral Resource and Mineral Reserve classifications under NI 43-101 must follow the CIM Definition Standards (2014), which align with the JORC Code framework of Inferred, Indicated, Measured resources and Probable, Proven reserves.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--ni-43-101
alternate name: National Instrument 43-101 — Standards of Disclosure for Mineral Projects
is based on: Based on: CIM Definition Standards for Mineral Resources and Mineral Reserves, 2014 Edition (adopted under NI 43-101)
is based on: Ontario Securities Commission NI 43-101 instrument page

NI 43-101 Technical Report
type: DefinedTerm
description: A document required under Canadian securities law (CSA NI 43-101) whenever a public company discloses scientific and technical information about a mineral project; it must be prepared or supervised by a Qualified Person (QP) and, for resource/reserve estimates, filed with the relevant exchange within 45 days of the trigger disclosure.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--ni-43-101-technical-report
alternate name: National Instrument 43-101 Technical Report
is based on: Canadian Securities Administrators, 'National Instrument 43-101 Standards of Disclosure for Mineral Projects' (2011, amended 2016), securities-administrators.ca.

Open-pit Mining
type: DefinedTerm
description: A surface mining method in which ore is extracted from an open excavation by progressively removing overlying waste rock (overburden). The JORC Code 2012 (Table 1, Section 4) references the 'pit configuration, in the case of an open pit' as a key parameter for Modifying Factors in resource-to-reserve conversion. Open-pit methods are typically applied where ore bodies are broad, shallow, and of relatively lower grade, allowing bulk mining and mechanised loading. The economics are governed principally by the stripping ratio of waste to ore.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--open-pit-mining
is based on: Based on: JORC Code 2012 (Table 1, Section 4 — Mining factors or assumptions)
is based on: SEC Regulation S-K Item 1300 guidance on modifying factors

Ore
type: DefinedTerm
description: Rock or material that contains an economically valuable concentration of a target mineral or metal. Under the JORC Code 2012, the term 'ore' implies that technical feasibility and economic viability have been established; it must not be applied to Mineral Resource estimates where Modifying Factors have not yet been assessed. The LBMA Responsible Gold Guidance describes 'gold ore' as rock or gravel containing an economically recoverable concentration, which may be as low as 1 gram of gold per tonne.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--ore
is based on: Based on: JORC Code 2012 (Clause 28
is based on: Appendix 1)
is based on: LBMA Responsible Gold Guidance v9, Definitions

Ore Body
type: DefinedTerm
description: A continuous geological mass or concentration of mineralisation of sufficient size, grade, and continuity to warrant detailed evaluation. The JORC Code 2012 (Appendix 1) treats an 'orebody' as synonymous with a mineral deposit, referring to 'type of deposit, orebody, style of mineralisation.' Under CIM Definition Standards (2014), a Mineral Resource is defined as 'a concentration or occurrence of solid material of economic interest in or on the earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction.'
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--ore-body
alternate name: Ore Body (Deposit)
is based on: Based on: JORC Code 2012 (Appendix 1, Generic Terms)
is based on: CIM Definition Standards for Mineral Resources and Mineral Reserves, 2014 Edition

Ore Reserve
type: DefinedTerm
description: An Ore Reserve, as defined under the JORC Code 2012 (Australasia) and equivalents in CIM and SAMREC reporting, is the economically mineable part of a Measured or Indicated Mineral Resource for which appropriate technical, economic, marketing, legal, environmental, social and governmental factors (the "Modifying Factors") have been assessed and applied. Categorised as Proved (from Measured Resource) or Probable (from Indicated Resource). Distinct from the wider Mineral Resource and used as the basis for life-of-mine planning. Under NI 43-101 the equivalent term is "Mineral Reserve" (same substance, different label).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--ore-reserve

Overburden
type: DefinedTerm
description: Rock and soil overlying an economic ore body that must be removed to expose ore for extraction — the numerator of the strip ratio in open-pit mining. Typically dumped in engineered waste-rock facilities (WRDs) or used as backfill; managed for acid-mine drainage (AMD) potential per ARD/ML plans. Coal-mining overburden is often placed back into mined-out areas for progressive reclamation. Distinguished from tailings (post-processing) and from mineralised waste (low-grade ore stockpiled for possible future processing).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--overburden
alternate name: Overburden (Waste Rock Overlying Ore)
is based on: USGS 'Coal Overburden Handling'
is based on: International Council on Mining and Metals (ICMM) 'Preventing Catastrophic Failures of Tailings and Waste Facilities'
is based on: INAP GARD Guide (gardguide.com)

P&P (Proven and Probable)
type: DefinedTerm
description: The two categories of Mineral Reserves under JORC, CIM, and SAMREC standards: Proven reserves are converted from Measured resources with the highest confidence in grade and tonnage, while Probable reserves are converted from Indicated resources with lower confidence. P&P is the bankable quantity underpinning mine planning and project financing.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--p-p-proven-and-probable
alternate name: Proven and Probable Mineral Reserves
is based on: JORC, 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (2012), §§ 20–21, jorc.org
is based on: CIM Definition Standards (2014).

Qualified Person (QP)
type: DefinedTerm
description: Under Canadian NI 43-101 and US SK-1300, a Qualified Person is an engineer or geoscientist with at least five years of relevant experience in the subject matter of the Technical Report and who is a registered member of a designated professional organisation. The QP takes legal responsibility for the technical content. NI 43-101 specifies a list of recognised professional associations (PEng., PGeo., AusIMM, IOM3, SAIMM and others under CRIRSCO). SK-1300 adopted by the SEC in 2018 aligns US registrants' reporting to the CRIRSCO template.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--qualified-person-qp

Reserves vs Resources
type: DefinedTerm
description: A Mineral Resource (JORC 2012, Clause 20) is 'a concentration or occurrence of solid material of economic interest … for which there are reasonable prospects for eventual economic extraction,' sub-divided into Inferred, Indicated, and Measured categories in order of increasing geological confidence. A Mineral Reserve (JORC 2012, Clause 29) is 'the economically mineable part of a Measured and/or Indicated Mineral Resource' confirmed by pre-feasibility or feasibility studies applying Modifying Factors, sub-divided into Probable and Proved categories. Reserves are a subset of Resources; the key distinction is that Reserves have been demonstrated to be economically extractable.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--reserves-vs-resources
alternate name: Mineral Reserves vs Mineral Resources
is based on: Based on: JORC Code 2012 (Clauses 20–31)
is based on: CIM Definition Standards, 2014 Edition
is based on: SEC Regulation S-K Item 1300 (17 CFR §229.1300)

Rod Mill
type: DefinedTerm
description: A rotating cylindrical drum charged with long steel rods (typically 3-6 m, 50-100 mm diameter) instead of balls. The rods provide line-of-contact grinding that produces a narrow particle-size distribution with fewer fines — preferred where downstream processes (gravity, flotation) prefer minimal over-grinding. Historically used as the primary grind ahead of a ball mill in a rod-ball circuit; now largely displaced by SAG milling except in specific commodities (heavy-mineral sands, tungsten, tin).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--rod-mill
is based on: SME Mineral Processing Handbook 'Grinding'
is based on: Wills & Finch 'Mineral Processing Technology' 8th ed.
is based on: Metso Outotec technical brochure

Room and Pillar Mining
type: DefinedTerm
description: Underground mining method for flat-lying tabular deposits (coal, potash, salt, trona, some base metals) in which ore is extracted from rectangular 'rooms' while leaving regularly-spaced 'pillars' of unmined material to support the roof. Extraction ratio typically 50-75% in first pass, sometimes raised via retreat mining or secondary pillar recovery. Simple, mechanised (continuous miners, shuttle cars) and low-cost but leaves significant ore locked in pillars. Alternative to longwall (higher recovery, larger capex) and sub-level caving.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--room-and-pillar-mining
is based on: SME Mining Engineering Handbook 3rd ed. (SME.org) ch. 'Room and Pillar Mining'
is based on: MSHA 'Underground Mining Methods' (msha.gov)
is based on: Hartman 'SME Mining Engineering Handbook'

Run of Mine (ROM)
type: DefinedTerm
description: Ore in its as-mined state — the raw broken rock delivered from the mine face to the primary crusher or ROM stockpile, without pre-selection, blending or beneficiation. Characterised by wide particle-size distribution (fines to boulders up to 1.5 m), variable grade, moisture, and dilution from wall rock. The reference feed for metallurgical accounting, throughput planning, and reconciliation vs the block model. Distinguished from run-of-mill (post-crushing) and concentrate (post-flotation/leach).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--run-of-mine-rom
alternate name: Run of Mine (ROM Ore)
is based on: CIM 'Estimation of Mineral Resources and Mineral Reserves — Best Practice Guidelines' (cim.org)
is based on: JORC Code 2012
is based on: ISO 9001 quality management in mining

SAG Mill
type: DefinedTerm
description: A large-diameter rotating cylindrical mill in which mined ore is ground by the combined action of (a) the ore itself acting as grinding media — autogenous component — and (b) steel grinding balls charged to 6–18% of mill volume — semi-autogenous component. SAG mills replace the conventional crusher / rod mill stages of a circuit and feed downstream ball mills or HPGRs. Modern installations exceed 40 ft diameter and 28 MW installed motor power (e.g., Cadia, Antamina, Oyu Tolgoi). High capex and energy intensity but reduced footprint and labour vs multistage crushing.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--sag-mill
alternate name: Semi-Autogenous Grinding Mill
is based on: Based on: SME Mineral Processing & Extractive Metallurgy Handbook —
is based on: Metso Outotec Premier Mills —
is based on: F. Bond, 'Crushing and Grinding Calculations,' British Chemical Engineering (1961)

Shaft / Adit / Decline
type: DefinedTerm
description: The three primary means of accessing an underground mine. Shaft — vertical or steeply-inclined excavation from surface, hoisting ore/waste/personnel/materials by cage or skip; used for deep mines (>500 m). Adit — near-horizontal drift driven into a hillside from an outcrop or valley wall, using natural gravity drainage; historic for placer and shallow lode mines. Decline (or ramp) — spiral or straight declined roadway from surface, usually 12-15% gradient, accessed by rubber-tyred equipment (LHDs, trucks); dominant in modern trackless base-metal mines up to ~1000 m depth.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--shaft-adit-decline
alternate name: Shaft / Adit / Decline (Mine Access Types)
is based on: SME Mining Engineering Handbook 3rd ed. ch. 'Mine Development'
is based on: Hartman & Mutmansky 'Introductory Mining Engineering' 2nd ed.
is based on: MSHA 30 CFR Parts 56/57

SK-1300
type: DefinedTerm
description: SEC Regulation S-K Subpart 1300 (Item 1300) is the US securities disclosure standard for mining registrants, effective February 2019, replacing the former Industry Guide 7. It defines 'mineral resource' as 'a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction' (17 CFR §229.1300). Disclosures must be prepared or supervised by a Qualified Person and sub-divide resources into Inferred, Indicated, and Measured categories and reserves into Probable and Proven.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--sk-1300
alternate name: SEC Regulation S-K Subpart 1300 — Mining Disclosure
is based on: Based on: 17 CFR §229.1300 (SEC Regulation S-K Item 1300 Definitions)
is based on: SEC Small Entity Compliance Guide — Modernization of Property Disclosures for Mining Registrants (2018)

Soil Geochemistry
type: DefinedTerm
description: A systematic collection and chemical analysis of soil samples at defined spacing over a target area to detect anomalous concentrations of pathfinder elements (e.g. Cu, Mo, As, Sb) that may indicate buried mineralisation; a standard early-stage exploration tool preceding more expensive drilling programmes.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--soil-geochemistry
alternate name: Soil Geochemical Survey
is based on: Plant, J.A., et al., 'Developments in Regional Geochemical Mapping', Applied Geochemistry, 1999
is based on: BGS, 'Geochemical Baseline Survey of the Environment', bgs.ac.uk.

Stripping Ratio
type: DefinedTerm
description: The ratio of waste rock (overburden) removed to ore extracted in open-pit mining operations, typically expressed as tonnes of waste per tonne of ore (t:t). A higher stripping ratio indicates that more waste must be moved per unit of ore, increasing mining costs and potentially affecting the economic viability of the deposit. The JORC Code 2012 (Table 1, Section 4) and SEC Regulation S-K Item 1300 both include open-pit stripping ratio among the Modifying Factors that a qualified person must consider when converting Mineral Resources to Ore Reserves.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--stripping-ratio
is based on: Based on: JORC Code 2012 (Table 1, Section 4 — Mining factors or assumptions)
is based on: SEC Regulation S-K Item 1300 (17 CFR §229.1300), modifying factors guidance

Sub-level Caving
type: DefinedTerm
description: Mass-mining underground method for steeply-dipping ore bodies (>60° dip) in which ore is drilled and blasted in a series of stacked horizontal sub-levels (10-30 m apart) and drawn from beneath while surrounding host rock caves in behind, filling the void progressively from top down. Common for iron (LKAB Kiruna, LKAB Malmberget), and some sulphide operations. Higher productivity than cut-and-fill but experiences 10-20% dilution and 5-15% ore loss. Requires stable hanging-wall geometry and surface subsidence acceptance.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--sub-level-caving
alternate name: Sub-level Caving (SLC)
is based on: SME Mining Engineering Handbook 3rd ed. ch. 'Sub-level Caving'
is based on: LKAB 'Sublevel caving at Kiruna' technical brief (lkab.com)
is based on: Brady & Brown 'Rock Mechanics for Underground Mining' 3rd ed.

Tailings
type: DefinedTerm
description: The finely ground waste material remaining after economically valuable minerals have been extracted from ore during beneficiation or processing. The JORC Code 2012 (Clause 20) explicitly includes 'dumps and tailings' within the scope of potential Mineral Resources, noting they may contain recoverable mineralisation. SEC Regulation S-K Item 1300 (17 CFR §229.1300) similarly includes 'dumps and tailings' within the definition of 'material of economic interest' for mineral resource determination purposes.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--tailings
is based on: Based on: JORC Code 2012 (Clause 20
is based on: Clause 41
is based on: Table 1, Section 5)
is based on: SEC Regulation S-K Item 1300 (17 CFR §229.1300, definition of 'Material of economic interest')

Underground Mining
type: DefinedTerm
description: Mining methods in which ore is extracted via subsurface excavations including shafts, declines, tunnels, and stopes, without removing large quantities of surface overburden. The JORC Code 2012 (Appendix 1) defines 'mining' as 'all activities related to extraction of metals, minerals and gemstones from the earth whether surface or underground,' and specifically references stope sizes and underground development as relevant Modifying Factors. Underground methods are favoured for deep, high-grade ore bodies where open-pit stripping ratios become uneconomic.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--underground-mining
is based on: Based on: JORC Code 2012 (Appendix 1, Generic Terms
is based on: Clause 46
is based on: Table 1, Section 4)

Waste Dump
type: DefinedTerm
description: An engineered surface facility (heaps, terraced benches, or in-pit backfill) for storing overburden and non-economic mineralised waste rock. Design elements include foundation preparation, drainage collection, cover/encapsulation of PAG (potentially acid-generating) material, geotechnical stability (angles of repose 25-37°, benches, buttress), and progressive reclamation. Increasingly governed by GISTM (Global Industry Standard on Tailings Management) analogue standards for waste rock as regulatory scrutiny grows.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-exploration--waste-dump
alternate name: Waste Dump (Waste Rock Storage Facility)
is based on: ICMM 'Waste Rock and Tailings Facilities Position Statement' (icmm.com)
is based on: INAP GARD Guide
is based on: ANCOLD 'Guidelines on Tailings Dam Design, Construction and Operation'

Chain of Custody
type: DefinedTerm
description: The documented and verifiable sequence of custody, ownership, and handling of mineral material from extraction through processing to end-use, designed to prevent adulteration with non-compliant material. The OECD DDG Annex II identifies falsification of chain-of-custody as a red-flag risk. LBMA Responsible Gold Guidance V9 Step 1.3 requires refiners to establish a gold traceability system.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: responsible-sourcing--chain-of-custody
alternate name: Chain of Custody (CoC) — Mineral Supply Chain Traceability
is based on: OECD Due Diligence Guidance, 3rd Edition (2016), Annex II
is based on: LBMA Responsible Gold Guidance V9 (2021), Section 1.3 'Establish a gold traceability system'

Chain-of-Custody Platform
type: DefinedTerm
description: Digital platform (often built on a distributed ledger or permissioned blockchain) that records every physical-transformation, transport and ownership event between mine and finished product. Each event is timestamped and signed by the relevant counterparty, producing an auditable trail. Examples cited in metals supply-chain due-diligence include Circulor, Re|Source (cobalt) and Minehub. The output is used to demonstrate compliance with the EU Battery Regulation (Annex IV) and OECD Due Diligence Guidance Step 5 (third-party audit).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: responsible-sourcing--chain-of-custody-platform

Conflict Minerals (3TG)
type: DefinedTerm
description: Under Dodd-Frank Act Section 1502 and SEC Rule 13p-1, issuers must disclose whether tin, tantalum, tungsten, or gold (3TG) in their products originated from the Democratic Republic of the Congo or adjoining countries and financed armed groups. Covered issuers file Form SD annually. The SEC defines 'conflict minerals' as cassiterite (tin ore), coltan (tantalum ore), wolframite (tungsten ore), and gold.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: responsible-sourcing--conflict-minerals-3tg
alternate name: Conflict Minerals — Tin, Tantalum, Tungsten, Gold
is based on: Dodd-Frank Wall Street Reform and Consumer Protection Act (2010), Section 1502
is based on: SEC Rule 13p-1 and Form SD (17 CFR Part 249b)

LBMA Responsible Gold Guidance
type: DefinedTerm
description: The mandatory responsible sourcing standard for all LBMA Good Delivery List gold and silver refiners, finalised in November 2021. Based on the OECD Five-Step Due Diligence Framework, it requires KYC on gold-supplying counterparties, supply chain risk assessment against OECD Annex II risks (including AML/CTF and ESG factors), and annual independent assurance. Failure to comply may result in removal from the Good Delivery List.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: responsible-sourcing--lbma-responsible-gold-guidance
alternate name: LBMA Responsible Gold Guidance V9 / Responsible Silver Guidance
is based on: LBMA Responsible Gold Guidance V9 (November 2021), Introduction and Five-Step Due Diligence Framework; lbma.org.uk

Mass Balance vs Segregated
type: DefinedTerm
description: Two approaches to tracking certified material through supply chains. In the segregated (identity-preserved) model, certified material is kept physically separate from non-certified material at all stages. In the mass balance model, certified and non-certified inputs are commingled but certified volumes are tracked administratively; a certified volume claim is made against documented inputs. Both are recognised in industry standards including ISEAL Alliance guidance.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: responsible-sourcing--mass-balance-vs-segregated
alternate name: Mass Balance versus Segregated Chain-of-Custody Models
is based on: ISEAL Alliance Chain of Custody Models & Definitions Guidance v1.0
is based on: LBMA Responsible Gold Guidance V9 (2021) — references to different material types and traceability approaches

OECD DDG
type: DefinedTerm
description: A step-by-step management framework endorsed by OECD governments providing five steps for responsible mineral supply chains: (1) establish management systems; (2) identify and assess risks; (3) design and implement a risk-management strategy; (4) obtain independent third-party assurance; (5) report on due diligence. The Guidance and its Supplements on 3T and Gold define conflict-affected and high-risk areas (CAHRAs) by reference to Annex II red-flag risks.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: responsible-sourcing--oecd-ddg
alternate name: OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas
is based on: OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas, 3rd Edition (Paris: OECD Publishing, 2016); oecd.org

RMI
type: DefinedTerm
description: The Responsible Minerals Initiative (RMI), a program of the Responsible Business Alliance, runs the Responsible Minerals Assurance Process (RMAP)—an independent third-party audit program for smelters and refiners. RMAP Standards are aligned with OECD Due Diligence Guidance, EU Regulation 2017/821, and Dodd-Frank Section 1502. EU recognition of RMAP by the European Commission was achieved in 2025.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: responsible-sourcing--rmi
alternate name: Responsible Minerals Initiative / Responsible Minerals Assurance Process (RMAP)
is based on: Responsible Minerals Initiative, RMAP Overview and Standards pages; responsibleminerals.org
is based on: EU Regulation 2017/821 (EU Conflict Minerals Regulation)

Acid Leaching
type: DefinedTerm
description: Dissolution of metal values from ore or concentrate using acidic aqueous solutions — typically sulfuric acid for copper, nickel, zinc, uranium and rare earths; hydrochloric acid for tin and zircon; nitric acid for niobium. Distinguished from cyanide leaching (gold) and alkaline leaching (bauxite/Bayer). Operates at ambient (heap, dump) or elevated conditions (agitation tanks, autoclaves). Selectivity, kinetics and reagent consumption depend on ore mineralogy, particle size, pulp density, temperature, redox potential and pH.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--acid-leaching
alternate name: Acid Leaching (Hydrometallurgical)
is based on: USGS 'Hydrometallurgy of Copper' Circular 1298 (
is based on: Habashi 'Textbook of Hydrometallurgy' 2nd ed.
is based on: Marsden & House 'Chemistry of Gold Extraction' 2nd ed.

Amalgamation
type: DefinedTerm
description: Historic gold and silver recovery method in which finely-ground ore is contacted with mercury; the mercury dissolves precious metals to form an amalgam that is then retorted to recover pure gold/silver and recycle the mercury. Simple and cheap but highly polluting — banned or restricted in commercial mining under the UN Minamata Convention on Mercury (2013). Persists in artisanal and small-scale gold mining (ASGM), which is the largest global source of anthropogenic mercury emissions.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--amalgamation
alternate name: Amalgamation (Mercury Amalgamation)
is based on: UN Minamata Convention on Mercury Article 7 & Annex C (mercuryconvention.org)
is based on: UNEP 'Global Mercury Assessment 2018' (unep.org); planetGOLD programme (planetgold.org)

Autoclave / HPAL
type: DefinedTerm
description: A pressurised reaction vessel (typically titanium-clad steel, 3-6 MPa, 230-280°C) in which slurried ore or concentrate is leached with sulfuric acid to solubilise metal values that are refractory to atmospheric leach. Dominant modern route for nickel-cobalt laterite (Ravensthorpe, Ambatovy, Ramu, Coral Bay, Sherritt), uranium, refractory gold (POx — pressure oxidation before cyanidation), and molybdenum. Capital-intensive but achieves >95% recovery on ores otherwise economically uneconomic to process.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--autoclave-hpal
alternate name: Autoclave — High-Pressure Acid Leach (HPAL)
is based on: Nickel Institute 'HPAL fundamentals' (nickelinstitute.org)
is based on: Barrick 'Pressure oxidation' (
is based on: ASM Handbook Vol. 7 'Powder Metallurgy — Autoclaves'

Basic Oxygen Furnace
type: DefinedTerm
description: The dominant process for converting molten pig iron from a blast furnace into steel. A water-cooled lance injects pure oxygen at supersonic velocity into a charge of hot metal plus ~20% scrap; carbon, silicon, manganese, and phosphorus oxidise exothermically, the bath self-heats to ~1,650 °C, and slag formed by fluxes captures impurities. Process time is 30–40 minutes per heat. Originally the LD (Linz-Donawitz) process commercialised in Austria in 1952. The World Steel Association reports BOF supplied roughly 71% of global crude-steel output in 2022.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--basic-oxygen-furnace
alternate name: BOF — Basic Oxygen Steelmaking (LD Process)
is based on: Based on: World Steel Association, World Steel in Figures 2023 —
is based on: IEA, Iron and Steel Technology Roadmap (2020) —

Bayer Process
type: DefinedTerm
description: The dominant industrial process for refining bauxite into alumina (Al₂O₃), patented by Karl Josef Bayer in 1888. Crushed bauxite is digested in hot sodium hydroxide under pressure to dissolve aluminium hydroxide as sodium aluminate, the residue (red mud) is separated, and the liquor is cooled and seeded with gibbsite crystals so pure aluminium hydroxide precipitates. The hydroxide is then calcined at ~1,000 °C to yield smelter-grade alumina. The International Aluminium Institute reports the Bayer process supplies essentially all primary alumina feedstock for the Hall-Héroult smelters worldwide.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--bayer-process
alternate name: Bayer Refining of Alumina
is based on: Based on: International Aluminium Institute, Alumina Production primer —
is based on: USGS Mineral Commodity Summaries 2024, Bauxite and Alumina chapter —
is based on: US Patent 515,895 (Bayer, 1894)

Beneficiation
type: DefinedTerm
description: The physical and/or chemical separation of economically valuable constituents from a larger mass of mined material, producing a higher-grade concentrate suitable for further processing. The JORC Code 2012 (Appendix 1) lists beneficiation as a synonym for processing, metallurgy, and concentration, describing it as 'methods employed to prepare a final marketable product from material as mined,' including screening, flotation, magnetic separation, leaching, and washing. The USGS Mineral Commodity Summaries references beneficiation as the stage preceding smelting and refining at primary processing facilities.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--beneficiation
is based on: Based on: JORC Code 2012 (Appendix 1, Generic Terms and Equivalents — 'metallurgy/beneficiation')
is based on: USGS Mineral Commodity Summaries 2024 (pubs.usgs.gov)

Bioleaching
type: DefinedTerm
description: Extraction of metals from sulfide or low-grade oxide ore using microbial action — typically acidophilic chemolithotrophic bacteria such as Acidithiobacillus ferrooxidans and Leptospirillum spp. — which oxidise iron and sulfur, lowering pH and dissolving target metals (copper, gold, uranium, cobalt, nickel) into the lixiviant. Industrial implementations include BIOX® (atmospheric stirred-tank bio-oxidation of refractory gold, developed by Genmin/Gold Fields), GeoBiotics' GEOCOAT heap, and Codelco's Quebrada Blanca and Cerro Colorado copper bioheaps. Lower capex than pressure oxidation; slower kinetics but tolerant of arsenic-bearing ore.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--bioleaching
alternate name: Bacterial / Bio-Oxidation Leaching
is based on: Based on: SME Mineral Processing & Extractive Metallurgy Handbook —
is based on: Outotec / Metso BIOX technical sheet —
is based on: ICMM Innovation in Mining publications —

Blast Furnace
type: DefinedTerm
description: A tall counter-current shaft furnace that reduces iron oxide ore (lump, sinter, or pellets) to molten pig iron (hot metal). Coke, ore, and limestone flux are charged at the top while preheated air ('hot blast') and pulverised coal/oil are injected through tuyeres at the bottom; carbon monoxide rising through the descending burden chemically reduces iron oxides, while gangue minerals combine with lime to form slag. Modern furnaces produce 8,000–14,000 t hot metal per day. Together with the basic oxygen furnace, the BF-BOF route accounts for roughly two-thirds of global steel and dominates CO₂ emissions in the sector.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--blast-furnace
alternate name: BF — Ironmaking Blast Furnace
is based on: Based on: World Steel Association, Steel Industry Co-Products factsheet —
is based on: IEA, Iron and Steel Technology Roadmap (2020) —
is based on: American Iron and Steel Institute —

Briquetting
type: DefinedTerm
description: Agglomeration of fine or powdery raw materials — DRI, manganese ore, ferroalloy fines, metallurgical coke breeze, or charcoal — into dense briquettes by mechanical compression in roll presses, with or without a binder. Hot Briquetted Iron (HBI) is DRI compressed at >650 °C into ~7,500 kg/m³ briquettes for safe ocean transport (the only DRI form classified as IMSBC Group C non-hazardous); cold briquetting is used for ferroalloy and recycling fines. The HBI Association tracks ~10 Mt/y of HBI traded globally as a low-residual EAF feedstock.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--briquetting
alternate name: Hot / Cold Briquetting (HBI / CBI)
is based on: Based on: Hot Briquetted Iron Association —
is based on: Midrex Technologies, HBI products —
is based on: IMO IMSBC Code —

Calcining
type: DefinedTerm
description: Thermal treatment of an ore, concentrate, or hydroxide in the absence (or limited presence) of air, to drive off chemically-bound water, CO₂, or other volatile components without melting. Typical temperatures range from 500 °C (limestone, CaCO₃ → CaO + CO₂) to 1,000 °C (aluminium hydroxide → smelter-grade Al₂O₃, the final step of the Bayer process). Used industrially in cement clinker, alumina, lithium spodumene concentrate β-conversion (~1,050 °C), titanium dioxide, and rare-earth carbonate processing. The IEA tracks calcination as a major industrial decarbonisation challenge because the CO₂ release is inherent to the chemistry, not just the fuel.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--calcining
alternate name: Calcination
is based on: Based on: IEA, Cement Tracking Report —
is based on: International Aluminium Institute, Alumina Production primer —

Carbon-in-Leach
type: DefinedTerm
description: A variant of CIP in which cyanide leaching and carbon adsorption happen simultaneously in the same agitated tank. The slurry, cyanide reagent, and activated carbon are combined in 4–8 tanks in series; gold dissolving from the ore is captured by carbon at the same time, preventing 'preg-robbing' losses to native carbonaceous matter and shortening total residence time. The trade-off is higher cyanide consumption and carbon abrasion. Used widely in West African (Tarkwa, Ahafo) and Nevada operations on transitional and refractory ores.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--carbon-in-leach
alternate name: CIL — Carbon-in-Leach Gold Recovery
is based on: Based on: SME Mineral Processing & Extractive Metallurgy Handbook —
is based on: Newmont Annual Report 2022 —
is based on: World Gold Council —

Carbon-in-Pulp
type: DefinedTerm
description: A two-stage hydrometallurgical recovery process for gold (and silver) from cyanide leach slurries. The ore is first leached with sodium cyanide in agitated tanks to dissolve gold as the aurocyanide complex Au(CN)₂⁻; the pregnant slurry is then pumped counter-current through 4–7 adsorption tanks containing coarse activated carbon, onto which gold adsorbs. Loaded carbon is screened off, eluted in hot caustic-cyanide, electrowon, and smelted to doré. CIP suits clean, low-clay ores; for high-clay or carbonaceous feed, CIL (leach and adsorption in the same tank) is preferred.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--carbon-in-pulp
alternate name: CIP — Carbon-in-Pulp Gold Recovery
is based on: Based on: SME Mineral Processing & Extractive Metallurgy Handbook —
is based on: World Gold Council, Gold Production technical brief —

Cathode / Anode
type: DefinedTerm
description: In copper electrorefining, an anode is the impure cast copper plate (typically ~99% purity from a smelter) that dissolves anodically in an electrolytic cell; a cathode is the pure copper plate deposited at the negative electrode, reaching 99.9935% Cu minimum purity. The LME Special Contract Rules specify that deliverable copper must conform to BS EN 1978:2022 (Cu-CATH-1), GB/T 467-2010, or ASTM B115-10(2021) cathode Grade 1. EN 1978:2022 defines a cathode as a 'flat, unwrought product made by electrolytic deposition.'
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--cathode-anode
alternate name: Cathode / Anode (Electrolytic Copper)
is based on: Based on: LME Special Contract Rules for Copper Grade A (LME Chemical Composition document, lme.com)
is based on: EN 1978:2022 standard description (CEN)
is based on: USGS Mineral Commodity Summaries 2024

Cementation
type: DefinedTerm
description: Recovery of a dissolved metal from solution by displacing it with a less-noble sacrificial metal per the electrochemical series — classical example: adding iron scrap to copper-sulfate leach solutions yields sponge copper and dissolves iron. Simple, cheap, and used historically for copper, plus for gold cementation with zinc dust (Merrill-Crowe process), silver cementation with copper, and cobalt/nickel cementation with iron in cobalt refineries.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--cementation
alternate name: Cementation (Metallurgical Precipitation)
is based on: USGS Bulletin 1595 'Copper Cementation'
is based on: Habashi 'Textbook of Hydrometallurgy' ch. 24
is based on: ASM Handbook Vol. 14A 'Metalworking — Cementation'

Comminution
type: DefinedTerm
description: The unit-operations family that reduces run-of-mine ore to fine particles suitable for downstream mineral separation — encompasses crushing (jaw, cone, gyratory), grinding (SAG, ball, rod, HPGR) and classification (cyclones, screens). Typically 30-60% of mine operating cost and 3-5% of global electricity consumption. Optimised via Bond Work Index (Wi), circuit modelling (JKSimMet) and mine-to-mill programmes. Prerequisite for flotation, leaching and gravity concentration.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--comminution
alternate name: Comminution (Size Reduction)
is based on: Napier-Munn et al. 'Mineral Comminution Circuits' JKMRC Monograph
is based on: SME Mineral Processing Handbook
is based on: Wills & Finch 'Mineral Processing Technology' 8th ed. (elsevier.com)

Concentrate
type: DefinedTerm
description: An intermediate product produced by beneficiation of ore in which the valuable mineral content has been substantially upgraded from run-of-mine grades. Copper concentrates typically contain 25–30% Cu, compared with ore grades of 0.5–2% Cu. The LBMA Responsible Gold Guidance (v9, Definitions) defines 'gold concentrate' as 'an intermediate material produced from the processing of gold ore to achieve a higher concentration, but that still requires further intermediate processing to produce doré.' Concentrates are sold to smelters who apply Treatment Charges (TC) and Refining Charges (RC).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--concentrate
is based on: Based on: LBMA Responsible Gold Guidance v9, Definitions ('Gold concentrate')
is based on: JORC Code 2012 (Appendix 1, Generic Terms — 'metallurgy/beneficiation')
is based on: USGS Mineral Commodity Summaries 2024

Cyanidation
type: DefinedTerm
description: Alkaline dissolution of gold and silver from ore using dilute sodium or calcium cyanide solutions in the presence of oxygen, forming soluble aurocyanide [Au(CN)₂]⁻ and argentocyanide complexes. Dominant primary gold-extraction chemistry worldwide (~85% of production). Practiced in agitated tanks (CIL/CIP), heap-leach pads, and vat leach. Governed by the International Cyanide Management Code; refractory sulfide ores require pretreatment (roasting, pressure oxidation, biooxidation) before cyanidation.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--cyanidation
alternate name: Cyanidation (Cyanide Leaching)
is based on: International Cyanide Management Institute 'Cyanide Code' (cyanidecode.org)
is based on: Marsden & House 'Chemistry of Gold Extraction' 2nd ed.
is based on: USGS Professional Paper 1857 'Gold-Bearing Sediment-Hosted Deposits'

Czochralski Process
type: DefinedTerm
description: The dominant industrial method for growing large single crystals of silicon (and other semiconductors and oxides). A seed crystal mounted on a pull rod is dipped into a melt of high-purity polysilicon held in a quartz crucible inside an inert-atmosphere puller; the seed is rotated and slowly withdrawn while the crucible rotates in the opposite direction, allowing a cylindrical single crystal — the ingot — to grow at the solid-liquid interface. Modern 300 mm CZ silicon ingots reach >2 m length and >250 kg. Invented by Jan Czochralski (1916). Foundational to the global semiconductor and photovoltaic industries.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--czochralski-process
alternate name: CZ — Czochralski Single-Crystal Pulling
is based on: Based on: J. Czochralski, Zeitschrift für physikalische Chemie 92, 219 (1918)
is based on: SEMI International Standards (M1 Silicon Wafer specifications) —
is based on: International Energy Agency PVPS Reports —

Direct Reduced Iron
type: DefinedTerm
description: Iron produced by reducing iron-oxide pellets or lump ore in the solid state, at temperatures below the melting point (~800–1,200 °C), using a reducing gas (natural gas in the Midrex and HYL-Energiron shaft furnaces) or solid coal (rotary kilns). The product — a porous, metallic 'sponge iron' with ~90–95% metallisation — is charged hot or cold into EAFs as a low-residual feedstock. Hydrogen-based DRI is the principal low-CO₂ ironmaking route under development (e.g., HYBRIT, H2 Green Steel). World DRI output reached 127 Mt in 2022 per Midrex Statistics Book.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--direct-reduced-iron
alternate name: DRI / Sponge Iron
is based on: Based on: Midrex Technologies, World Direct Reduction Statistics 2022 —
is based on: IEA, Iron and Steel Technology Roadmap (2020) —
is based on: HYBRIT initiative —

Doré
type: DefinedTerm
description: A semi-refined gold-silver alloy bar produced at a mine or processing facility following smelting of concentrate or bullion, typically 85–90% precious metal purity. The LBMA Responsible Gold Guidance v9 defines gold doré as 'a bar of newly Mined Gold metal alloy, generally originating from extensive processing of ores and smelting at mines to a high concentration (normally of 85%–90% purity),' noting it 'is not commercial quality and must then be transported to a refinery to be directly refined, without further intermediate processing.' Doré is the primary feedstock for LBMA-accredited refineries producing Good Delivery bars.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--dor
alternate name: Doré Bar
is based on: Based on: LBMA Responsible Gold Guidance v9, Definitions ('Gold doré')

Electric Arc Furnace
type: DefinedTerm
description: A steelmaking process in which electric arcs struck between graphite electrodes and a charge — typically scrap, with optional DRI or pig iron — provide the heat needed to melt the metal and run refining reactions. Modern AC and DC EAFs operate at 80–250 MVA and tap heats of 60–300 t in 35–60 minutes. EAFs are the principal route for recycled steel and the lowest-CO₂ commercial steelmaking route when powered by low-carbon electricity. The World Steel Association reports EAF produced about 29% of global crude steel in 2022, rising in regions with abundant scrap.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--electric-arc-furnace
alternate name: EAF — Electric Arc Steelmaking
is based on: Based on: World Steel Association, World Steel in Figures 2023 —
is based on: IEA, Iron and Steel Technology Roadmap (2020) —
is based on: AISI Steel Technology Roadmap —

Electrolysis / Electrorefining
type: DefinedTerm
description: An electrochemical process in which an electric current is passed through an electrolyte solution between an impure metal anode and a pure cathode, dissolving the anode and depositing high-purity metal onto the cathode. Applied to copper, electrorefining produces LME-deliverable Grade A cathodes (Cu-CATH-1) with impurities totalling no more than 0.0065% by the limits specified in BS EN 1978:2022. The USGS Mineral Commodity Summaries 2024 records the US operates two primary electrolytic refineries producing cathode from copper anodes.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--electrolysis-electrorefining
is based on: Based on: LME Special Contract Rules for Copper Grade A (lme.com, Chemical Composition document — BS EN 1978:2022)
is based on: USGS Mineral Commodity Summaries 2024 (copper section)

Electroslag Remelting
type: DefinedTerm
description: A secondary refining process in which a consumable electrode is immersed in a pool of molten reactive slag (typically CaF₂-CaO-Al₂O₃) at ~1,700 °C; electrical resistance through the slag generates heat, melts the electrode tip, and refines droplets that fall through the slag layer into a water-cooled mould to solidify into a clean ingot. ESR removes sulfur, oxide inclusions, and tramp elements while controlling solidification structure. Used for tool steel, bearing steel, large turbine forgings, and superalloys. Often paired with VAR for high-performance aerospace and nuclear applications.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--electroslag-remelting
alternate name: ESR — Electroslag Remelting
is based on: Based on: ASM Handbook Vol. 15: Casting —
is based on: AIAG / SAE AMS specifications —

Electrowinning
type: DefinedTerm
description: Recovery of metal from a pregnant leach solution by passing direct current between insoluble anodes (Pb-Ca, MMO) and cathode blanks, depositing pure metal at the cathode. Terminal step in SX-EW copper (paired with solvent extraction), zinc electrolysis (roast-leach-EW), cobalt, nickel, gold (Zadra/AARL desorption), silver and platinum-group metals refining. Distinguishes from electrorefining, which starts from an impure anode instead of a solution.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--electrowinning
alternate name: Electrowinning (EW)
is based on: ASM Handbook Vol. 5 'Surface Engineering — Electrowinning'
is based on: ISA-95 minerals processing
is based on: ISO 12603:2010 'Copper cathodes'

Ferroalloys
type: DefinedTerm
description: Ferroalloys are master alloys of iron with one or more alloying elements, produced primarily for use as additives in steelmaking and foundry casting to impart specific mechanical, chemical or physical properties. The main commercial grades are ferromanganese (FeMn — high-carbon, medium-carbon, low-carbon), silicomanganese (SiMn), ferrosilicon (FeSi 65/75/90%), ferrochrome (FeCr — high-carbon HC, charge-chrome, low-carbon), ferromolybdenum (FeMo, ~60% Mo), ferrovanadium (FeV, ~80% V), ferroniobium (FeNb, ~65% Nb), ferrotitanium and ferrotungsten. Pricing is typically per kg or lb of contained element basis, quoted CIF Rotterdam or in-warehouse Pittsburgh by Fastmarkets MB, Argus and Platts. USGS publishes annual ferroalloy production and consumption statistics.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--ferroalloys
is based on: Based on: USGS — Mineral Commodity Summaries (Manganese, Chromium, Silicon, Molybdenum, Vanadium, Niobium)
is based on: ISO 5445 — Ferroalloys classification.

Flotation
type: DefinedTerm
description: A physico-chemical beneficiation process in which finely ground ore is agitated in water with chemical reagents; air bubbles selectively attach to hydrophobic mineral particles and carry them to the surface froth, where they are skimmed off as concentrate. The JORC Code 2012 (Appendix 1) identifies flotation as one of the standard methods of beneficiation/metallurgy used to 'prepare a final marketable product from material as mined.' Froth flotation is the dominant method for producing copper, lead, zinc, nickel, and molybdenum concentrates at operating mines worldwide.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--flotation
alternate name: Froth Flotation
is based on: Based on: JORC Code 2012 (Appendix 1, Generic Terms and Equivalents — 'metallurgy/beneficiation')

Hall-Héroult Process
type: DefinedTerm
description: The only commercial process in use for primary aluminium production. Alumina is dissolved in a bath of molten cryogenite (sodium aluminium fluoride, Na₃AlF₆) at about 950 °C; direct current is passed between consumable carbon anodes and a carbon-cathode-lined cell, depositing molten aluminium on the cell floor while CO₂ evolves at the anode. Patented independently in 1886 by Charles Martin Hall (US) and Paul Héroult (France). Modern smelters consume roughly 13–15 MWh per tonne of aluminium, making the process the largest single electricity user in many countries.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--hall-h-roult-process
alternate name: Hall-Héroult Electrolytic Aluminium Smelting
is based on: Based on: International Aluminium Institute, Primary Aluminium Smelting Energy Intensity (2023) —
is based on: US Patent 400,664 (Hall, 1889) —
is based on: IEA, Aluminium Tracking Report —

Hydrolysis
type: DefinedTerm
description: A chemical reaction in which water molecules decompose a compound, breaking bonds and producing new species. In hydrometallurgy, hydrolysis controls the precipitation and separation of metals from leach solutions — e.g., precipitation of iron as goethite/hematite in laterite nickel processing, uranium hydrolysis in acid-leach circuits, and hydrolysis-based purification of rare earths. Governed by solution pH, temperature, and metal-ion speciation. Key step in acid leaching, autoclave (HPAL) circuits, and solvent extraction routes.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--hydrolysis
is based on: USGS 'Hydrometallurgy' publications (pubs.usgs.gov)
is based on: IUPAC 'Compendium of Chemical Terminology' (
is based on: Habashi 'Textbook of Hydrometallurgy' 2nd ed.

Ion Exchange
type: DefinedTerm
description: Reversible transfer of ions between a solid resin bead (cation- or anion-selective, functionalised polymer) and an aqueous phase. Used to recover uranium from acid or alkaline leach liquors, extract gold from cyanide solutions (RIP/RIL — resin-in-pulp / resin-in-leach), separate rare-earth mixtures, remove impurities from copper electrolyte, and polish process waters. Competes with solvent extraction; preferred at low tenor or in fine-slime slurries where SX suffers phase disengagement problems.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--ion-exchange
alternate name: Ion Exchange (Metallurgical IX)
is based on: USGS 'Ion Exchange in Uranium Processing'
is based on: IAEA TECDOC-1396 'Guidebook on Environmental Impact Assessment for In-Situ Leach Mining Projects'
is based on: Purolite technical bulletins (purolite.com)

Kroll Process
type: DefinedTerm
description: The dominant industrial process for producing titanium and zirconium metal. Titanium tetrachloride (TiCl₄) — itself made by chlorinating rutile or ilmenite concentrate — is reduced with molten magnesium under an inert argon atmosphere at ~900 °C inside a sealed steel retort, producing porous 'titanium sponge' and magnesium chloride byproduct. The sponge is then vacuum-distilled, crushed, and consolidated by VAR or EBM into ingots. Developed by William Justin Kroll, US Patent 2,205,854 (1940); Kroll remains the metal industry's principal titanium route despite decades of attempts at continuous alternatives.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--kroll-process
alternate name: Kroll Magnesiothermic Reduction (Ti, Zr)
is based on: Based on: US Patent 2,205,854 (Kroll, 1940) —
is based on: USGS Mineral Commodity Summaries 2024, Titanium chapter —
is based on: ITA (International Titanium Association) —

Leaching (Heap Leach / SX-EW)
type: DefinedTerm
description: Heap leaching is a hydrometallurgical process in which a weak acid solution is percolated through a heap of crushed ore on an impermeable pad, dissolving copper (or gold) into a pregnant leach solution (PLS). The PLS is then processed by solvent extraction (SX) to purify and concentrate the copper, followed by electrowinning (EW) to deposit cathode copper directly—bypassing smelting entirely. The USGS Mineral Commodity Summaries 2024 reports that 14 electrowinning (electrowon) refineries operate in the US, reflecting the significance of the SX-EW route for oxide ore deposits.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--leaching-heap-leach-sx-ew
alternate name: Heap Leaching and Solvent Extraction–Electrowinning (SX-EW)
is based on: Based on: USGS Mineral Commodity Summaries 2024 (copper section — '14 electrowon refineries')
is based on: JORC Code 2012 (Appendix 1 — leaching listed under metallurgy/beneficiation methods)

LME Grade A
type: DefinedTerm
description: The quality specification for copper deliverable against LME contracts. Per the LME Special Contract Rules for Copper (Chemical Composition document, lme.com), deliverable copper must conform to one of three equivalent standards: BS EN 1978:2022 (Cu-CATH-1), GB/T 467-2010 (Cu-CATH-1), or ASTM B115-10(2021) (Cathode Grade 1). The specification requires cathode shape, and limits total impurity elements to 0.0065% maximum (including Ag ≤0.0025%, Pb ≤0.0005%, S ≤0.0015%). All copper must also be of an LME-approved brand and delivered in 25-tonne lots (±2%).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--lme-grade-a
alternate name: LME Copper Grade A
is based on: Based on: LME Special Contract Rules for Copper Grade A (LME Chemical Composition document, lme.com)
is based on: LME Copper Contract Specifications (

Melting
type: DefinedTerm
description: The physical phase change from solid to liquid when a metal is heated above its melting point, without altering its chemical composition. Distinct from smelting (which uses chemical reduction to extract metal from ore). Pure metal melting points: gold 1064°C, silver 962°C, copper 1085°C, aluminium 660°C, iron 1538°C, tungsten 3422°C, platinum 1768°C. Industrial melting occurs in induction furnaces, arc furnaces, or crucibles under controlled atmosphere (argon, vacuum) to prevent oxidation. Precedes casting, alloying, and remelting for grain-structure control.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--melting
is based on: ASM Handbook Vol. 15 'Casting' (asm.org) — melting practice fundamentals
is based on: NIST WebBook 'Elemental melting points' (webbook.nist.gov)

Merrill-Crowe Process
type: DefinedTerm
description: An older but still widely-used hydrometallurgical recovery route for gold and silver from cyanide solutions, especially those high in silver. The pregnant cyanide solution is clarified, de-oxygenated under vacuum, dosed with zinc dust (and sometimes lead nitrate as activator), and filtered: zinc displaces precious metals from solution as a fine precipitate, which is dried, smelted with fluxes, and cast to doré. Patented by Charles Merrill (1903) and refined by T. B. Crowe (1916). Favoured over CIP at silver-dominant operations (Coeur d'Alene district, Fresnillo) because activated carbon's silver-loading is poor.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--merrill-crowe-process
alternate name: Merrill-Crowe Zinc Precipitation
is based on: Based on: SME Mineral Processing & Extractive Metallurgy Handbook —
is based on: Silver Institute, World Silver Survey 2023 —

Minimum metal deduction
type: DefinedTerm
description: Fixed unit (typically 1.0 unit of Cu, 1.0% Zn, etc.) deducted from contained metal before applying payable percent. Compensates the smelter for irreducible processing losses.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--minimum-metal-deduction
is based on: Industry standard; references: ICSG, World Bureau of Metal Statistics

Payable percent
type: DefinedTerm
description: Percentage of contained metal in concentrate that the smelter pays the miner for, net of metallurgical losses. Typical: 96.5% Cu in copper concentrate, 75% Mo in moly concentrate.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--payable-percent
alternate name: Payable %
is based on: International Copper Study Group — concentrate payability

Pelletizing
type: DefinedTerm
description: Agglomeration of fine iron-ore concentrate (typically <45 μm, from magnetite or hematite beneficiation) into spherical 9–16 mm pellets suitable for charging to a blast furnace or DRI shaft furnace. The concentrate is mixed with binder (bentonite or organic), balled in rotating drums or discs, dried, and indurated at 1,250–1,350 °C in a travelling-grate or grate-kiln furnace where bonds form by oxidation of magnetite to hematite and partial liquid-phase sintering. Pellets dominate the seaborne iron-ore market for DRI feed because of their high mechanical strength, narrow size distribution, and consistent metallurgical properties.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--pelletizing
alternate name: Iron-Ore Pelletizing
is based on: Based on: Vale, Iron Ore Pellets technical reference —
is based on: LKAB Annual Report —
is based on: World Steel Association —

Pidgeon Process
type: DefinedTerm
description: The leading process for primary magnesium production worldwide, accounting for the majority of Chinese output. Calcined dolomite (CaO·MgO) is mixed with ferrosilicon and fluorspar, briquetted, and reduced under vacuum at ~1,200 °C inside externally heated retorts; magnesium vapour distils to the cooler end of the retort and condenses as crown magnesium. Developed by Lloyd Montgomery Pidgeon at the National Research Council of Canada, US Patent 2,330,143 (1943). Energy-intensive and high-CO₂, the process is increasingly scrutinised under EU CBAM.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--pidgeon-process
alternate name: Pidgeon Silicothermic Reduction (Mg)
is based on: Based on: US Patent 2,330,143 (Pidgeon, 1943) —
is based on: USGS Mineral Commodity Summaries 2024, Magnesium chapter —
is based on: International Magnesium Association —

Precipitation (Metallurgical)
type: DefinedTerm
description: Chemical removal of a dissolved metal from solution as an insoluble solid — most commonly as hydroxide (raise pH with NaOH/Ca(OH)₂/CaO — nickel/cobalt MHP, zinc, aluminium), sulfide (H₂S/NaHS — copper/nickel/cobalt MSP), or carbonate (rare earths). Also encompasses jarosite/goethite iron precipitation in zinc refineries and gypsum precipitation for calcium/sulfate control. A workhorse of hydrometallurgical purification and effluent treatment.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--precipitation-metallurgical
alternate name: Precipitation (Metal Recovery by Precipitation)
is based on: USGS Circular 1298
is based on: Habashi 'Textbook of Hydrometallurgy'
is based on: Nickel Institute 'MHP and MSP technical brief' (nickelinstitute.org)

Pressure Oxidation
type: DefinedTerm
description: A hydrometallurgical process in which refractory sulfide ore or concentrate — most commonly gold locked in pyrite or arsenopyrite — is oxidised in a horizontal autoclave under pressure (typically 1,800–3,400 kPa) and temperature (190–230 °C) with pure oxygen injection. Sulfides decompose to soluble sulfates, liberating the encapsulated gold for subsequent cyanide leaching with high recoveries (often >95%). Major commercial users include Barrick (Goldstrike, Pueblo Viejo), Newmont (Twin Creeks), and Polyus (Olimpiada). Distinct from atmospheric bioleaching by faster kinetics and lower capital intensity at scale.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--pressure-oxidation
alternate name: POX — Autoclave Pressure Oxidation
is based on: Based on: SME Mineral Processing & Extractive Metallurgy Handbook (Society for Mining, Metallurgy & Exploration) —
is based on: Barrick Gold operating statistics —
is based on: Polyus Annual Report 2022 —

Pyrometallurgy vs Hydrometallurgy
type: DefinedTerm
description: Pyrometallurgy uses high-temperature processes (roasting, smelting, converting, refining) to extract metals; it is the dominant route for sulphide ores such as copper concentrate and gold doré. Hydrometallurgy uses aqueous chemical solutions (acids, alkalis, cyanide) to leach, extract, and recover metals; it is applied to oxide ores and low-grade materials. The JORC Code 2012 (Appendix 1) lists both routes under 'metallurgy/beneficiation,' noting they encompass methods for preparing marketable products. The hydrometallurgical SX-EW route now accounts for approximately 20% of world copper production.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--pyrometallurgy-vs-hydrometallurgy
is based on: Based on: JORC Code 2012 (Appendix 1, Generic Terms and Equivalents — 'metallurgy')
is based on: USGS Mineral Commodity Summaries 2024 (copper — electrowon refineries)

Refining
type: DefinedTerm
description: The final stage of metal purification following smelting, producing market-grade metal meeting the quality specifications of exchanges and industrial buyers. For copper, electrolytic refining at primary refineries yields Grade A cathode (≥99.9935% Cu per LME Special Contract Rules / BS EN 1978:2022). The USGS Mineral Commodity Summaries 2024 records that the US operates two primary electrolytic refineries and 14 electrowinning refineries, with refinery output classified as primary (from ore/concentrate) or secondary (from scrap).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--refining
is based on: Based on: USGS Mineral Commodity Summaries 2024 (pubs.usgs.gov, copper section)
is based on: LME Special Contract Rules for Copper Grade A (lme.com, Chemical Composition document)

Roasting
type: DefinedTerm
description: A pyrometallurgical pre-treatment in which finely-ground sulfide ore or concentrate is heated below its melting point in a controlled-oxygen atmosphere to oxidise sulfur to SO₂ and convert metal sulfides to oxides (or sulfates) more amenable to smelting or leaching. Modern installations use fluidised-bed roasters at 600–1,000 °C; the off-gas is captured for sulfuric-acid production. Common applications include zinc concentrates (ZnS → ZnO), pyrite, molybdenite (MoS₂ → MoO₃), and arsenic-bearing refractory gold ores. Distinct from smelting (which melts) and calcining (which drives off CO₂ or H₂O).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--roasting
alternate name: Pyrometallurgical Roasting
is based on: Based on: US Bureau of Mines / USGS Process Mineralogy publications —
is based on: International Lead and Zinc Study Group, ZnO Production Methods —
is based on: ASM Handbook Vol. 7: Powder Metallurgy / Vol. 14A: Metalworking

Smelting
type: DefinedTerm
description: A high-temperature pyrometallurgical process in which concentrate or ore is melted with flux in a furnace to chemically reduce and separate the target metal from slag and other impurities, producing crude or blister metal. The USGS Mineral Commodity Summaries 2024 reports that US copper is processed at two primary smelters that receive concentrate feed and produce copper anodes. The resulting crude metal (e.g., blister copper at ~99% purity) requires subsequent electrolytic refining to achieve LME-deliverable Grade A cathode quality.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--smelting
is based on: Based on: USGS Mineral Commodity Summaries 2024 (pubs.usgs.gov, copper section)
is based on: LBMA Responsible Gold Guidance v9 ('Gold doré' — smelting produces doré from concentrate)

Solvent Extraction (SX)
type: DefinedTerm
description: Selective transfer of a target metal ion from an aqueous leach solution into an immiscible organic phase containing a chelating extractant (LIX/Cyanex/D2EHPA families), followed by stripping back into a clean aqueous phase for electrowinning or precipitation. Enables purification and concentration in one loop. Dominant route for copper (SX-EW ~20% of global mined copper), uranium (yellow cake refining), rare earth separation, cobalt/nickel split, and vanadium recovery.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--solvent-extraction-sx
alternate name: Solvent Extraction (Metallurgical SX)
is based on: USGS 'Solvent extraction in hydrometallurgy'
is based on: Ritcey 'Solvent Extraction — Principles and Applications' vols 1-2
is based on: BASF-Cognis 'LIX handbook' (

TC/RC
type: DefinedTerm
description: TC/RC are the fees paid by mining companies to custom smelters and refiners for converting copper concentrate into refined cathode. Treatment Charges (TC) are expressed in US dollars per dry metric tonne of concentrate processed at the smelter; Refining Charges (RC) are expressed in US cents per pound of payable copper refined by electrolysis. Together they represent the smelter's gross margin on processing. TC/RC levels are negotiated annually between major miners and smelters, and serve as a key indicator of concentrate market tightness.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--tc-rc
alternate name: Treatment Charges and Refining Charges
is based on: Based on: LME Special Contract Rules for Copper Grade A (lme.com)
is based on: LME Insight — How Are LME Reference Prices Used in Physical Metals Contracts
is based on: Fastmarkets copper TC/RC methodology notes (fastmarkets.com)

Vacuum Arc Remelting
type: DefinedTerm
description: A secondary refining process for high-integrity ingots of titanium, nickel-base superalloys, zirconium, and special steels. An electrode of consumable, pre-alloyed material is struck against a small molten pool inside a water-cooled copper mould under vacuum (~10⁻³ Pa); a DC arc melts the electrode tip drop-by-drop, allowing gases and volatile impurities to escape and the metal to solidify directionally. The result is a clean, homogeneous, segregation-controlled ingot used for jet-engine discs, surgical implants, and nuclear cladding. Often combined upstream with ESR or VIM in 'triple-melt' practice (VIM-ESR-VAR).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: processing-metallurgy--vacuum-arc-remelting
alternate name: VAR — Vacuum Arc Remelting
is based on: Based on: ASM Handbook Vol. 15: Casting —
is based on: AIAG / SAE AMS 2280 specifications —
is based on: FAA Aerospace Materials Specifications

Additive Manufacturing (Metals)
type: DefinedTerm
description: Layer-by-layer construction of a part from metal powder or wire using a focused energy source. Main families per ISO/ASTM 52900: Powder Bed Fusion (PBF — laser or electron beam melts powder bed, e.g., SLM, EBM), Directed Energy Deposition (DED — powder or wire fed into melt pool), Binder Jetting (binder droplets glue powder, then sintered), Sheet Lamination, Material Extrusion (metal-bound filament). Used for aerospace structural brackets (Airbus, GE LEAP fuel nozzles), patient-specific medical implants (Ti-6Al-4V), tooling with conformal cooling channels. Build rates: 5-150 cm³/h. Materials: Ti, Ni-superalloys, stainless 316L, 17-4 PH, AlSi10Mg, Co-Cr.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--additive-manufacturing-metals
alternate name: Metal Additive Manufacturing (AM / 3D Printing)
is based on: ISO/ASTM 52900 'Additive Manufacturing — General Principles — Terminology'
is based on: ASTM Committee F42 on Additive Manufacturing Technologies

Annealing
type: DefinedTerm
description: Heat treatment in which metal is heated to a defined temperature, held, then cooled slowly to soften it, increase ductility, remove internal stresses, and refine grain structure. Steel: heated above the upper critical (Ac3) → slow furnace cool — produces coarse pearlite, lowest hardness. Aluminium and copper alloys: heated to dissolve cold-worked dislocations (~340-450°C for Al). Process annealing (sub-critical): used between cold-rolling passes to restore ductility. Stress-relief annealing: 550-650°C for steel, eliminates residual stresses without changing microstructure.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--annealing
alternate name: Annealing (Full, Process, Stress-Relief)
is based on: ASM Handbook Volume 4A 'Steel Heat Treating Fundamentals and Processes', ASM International
is based on: ASTM A1033 'Standard Practice for Quantitative Measurement and Reporting of Hypoeutectoid Carbon and Low-Alloy Steel Phase Transformations'

Anodizing
type: DefinedTerm
description: Electrochemical conversion of an aluminium surface into a hard, porous Al2O3 layer integral with the substrate. Type I (chromic acid): 1-7 μm, dye-receptive, aerospace; Type II (sulfuric acid): 5-25 μm, decorative and architectural (the dominant variant); Type III (hard anodise, sulfuric at 0-5°C): 25-150 μm, hardness up to 500 HV, used for pistons, gears, valve bodies. Followed by sealing in hot water or nickel-acetate to close pores. Also applied to Ti (colour-coded surgical implants by oxide-film interference) and Mg.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--anodizing
alternate name: Anodizing (Anodic Oxidation, Al)
is based on: ASTM B580 'Standard Specification for Anodic Oxide Coatings on Aluminum'
is based on: MIL-A-8625F superseded by AMS 2469 / AMS 2470

Brazing & Soldering
type: DefinedTerm
description: Joining metals using a filler metal melted between mating surfaces — substrate does not melt (distinguishes from welding). Brazing: filler T_melt > 450°C (commonly silver, copper-zinc, or nickel-based filler) — strong, high-temperature service. Soldering: filler T_melt < 450°C (tin-lead historically, lead-free Sn-Ag-Cu since 2006 RoHS) — electronics, plumbing. Joint design: lap, butt, or scarfed; clearance: 0.025-0.125 mm (capillary action). Atmosphere: flux, vacuum, or reducing gas. Aerospace brazing of Ni-superalloy honeycomb in vacuum furnaces.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--brazing-soldering
alternate name: Brazing & Soldering (Filler-Metal Joining)
is based on: AWS C3.6 'Specification for Furnace Brazing', AWS A5.8 'Filler Metals for Brazing'
is based on: ISO 17672 'Brazing — Filler metals'

Case Hardening
type: DefinedTerm
description: Heat-treatment family that creates a hard, wear-resistant surface layer on a tough ductile core — the part is not through-hardened. Principal routes: carburising (diffuse carbon into low-carbon steel at 900-950°C, followed by quench and temper), nitriding (diffuse nitrogen at 500-550°C), carbonitriding (both), induction hardening (localised RF heating + quench), and flame hardening. Standard for gears, cams, camshafts, bearing races, crankshafts, and firearms components — where wear resistance is needed without embrittlement.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--case-hardening
alternate name: Case Hardening (Surface Hardening)
is based on: ASM Handbook Vol. 4A 'Steel Heat Treating Fundamentals and Processes'
is based on: SAE AMS 2759/7 'Carburising'
is based on: DIN EN ISO 15787

Casting
type: DefinedTerm
description: The manufacturing process of pouring molten metal into a mould cavity where it solidifies into a shaped part. Primary metal-forming route for complex geometries that would be uneconomic to machine from solid. Major families: sand casting (expendable mould, low cost, large parts), investment casting (lost-wax, precision), die casting (permanent metal mould, high volume, Zn/Al/Mg alloys), continuous casting (steel billets/slabs/blooms — dominant modern steel route), and centrifugal casting (rotating mould for pipes and cylinders). Governs microstructure via cooling rate and mould material.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--casting
alternate name: Casting (Metal Casting)
is based on: ASM Handbook Vol. 15 'Casting' (asm.org)
is based on: American Foundry Society 'Casting Design Handbook' (afsinc.org); worldsteel.org 'Continuous casting' — accounts for ~96% of global crude steel output

Centrifugal Casting
type: DefinedTerm
description: Molten metal poured into a rotating mould (300-3,000 rpm); centrifugal force pushes denser metal outward against the mould wall while impurities and gases concentrate at the inner free surface (later machined out). Yields parts with very fine grain, no central porosity, and excellent radial mechanical properties. Used for pipes, cylinder liners, large bushings, rocket motor cases. Two variants: true centrifugal (axis-symmetric parts), and semi-centrifugal (any geometry, mould rotates around a vertical axis).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--centrifugal-casting
is based on: ASM Handbook Volume 15 'Casting', ASM International

Chemical Vapor Deposition (CVD)
type: DefinedTerm
description: Thin-film deposition process in which volatile precursor gases (halides, hydrides, organometallics) react on a heated substrate to form a solid coating and gaseous by-products. Typical films: TiC/TiN/Al₂O₃ on cemented-carbide cutting inserts, tungsten CVD in semiconductor interconnects, silicon carbide protective coatings on nuclear TRISO fuel, and CVD diamond. Operates at 800-1100°C — higher than PVD — producing dense, thick, and stoichiometrically pure films. Includes PECVD, MOCVD and ALD subfamilies.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--chemical-vapor-deposition-cvd
alternate name: Chemical Vapor Deposition (CVD Coating)
is based on: ASM Handbook Vol. 5 'Surface Engineering — CVD'
is based on: SEMI E118 'Chemical Vapor Deposition Equipment'
is based on: ISO 27874

Cladding
type: DefinedTerm
description: Bonding a thin layer of one metal onto a substrate of a different metal to combine surface properties (corrosion, wear, cost) with bulk properties (strength, weight). Methods: roll-bonding (Alclad aluminium, gold-filled), explosion welding (Ti/steel, Cu/steel), weld overlay (Inconel on carbon steel pipe), and laser cladding. Distinct from plating (thicker, metallurgically bonded, structurally load-bearing) and from painting/coating. Widely used in shipbuilding, pressure vessels, coinage, and battery current-collectors.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--cladding
alternate name: Cladding (Metal Cladding)
is based on: ASM Handbook Vol. 6 'Welding, Brazing and Soldering — Explosion Welding'
is based on: ASTM B432 'Copper and Copper-Alloy Clad Steel Plate'
is based on: DVS 2916 explosion welding standard

Cold Rolling
type: DefinedTerm
description: Rolling below recrystallisation temperature (usually room temperature) — increases strength and hardness through work-hardening, produces tighter dimensional tolerances and better surface finish than hot rolling. Typical reduction per pass: 5-30%, total 50-90% from hot band to cold-rolled sheet. Used for automotive body panels, appliances, packaging (tinplate, beverage can stock), electrical steel (NGO/GO). Output thickness: 0.15-3 mm. Followed by annealing to restore ductility.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--cold-rolling
alternate name: Cold Rolling (Cold-Reduced Sheet)
is based on: AIST 'Cold Rolling of Steel' technical reference and ASTM A1008/A1008M 'Standard Specification for Steel, Sheet, Cold-Rolled'

Continuous Casting
type: DefinedTerm
description: Process where molten metal is solidified into a 'semi-finished' billet, bloom, or slab for subsequent rolling. Liquid steel from a ladle is poured through a tundish into a water-cooled copper mould; partially solidified strand is withdrawn continuously and cut to length. Replaced ingot casting from the 1960s onward — accounts for ~96% of world crude steel today (vs ~5% in 1970). Yield improvement vs ingot route: 88-92% vs 80-82%. Used for steel, aluminium, copper.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--continuous-casting
alternate name: Continuous Casting (Strand Casting)
is based on: worldsteel Association, 'Steel Production' fact sheet
is based on: AIST 'Steelmaking and Refining Volume', steelfoundation.aist.org

Deep Drawing
type: DefinedTerm
description: Forming a flat sheet blank into a hollow cup or box by a punch pressing it through a die, with the blank holder controlling material flow. Used for beverage cans (Al/steel), automotive fuel tanks, kitchen sinks, ammunition cartridges. Drawability quantified by Limit Drawing Ratio (LDR) and the r-value (Lankford coefficient) — measured per ASTM E517. Material requirements: high formability (low yield, high uniform elongation, high r-value). Typical: IF-steel for autobody, 3104-H19 for can bodies.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--deep-drawing
alternate name: Deep Drawing (Sheet Metal Forming)
is based on: ASTM E517 'Standard Test Method for Plastic Strain Ratio r for Sheet Metal'

Die Casting
type: DefinedTerm
description: Forcing molten metal under high pressure (typically 10-175 MPa) into a steel mould cavity (the 'die'). Used for high-volume production of complex near-net-shape parts in aluminium, zinc, magnesium, and copper alloys. Two variants: hot-chamber (for Zn, Mg, Pb alloys, melt held in the machine) and cold-chamber (for Al, Cu, alloys with high melting points). Cycle times: 0.5-3 seconds. Dimensional tolerance: ±0.1 mm. Dominant in automotive structural castings since Tesla popularised gigacasting (2020).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--die-casting
alternate name: High-Pressure Die Casting (HPDC)
is based on: North American Die Casting Association (NADCA), 'NADCA Product Specification Standards for Die Castings'

Drawing
type: DefinedTerm
description: Pulling a metal rod or tube through a tapered die to reduce cross-section and increase length. Cold-drawing improves dimensional accuracy, surface finish, and strength via work-hardening. Wire drawing: hot-rolled rod (Ø5-10 mm) drawn through successive tungsten-carbide dies down to Ø0.01 mm (e.g., music wire, surgical sutures, optical fibre cores). Tube drawing: produces seamless tube with controlled wall thickness. Bar drawing: produces 'cold-drawn bar' with bright finish and ±0.05 mm tolerance.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--drawing
alternate name: Drawing (Wire, Bar, Tube)
is based on: Wire Association International, 'Wire Industry Reference Manual', wirenet.org
is based on: ASTM B221 (Al), B187 (Cu), A510 (steel rod)

Electroless Plating
type: DefinedTerm
description: Chemical (no external current) deposition of metal from a solution containing a reducing agent (typically sodium hypophosphite or borohydride). Electroless nickel (EN) is the dominant variant: deposits Ni-P (3-13 wt% P) or Ni-B alloys with uniform thickness (±5%) across complex geometries — impossible with electroplating due to current-density variations. Used for valves, pumps, electronic substrates, oil-and-gas downhole tools. Heat treatment (400°C) precipitates Ni3P → hardness rises to 800-1,000 HV.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--electroless-plating
alternate name: Electroless Plating (Autocatalytic Deposition)
is based on: ASTM B733 'Standard Specification for Autocatalytic (Electroless) Nickel-Phosphorus Coatings on Metal'

Electroplating
type: DefinedTerm
description: Coating a metal substrate (cathode) with a thin layer of another metal (Cr, Ni, Cu, Au, Ag, Zn, Sn) by passing current through an electrolyte containing dissolved ions of the coating metal. Coating thickness: 0.5-100 μm. Applications: hard chrome on hydraulic rods (50-500 μm, wear resistance), decorative Ni-Cr on faucets, Zn (electrogalvanising) on cold-rolled coil, gold on electrical connectors (0.05-3 μm). Throwing power, current efficiency, and brightener chemistry determine quality.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--electroplating
alternate name: Electroplating (Electrodeposition)
is based on: ASTM B374 'Standard Terminology Relating to Electroplating'
is based on: National Association for Surface Finishing (NASF), nasf.org

Extrusion
type: DefinedTerm
description: Forcing a billet of heated metal through a shaped die under compressive force to produce a continuous profile with constant cross-section. Direct extrusion: billet pushed through stationary die (most common, ~90% of aluminium extrusion). Indirect: die moves through stationary billet (lower friction, higher quality). Hydrostatic: pressurised fluid surrounds the billet (no friction). Used heavily for aluminium structural sections (window frames, heat sinks, rails), copper tube, magnesium aerospace parts. Extrusion ratio: 10:1 to 100:1.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--extrusion
alternate name: Extrusion (Direct, Indirect, Hydrostatic)
is based on: Aluminum Association, 'Aluminum Extrusion Manual' and ANSI H35.2 'Dimensional Tolerances for Aluminum Mill Products'

Forging
type: DefinedTerm
description: Localised compressive deformation of metal — typically heated to 0.7-0.9 × T_melt — using hammers, presses, or rolls. Open-die forging: workpiece deformed between flat or simple dies (used for large shafts, marine crankshafts up to 350 tonnes). Closed-die forging: shaped dies enclose the workpiece (precision parts, turbine discs, connecting rods, hand tools). Ring rolling: doughnut-shaped preform expanded between rollers (wind-turbine bearing races up to Ø10 m). Forged parts exhibit aligned grain flow → 20-30% higher fatigue strength vs cast or machined equivalents.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--forging
alternate name: Forging (Open-Die, Closed-Die, Ring)
is based on: Forging Industry Association (FIA), 'FIERF — Forging Industry Education and Research Foundation' technical handbook, forging.org

Heat Treatment
type: DefinedTerm
description: Controlled heating and cooling of metal to modify its microstructure and mechanical properties without changing shape — the generic parent process encompassing annealing (soften/stress-relieve), normalising (uniform grain), quenching (harden by rapid cooling), tempering (relieve quenched brittleness), solution heat treatment (dissolve alloying elements), ageing/precipitation hardening (Al, Ni, Ti alloys), and case hardening (surface hardening only). Controls yield strength, hardness, toughness, ductility, and residual stress state.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--heat-treatment
alternate name: Heat Treatment (Metal Heat Treatment)
is based on: ASM Handbook Vol. 4 'Heat Treating' (asm.org)
is based on: AMS-H-6875 aerospace heat treatment
is based on: ISO 15787 'Technical product documentation — Heat-treated ferrous parts'

Hot Rolling
type: DefinedTerm
description: Plastic deformation of metal above its recrystallisation temperature (>0.6 × T_melt absolute) between rotating rolls — recrystallises grains continuously, no work-hardening. Used for the first reduction from cast slab/billet to plate, hot-rolled coil (HRC), bar, structural sections. Temperatures: steel 900-1,250°C, aluminium 400-500°C, copper 750-950°C. Output thickness: 1.5-200+ mm. Surface oxide ('mill scale') forms — removed downstream by pickling. Dominant route for structural steel and HR coil (~75% of world steel output).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--hot-rolling
alternate name: Hot Rolling (Plate, Sheet, Bar)
is based on: Association for Iron & Steel Technology (AIST), 'The Making, Shaping and Treating of Steel — Flat Product Rolling Volume', steelfoundation.aist.org

Hot-Dip Galvanizing
type: DefinedTerm
description: Immersing steel in molten zinc (~450°C) to form a metallurgically bonded, multi-layer Zn-Fe coating that protects against corrosion both by barrier and by sacrificial (cathodic) action. Coating mass: 100-1,100 g/m² (both sides) per ASTM A123. Substrate: structural steel, pipes, fasteners, sheet steel (continuous galvanising line for cold-rolled coil). Service life in atmospheric exposure: 30-100+ years depending on environment (per ISO 9223 categories C1-C5).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--hot-dip-galvanizing
alternate name: Hot-Dip Galvanizing (HDG)
is based on: ASTM A123/A123M 'Standard Specification for Zinc (Hot-Dip Galvanized) Coatings on Iron and Steel Products'
is based on: American Galvanizers Association (AGA), galvanizeit.org

Investment Casting
type: DefinedTerm
description: Near-net-shape casting using a single-use ceramic shell built around a wax pattern. The wax is melted out ('lost'), and molten metal is poured into the cavity. Produces parts with surface finish 1.6-3.2 μm Ra and tolerance ±0.1 mm/25 mm — fine enough to skip machining. Used for turbine blades (Ni-superalloys), aerospace structural parts, medical implants (Ti-6Al-4V), jewellery (Au, Pt). Origins: 5,000 years old (Bronze Age) — modern industrial revival in WWII for jet engine blades.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--investment-casting
alternate name: Investment Casting (Lost-Wax Casting)
is based on: Investment Casting Institute, 'IC Technical Reference Guide', investmentcasting.org

Machining
type: DefinedTerm
description: Material removal from a workpiece using controlled cutting tools to achieve final shape, tolerance and surface finish. Principal processes: turning (lathe), milling (rotary cutter), drilling, boring, grinding, broaching, honing, and lapping. Modern computer-numerical-control (CNC) machining and multi-axis machining centres achieve tolerances below 5 microns. The dominant secondary-manufacturing route for metal parts in aerospace, automotive, medical, oil & gas, and precision engineering.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--machining
alternate name: Machining (Subtractive Manufacturing)
is based on: ASM Handbook Vol. 16 'Machining' (asm.org)
is based on: ISO 3685 'Tool life testing with single-point turning tools'
is based on: NIST 'Machining process fundamentals'

Phosphate Conversion Coating
type: DefinedTerm
description: Crystalline metal-phosphate layer (zinc, iron, or manganese phosphate) chemically grown on a steel or zinc surface. Provides a paint anchor (automotive e-coat pretreatment), lubricant carrier (cold-forging, deep-drawing), or limited corrosion resistance. Zinc-phosphate coating: 1.5-5 g/m². Almost universal in automotive body-in-white pretreatment line before cathodic electrocoat (CED) paint.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--phosphate-conversion-coating
is based on: ASTM D7765 'Standard Practice for Use of 3-Wt-% Sodium Chloride/3-Wt-% Hydrogen Peroxide Solution as a Substitute for Seacoast Atmospheric Testing of Metallic Coated Steel Products', astm.org
is based on: ISO 9717 'Phosphate conversion coatings'

Physical Vapor Deposition (PVD)
type: DefinedTerm
description: Thin-film deposition process in vacuum in which the coating material is physically vaporised (arc, sputtering, evaporation) and condenses onto the substrate. Typical films: 1-5 microns of TiN (gold-coloured, cutting tools), CrN (wear), TiAlN (high-temperature tooling), DLC (diamond-like carbon), and decorative gold/rose-gold/black on watches and taps. Distinct from CVD in that it involves no chemical reaction on the substrate. Operating temperature 200-500°C, compatible with heat-sensitive substrates.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--physical-vapor-deposition-pvd
alternate name: Physical Vapor Deposition (PVD Coating)
is based on: ASM Handbook Vol. 5 'Surface Engineering — PVD'
is based on: SVC 'Surface Vacuum Coaters' (svc.org)
is based on: ISO 27874 'Metallic coatings by PVD'

Pickling
type: DefinedTerm
description: Chemical removal of mill scale, rust, and other surface oxides from steel or other metals by immersion in acid (HCl for carbon steel, HF/HNO3 for stainless, H2SO4 for sheet). Required between hot-rolling and cold-rolling, or before coating (galvanizing, painting, plating). Modern continuous pickle lines (CPL) achieve line speeds of 200+ m/min on hot-rolled coil. Spent acid regenerated via Ruthner roasting (HCl → Fe2O3 + HCl recovery) or sulphate crystallisation.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--pickling
alternate name: Pickling (Acid Descaling)
is based on: ASTM A380/A380M 'Standard Practice for Cleaning, Descaling, and Passivation of Stainless Steel Parts, Equipment, and Systems'

Plating
type: DefinedTerm
description: The deposition of a thin metallic layer onto a substrate to alter surface properties — corrosion resistance, wear resistance, electrical conductivity, decorative finish, or diffusion barrier. Principal methods: electroplating (electrolytic deposition using DC current), electroless plating (autocatalytic chemical reduction, no external current), hot-dip plating (immersion in molten metal, e.g., galvanising zinc onto steel), vapour deposition (PVD/CVD), and cladding. Common plated metals: gold, silver, nickel, chromium, zinc, tin, copper, rhodium. Thickness typically 0.1–50 microns.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--plating
alternate name: Plating (Metal Coating)
is based on: ASTM B374 'Standard Terminology Relating to Electroplating' (
is based on: ASM Handbook Vol. 5 'Surface Engineering'
is based on: ISO 27831 'Metallic and other inorganic coatings — Cleaning and preparation of metal surfaces'

Polishing & Buffing
type: DefinedTerm
description: Sequential abrasive smoothing of a metal surface — polishing uses bonded abrasives on rigid wheels (40-600 grit), buffing uses loose abrasive compounds on cloth wheels. Achieves mirror finish (Ra < 0.05 μm) needed for optical, hygienic (food/pharma), or decorative parts. Electropolishing (anodic dissolution in HClO4/H3PO4 or H2SO4/H3PO4) is the chemical alternative — preferred for stainless steel medical devices, semiconductor process vessels, EUV-grade vacuum chambers.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--polishing-buffing
alternate name: Polishing & Buffing (Mechanical Surface Finishing)
is based on: ASM Handbook Volume 5 'Surface Engineering', ASM International
is based on: ASTM B912 'Standard Specification for Passivation of Stainless Steels Using Electropolishing'

Powder Coating
type: DefinedTerm
description: Dry organic finishing process: charged polymer powder (epoxy, polyester, urethane, hybrid) is sprayed onto a grounded metal part, then cured in an oven (160-200°C) where it melts, flows, and cross-links into a continuous film. No solvents → near-zero VOC emissions, 95-99% material utilisation (overspray recoverable). Film thickness: 40-150 μm. Used for appliances, architectural aluminium, garden furniture, automotive wheels.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--powder-coating
alternate name: Powder Coating (Electrostatic Spray)
is based on: ASTM D3451 'Standard Guide for Testing Coating Powders and Powder Coatings'
is based on: Powder Coating Institute (PCI), powdercoating.org

Powder Metallurgy
type: DefinedTerm
description: Producing parts from metal powder (5-200 μm particle size) by pressing or moulding into the desired shape, then sintering (heating below melting point) to bond particles. Achieves complex near-net-shape geometries with minimal machining, controlled porosity (e.g., self-lubricating bearings), and uniform alloy compositions impossible to cast. Used for automotive transmission gears, oil-impregnated bushings, hard-metal cutting tools (WC-Co), magnetic components (Fe-Si, Fe-Co). Powder production: water atomisation (low-cost), gas atomisation (spherical, AM-grade), HDH (Ti), carbonyl (Fe, Ni).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--powder-metallurgy
alternate name: Powder Metallurgy (PM)
is based on: Metal Powder Industries Federation (MPIF), 'MPIF Standard 35 — Materials Standards for PM Structural Parts'

Quenching
type: DefinedTerm
description: Rapid cooling of austenitised steel (or solutionised aluminium/Ni alloys) from above the critical temperature to produce a hard, non-equilibrium microstructure. Steel: quenched into water, oil, polymer, salt bath, or gas — forms martensite. Quench severity quantified by H-value (Grossmann). Aluminium: solution heat treat + quench + age (T6 temper) — forms supersaturated solid solution. Critical to control distortion and quench cracking. ASTM A255 (Jominy end-quench test) quantifies hardenability — distance from quenched end at which 50% martensite forms.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--quenching
alternate name: Quenching (Hardening)
is based on: ASTM A255 'Standard Test Methods for Determining Hardenability of Steel (Jominy End-Quench)'
is based on: ASM Handbook Volume 4D 'Heat Treating of Irons and Steels'

Ring Rolling
type: DefinedTerm
description: Hot-forming process in which a pre-pierced doughnut-shaped blank is rotated between a driven main roll and an idle mandrel that squeezes the wall thickness while ring diameter grows. Produces seamless rings from 100 mm to 15 m diameter — used for aero-engine casings (Rolls-Royce, GE), bearing races (SKF, Timken), wind-turbine main bearings, flanges (ASME B16.5), and pressure-vessel closures. Preferred to welding for high-integrity dynamic applications because of continuous grain flow around the circumference.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--ring-rolling
alternate name: Ring Rolling (Seamless Ring Rolling)
is based on: AMS-STD-2154 aerospace ring forgings
is based on: Forging Industry Association 'Ring Rolling' (forging.org)
is based on: ASM Handbook Vol. 14A ch. 'Ring Rolling'

Roll Forming
type: DefinedTerm
description: Continuously bending a long strip of sheet (typically cold-rolled coil) into a desired cross-section by passing it through a series of paired contoured rolls. Produces purlins, gutters, garage doors, automotive bumpers, structural sections. Tolerance: ±0.4 mm. Cheaper than press-brake bending for long production runs; supports complex profiles in high-strength low-alloy (HSLA) steel.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--roll-forming
alternate name: Roll Forming (Continuous Sheet Bending)
is based on: ASTM A1011/A1011M 'Standard Specification for Steel, Sheet and Strip, Hot-Rolled'
is based on: Fabricators & Manufacturers Association (FMA), fmamfg.org

Rolling
type: DefinedTerm
description: The deformation of metal between rotating rolls to reduce thickness, produce a uniform cross-section, or impart mechanical properties. Classified by temperature: hot rolling (above recrystallisation temperature — high ductility, coarse surface finish, used for slabs/blooms/billets/plate and hot-band coil) and cold rolling (below recrystallisation — work-hardening, tight tolerances, superior surface, used for automotive sheet, appliances, tinplate, electrical steel). Also includes ring rolling (seamless rings for bearings, flanges) and shape/section rolling (I-beams, rails, rebar). Dominant flat-product manufacturing route.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--rolling
alternate name: Rolling (Metal Rolling)
is based on: AIST 'The Making, Shaping and Treating of Steel — Flat Products' (aist.org)
is based on: ASTM A568/A568M 'Steel Sheet, Carbon, Structural, and HSLA'; worldsteel.org 'Rolling' technical brief

Sand Casting
type: DefinedTerm
description: Oldest and most versatile casting process: a pattern is pressed into a mould of bonded sand (silica or chromite + bentonite clay + water for 'green-sand', or chemical binders for 'no-bake'). Molten metal is poured into the cavity. Produces 60% of all metal castings worldwide by tonnage. Used for engine blocks, pipe fittings, manhole covers, large pump housings (up to 200+ tonnes). Cheapest method per unit but lowest dimensional accuracy (±0.5-1.5 mm).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--sand-casting
alternate name: Sand Casting (Green-Sand & No-Bake)
is based on: American Foundry Society (AFS), 'AFS Mold & Core Test Handbook' and 'Casting Process Selection Guide'

Shot Peening
type: DefinedTerm
description: Cold-working surface treatment in which small spherical media (steel shot, ceramic beads, glass beads) are propelled at high velocity onto a metal surface, inducing compressive residual stresses in the near-surface layer. Improves fatigue life, delays stress-corrosion cracking, and closes surface porosity. Controlled by Almen intensity (0.008-0.024 inches A-strip arc height) and coverage (>100% multiple exposure). Mandatory on aerospace gears, springs, turbine blades, landing gear, and some medical implants.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--shot-peening
is based on: SAE AMS 2430 'Shot Peening — Automatic'
is based on: SAE J442 'Test Strip, Holder and Gage for Shot Peening'
is based on: MIL-S-13165 (superseded but referenced)

Sintering
type: DefinedTerm
description: Heating compacted powder below the bulk melting point (typically 0.7-0.9 × T_melt) so that atomic diffusion bonds particles together. Solid-state sintering: bonding via surface diffusion only (e.g., Fe, Ni alloys at 1,100-1,250°C). Liquid-phase sintering: one constituent melts and wets the others (WC-Co at 1,400°C, where cobalt liquid binds tungsten-carbide grains). Atmosphere control critical — typically H2, N2/H2, or vacuum. Achieves 92-99% theoretical density. Cycle: 30 min to 6 h.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--sintering
alternate name: Sintering (Solid-State & Liquid-Phase)
is based on: MPIF Standard 35 and ASTM B883 'Standard Specification for Metal Injection Molded (MIM) Materials'

Solution Heat Treatment
type: DefinedTerm
description: Two-stage hardening sequence for age-hardenable alloys (Al 2xxx/6xxx/7xxx, Ni-superalloys, maraging steel, Cu-Be). Stage 1 — solution treat: heat above the solvus to dissolve precipitates into a single-phase solid solution (e.g., 530-540°C for AA6061), then quench. Stage 2 — age: hold at 120-200°C for hours/days to precipitate fine coherent particles that obstruct dislocations. Standard 'T' tempers per ANSI H35.1: T4 (solution + natural age), T6 (solution + artificial peak age), T7 (solution + overage for stress corrosion resistance).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--solution-heat-treatment
alternate name: Solution Heat Treatment & Ageing (Precipitation Hardening)
is based on: ANSI H35.1 'Alloy and Temper Designation Systems for Aluminum'
is based on: ASM Handbook Volume 4E 'Heat Treating of Nonferrous Alloys'

Stamping
type: DefinedTerm
description: High-speed cold forming of sheet metal between matched dies in a mechanical or servo press. Operations include blanking (cutting outer shape), piercing (cutting internal holes), bending, embossing, and progressive forming. Stroke rates: 60-1,200 spm. Dominant in automotive body-in-white production (~500 stamped parts per car), appliances, electrical enclosures. Material: cold-rolled steel, advanced high-strength steel (AHSS), aluminium 5xxx/6xxx series, stainless.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--stamping
alternate name: Stamping (Blanking, Piercing, Forming)
is based on: Precision Metalforming Association (PMA), 'PMA Tool & Die Handbook'

Tempering
type: DefinedTerm
description: Heating quenched (martensitic) steel below the lower critical temperature (Ac1, ~723°C) to reduce brittleness, dissolve retained austenite, and precipitate carbides — trading some hardness for toughness. Tempering temperatures: 150-200°C ('low temper' — knives, springs, retains most hardness); 350-500°C ('temper embrittlement zone' — usually avoided for low-alloy steels); 500-650°C ('high temper' — structural components, balance strength and toughness). Tempering parameter: Hollomon-Jaffe equation P = T(C + log t).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--tempering
alternate name: Tempering (Stress Relief of Martensite)
is based on: ASM Handbook Volume 4A
is based on: SAE J1397 'Application Guidelines for Heat-Treated Steel'

Welding
type: DefinedTerm
description: Joining two pieces of metal by localised melting (fusion welding) or solid-state plastic deformation (friction stir, ultrasonic, diffusion). Arc-welding family: SMAW (stick, manual, universal), GMAW/MIG (continuous wire + shielding gas, dominant in automotive and structural), GTAW/TIG (tungsten + filler, precision and clean welds in Al, Ti, stainless), SAW (submerged arc, thick plate). Resistance welding: spot/projection for automotive body assembly (3,000-5,000 welds per car). Friction stir welding (FSW): solid-state, no melt, used for Al aerospace and shipbuilding panels (invented at TWI 1991).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--welding
alternate name: Welding (Arc, MIG, TIG, SMAW, Resistance, FSW)
is based on: American Welding Society (AWS) D1.1 'Structural Welding Code — Steel', D1.2 'Aluminum', D1.6 'Stainless'
is based on: ISO 4063 'Welding processes — Nomenclature and reference numbers'

Wire Drawing
type: DefinedTerm
description: Cold-working process in which metal wire is pulled through a series of tapered dies (tungsten carbide or diamond) that progressively reduce cross-section by 10-30% per pass while increasing length and tensile strength via work-hardening. Dominant production route for copper conductor wire, steel piano wire, stainless bright bar, aluminium ACSR core, and precious-metal jewellery wire. Followed by intermediate anneals to restore ductility for further drawing. Common gauges from 12 mm down to 20 microns (bond wire).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: forming-finishing--wire-drawing
is based on: Wire Association International 'Wire Handbook' (wirenet.org)
is based on: ASM Handbook Vol. 14A 'Metalworking — Bulk Forming'
is based on: ISO 9587 'Metallic and other inorganic coatings — Pretreatments for reducing the risk of hydrogen embrittlement'

Billet
type: DefinedTerm
description: A semi-finished cast or continuously cast product with a square or circular cross-section (typically ≤155 mm²) intended for further hot rolling, extrusion, or forging into rod, bar, wire, or tube. In copper and aluminium processing, billets are extruded into profiles and tube; in steelmaking, billets are rolled into long products. Dimensional and compositional standards for steel billets are covered under EN 10060 and related ISO standards.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--billet
alternate name: Billet (Semi-Finished Cast Product)
is based on: World Steel Association, Steel Statistical Yearbook definitions
is based on: BS EN / ISO long-product standards (e.g., EN 10060 for round steel bars)

Bloom
type: DefinedTerm
description: A large square or rectangular semi-finished steel casting with cross-sectional area exceeding 230 cm², intermediate between a billet and a slab, produced by continuous casting or ingot rolling and used as feedstock for heavy section mills producing structural beams, rails, and large bar. Blooms are distinguished from billets principally by their larger cross-section and are covered under World Steel Association product classification frameworks.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--bloom
alternate name: Steel Bloom (Semi-Finished Long Product)
is based on: World Steel Association, product classification; industry standard steelmaking definitions

Bolt seal (ISO 17712 H)
type: DefinedTerm
description: Cylindrical hardened steel bolt locked into a barrel housing, single-use. ISO 17712 classifies seals as I (Indicative), S (Security) or H (High-Security). H-class is the only seal accepted by C-TPAT, AEO and most customs administrations for high-value cargo including precious metals.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--bolt-seal-iso-17712-h
alternate name: High-Security Bolt Seal
is based on: International Organization for Standardization

Briquette / Pellet
type: DefinedTerm
description: Agglomerated forms of fine metallic or ore particles bound with binders under pressure (briquettes) or by disc or drum balling followed by firing in a furnace (pellets). Iron ore pellets (typically 10–16 mm diameter, 60–67% Fe) are produced for direct use in blast furnaces or DRI plants as an alternative to lump ore or sinter; sampling and size analysis are governed by ISO 3082 (iron ore) and related ISO standards. Briquettes are also used for recycled metal fines (copper, zinc, aluminium).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--briquette-pellet
alternate name: Agglomerated Fines (Briquette and Iron Ore Pellet)
is based on: ISO 3082:2017, 'Iron ores – Sampling and sample preparation procedures'
is based on: World Steel Association, iron ore product definitions

Bundle
type: DefinedTerm
description: A group of cathode sheets, ingots, or other metal products strapped or banded together to form a physically manageable delivery unit for LME warehouse storage and warrant issuance. LME-approved warehouses require bundled material to meet specifications for stacking, weight, and identification marking in accordance with LME warehousing rules; each warrant (electronic entitlement to a 25-tonne lot) covers metal stored as one or more bundles in an approved location.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--bundle
alternate name: Strapped Bundle (LME Delivery Unit)
is based on: LME Warehousing Regulations and Delivery Rules, lme.com
is based on: LME Aluminium and Copper Contract Specifications

Cable seal
type: DefinedTerm
description: Steel wire passed through one-way locking mechanism. Cuts the door bar in two — tamper attempt visible. Lower-cost ISO 17712 S-class equivalent for non-high-value bulk metals.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--cable-seal
alternate name: Wire / Cable Seal
is based on: International Organization for Standardization

Cathode (full vs cut)
type: DefinedTerm
description: A refined copper product obtained by electrolytic refining or electrowinning, conforming to Grade A copper specifications (BS EN 1978:2022 Cu-CATH-1, ASTM B115-10 Grade 1, or GB/T 467-2010 Cu-CATH-1) and deliverable under LME Copper contracts in 25-tonne lots. Full cathodes are produced at standard dimensions (~1 m × 1 m); cut cathodes are trimmed from full sheets and bundled for physical delivery, with both forms acceptable provided they meet purity and brand requirements.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--cathode-full-vs-cut
alternate name: Copper Cathode – Full vs Cut Sheet
is based on: LME Copper Contract Specifications (Quality: BS EN 1978:2022 Cu-CATH-1
is based on: Shape: cathodes
is based on: Lot: 25t)

Coil / Sheet / Plate / Strip
type: DefinedTerm
description: Flat-rolled products produced by hot or cold rolling slabs or ingots: coil is flat-rolled metal wound into a cylinder for shipping and processing (typically 0.5–25 mm gauge); sheet is a flat cut length from coil; plate is a thicker flat-rolled product (generally >6 mm, used in heavy structural and pressure vessel applications); strip is a narrow-width coil typically used in stamping and tubing. Dimensional and property standards are defined by World Steel Association for steel and Aluminum Association for aluminium.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--coil-sheet-plate-strip
alternate name: Rolled Metal Forms
is based on: World Steel Association, flat-rolled product definitions
is based on: Aluminum Association, standard wrought product definitions

Customs seal
type: DefinedTerm
description: Numbered seal affixed by customs officer to bonded freight or container in transit. Removal without authority is a criminal offence. Customs seals are recorded in the transit document (TIR Carnet, T1, etc.) and matched at exit point.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--customs-seal
alternate name: Customs / Border-Authority Seal
is based on: UNECE — United Nations Economic Commission for Europe

Doré Bar
type: DefinedTerm
description: A semi-refined alloy bar containing gold and silver (and minor impurities) produced at mine sites or smelters as an intermediate product before final refinery purification. Doré bars do not meet LBMA Good Delivery specifications (minimum 995‰ fineness for gold; 999‰ for silver) and must be further refined before acceptance into the London Bullion Market; the LBMA Responsible Gold Guidance and associated chain-of-custody requirements apply to doré sourcing and refining.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--dor-bar
alternate name: Doré Bar (Gold-Silver Semi-Refined Bar)
is based on: LBMA Good Delivery Rules, Technical Specifications section
is based on: LBMA Good Delivery Rules for Gold Bars (minimum fineness 995.0 parts per thousand)

Drum / IBC / Super-sack / Pallet / Crate
type: DefinedTerm
description: Common packaging formats for metals and chemical products: drums (UN-specification steel or plastic cylinders, typically 200 L) and Intermediate Bulk Containers (IBCs, 500–3,000 L rigid or flexible tanks) are governed by the UN Recommendations on the Transport of Dangerous Goods (Model Regulations) and must carry UN marking for hazardous contents. Super-sacks (FIBCs – Flexible Intermediate Bulk Containers) hold 0.5–2 t of granular or powder materials; pallets provide unit load platforms for cartons, bags, or ingots; wooden crates are used for heavy or irregular items.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--drum-ibc-super-sack-pallet-crate
alternate name: Standard Industrial Packaging Forms
is based on: UN Recommendations on the Transport of Dangerous Goods – Model Regulations (UN Orange Book), 23rd revised edition
is based on: UN Packaging Group classifications

FIBC (Big Bag)
type: DefinedTerm
description: Woven polypropylene bag with lifting loops, capacity typically 500–2,000 kg. Used for metal granules, shot, copper cathodes broken to chops, and concentrate powders. Classified into Types A (standard), B (anti-static, no chargeable propellants), C (conductive, grounded), and D (anti-static, no grounding required). Type selection depends on flammability of contents and surrounding atmosphere.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--fibc-big-bag
alternate name: Flexible Intermediate Bulk Container
is based on: FIBCA — Flexible Intermediate Bulk Container Association

Fine ounce
type: DefinedTerm
description: A fine ounce is one troy ounce of pure metal content, calculated as gross troy-ounce weight multiplied by the metal's fineness (purity expressed as parts per thousand or as a decimal). For example, a 400 oz LBMA Good Delivery gold bar with gross weight 401.75 oz and fineness 995.0 contains 401.75 × 0.9950 = 399.74 fine ounces of gold. LBMA bullion settlement, exchange contracts (CME COMEX, TOCOM) and refiner invoicing all price metal on a fine-ounce basis, not gross weight. The LBMA Good Delivery Rules define gold bar weight tolerance as 350-430 fine troy ounces with minimum fineness 995.0, and silver bars as 750-1100 oz with minimum fineness 999.0.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--fine-ounce
alternate name: Fine ounce (fine troy ounce, foz)
is based on: Based on: LBMA — The Good Delivery Rules for Gold and Silver Bars (
is based on: CME Group — COMEX Gold Futures Contract Specs, deliverable as fine ounces.

Granules / Shot / Powder
type: DefinedTerm
description: Sub-forms of refined metals produced by rapid solidification of molten metal streams: granules and shot are rounded particles (2–20 mm) made by pouring molten metal into water or by centrifugal atomisation; powder is finer particulate material (<1 mm) used in metallurgy, electronics, and additive manufacturing. These forms do not qualify as LBMA Good Delivery; they are traded on a per-kg basis and must meet assay and provenance requirements of the relevant refinery or exchange.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--granules-shot-powder
alternate name: Atomised Particulate Metal
is based on: LBMA Good Delivery Rules (non-Good Delivery forms); general refinery production standards

Heat number
type: DefinedTerm
description: Unique batch identifier stamped on steel and aluminium products linking each piece to a specific melt at the producer. Allows traceability to the mill test certificate (MTC, EN 10204 type 3.1 or 3.2). Mandatory for LME-approved aluminium brands and for steel products under EN 10025 / ASTM A6.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--heat-number
alternate name: Heat / Melt Number
is based on: CEN — European Committee for Standardization

Ingot
type: DefinedTerm
description: A block of primary metal cast in a mould for subsequent remelting, rolling, or forging; the term covers a wide range of sizes and alloys. For LME aluminium, deliverable shapes include ingots, T-bars, and sows conforming to minimum 99.70% Al purity (P1020A designation under the International Designations standard or GB/T 1196-2017) in 25-tonne lots; LME copper is delivered as cathode rather than ingot form.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--ingot
alternate name: Cast Metal Ingot
is based on: LME Aluminium Contract Specifications (Shape: ingots, t-bars, sows
is based on: Quality: P1020A)

Karat
type: DefinedTerm
description: Gold purity expressed in 24ths: 24K = 100% gold, 18K = 75% (0.750 fineness), 14K = 58.3% (0.583). Standardised in ISO 9202 and BIS-Indian standards.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--karat
alternate name: Karat (gold purity)
is based on: International Organization for Standardization — Jewellery — Fineness of precious metal alloys

LME stencil
type: DefinedTerm
description: Permanent identification stamped or stencilled on each LME-listed metal unit (cathode bundle, sow, T-bar, ingot). Carries brand owner, weight, batch / heat number, country of origin. Required for warrant issuance — un-stencilled metal cannot be put on LME warrant.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--lme-stencil
alternate name: LME Brand Stencil / Brand Mark
is based on: London Metal Exchange

Metric tonne
type: DefinedTerm
description: SI-derived unit of mass = 1,000 kilograms = 1 megagram. Standard unit for base metals trading. Defined by the International Bureau of Weights and Measures (BIPM).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--metric-tonne
alternate name: MT (tonne, t)
is based on: Bureau International des Poids et Mesures — official SI definitions

MTU
type: DefinedTerm
description: 1 MTU = 10 kg of contained metal (1% of 1 metric tonne). Standard pricing unit for ferro-alloys (Mn, Cr, Mo, W, V) and tungsten ores. Example: USD/MTU WO₃.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--mtu
alternate name: Metric Tonne Unit
is based on: Industry standard; primary references: Fastmarkets and S&P Global Platts ferro-alloy methodologies

Octabin
type: DefinedTerm
description: Eight-sided corrugated fiberboard container on pallet base. Used to ship dense metal granules, shot, powders and small parts. Internal liner protects against moisture and abrasion. Footprint matches euro-pallet (1200×800 mm) or industrial pallet (1200×1000 mm).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--octabin
alternate name: Octagonal Bulk Container
is based on: Deutsches Institut für Normung

PET strapping
type: DefinedTerm
description: Polyethylene-terephthalate band with break strength up to 7 kN/cm² and 5–10% elastic recovery — recovers tension lost when bundles compress during transit. Replacing steel strapping for non-magnetic metals and where reduced load-shift is required.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--pet-strapping
alternate name: Polyester (PET) Strapping
is based on: International Organization for Standardization

Pig
type: DefinedTerm
description: A small, standardised cast ingot typically weighing 3–10 kg, formed by pouring molten metal into sand or iron mould rows (resembling a sow with piglets). Pig iron is the direct product of a blast furnace (~92–94% Fe, ~4.5% C) and serves as the primary feedstock for steelmaking; pig lead, tin pig, and copper pig follow the same physical format. The World Steel Association classifies pig iron as a basic intermediate steel input.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--pig
alternate name: Pig Iron / Pig (Small Cast Ingot)
is based on: World Steel Association, definitions and statistics on pig iron; industry standard cast-iron mould nomenclature

Rod / Bar / Wire
type: DefinedTerm
description: Rod is a continuously cast or hot-rolled long product of circular cross-section used as feedstock for drawing into wire (copper rod ~8 mm for electrical wire applications); bar encompasses a range of solid long profiles (round, square, hexagonal) used in engineering; wire is rod or bar reduced by cold-drawing through dies to smaller diameters. LBMA Good Delivery Rules historically referenced wire bar as a 99.0%+ copper form; ISO standards govern dimensional tolerances for drawn wire.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--rod-bar-wire
alternate name: Drawn and Extruded Long Products
is based on: LBMA OTC Guide, London Good Delivery – Gold and Silver
is based on: World Steel Association, Aluminum Association product definitions

Shrink wrap
type: DefinedTerm
description: Polyolefin or polyethylene film that shrinks 30–60% under heat (130–200 °C), forming a tight seal around contents. Used for weather protection of steel coils stored outdoors, for tamper-evident bundles, and for unitising irregular shapes.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--shrink-wrap
alternate name: Heat-Shrink Film
is based on: ASTM International

Slab
type: DefinedTerm
description: A large, flat semi-finished cast or rolled product with width substantially greater than thickness, used as feedstock for hot strip mills producing sheet, coil, and plate. Steel slabs (typically 150–350 mm thick, 600–2,500 mm wide) are the principal intermediate product of basic oxygen furnace and electric arc furnace steelmaking before hot rolling. Aluminium slabs (rolling ingots) serve the same function in aluminium flat-rolled products manufacturing.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--slab
alternate name: Steel / Aluminium Slab
is based on: World Steel Association, Steelmaking process and product definitions, worldsteel.org

Sow
type: DefinedTerm
description: A large-format primary aluminium ingot, typically weighing approximately 750 kg, cast in a floor mould and intended for remelting in secondary smelters and foundries. Under LME Aluminium contract specifications, sows are one of the three approved delivery shapes (alongside ingots and T-bars) and must conform to P1020A or equivalent purity standards; the 25-tonne lot consists of multiple sows, T-bars, or ingots.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--sow
alternate name: Aluminium Sow (Large Remelt Ingot)
is based on: LME Aluminium Contract Specifications (Shape: ingots, t-bars, sows)

Steel strapping
type: DefinedTerm
description: High-tensile cold-rolled steel band, typically 12.7–32 mm wide, used to consolidate steel coils, billets, bundles and slabs. Specified per ASTM D3953 — break strength 4 to 14 kN/cm². Steel strapping has higher tensile strength than polyester (PET) but no elastic recovery, so it must be re-tensioned after sea voyage settlement.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--steel-strapping
alternate name: Steel Banding / Strapping
is based on: ASTM International

Stretch wrap
type: DefinedTerm
description: Linear low-density polyethylene (LLDPE) film, 20–30 µm thick, applied to palletised loads with stretch ratio 150–250%. Holds packing-list documents, secures small cartons, blocks dust ingress. Not load-bearing — must be combined with strapping for heavy loads.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--stretch-wrap
alternate name: Stretch / Cling Film
is based on: ASTM International

T-bar / Jumbo
type: DefinedTerm
description: Large-format primary aluminium cast forms approved for LME delivery alongside sows and standard ingots. A T-bar is a T-shaped aluminium ingot (~750 kg) designed for ease of handling and stacking; a jumbo ingot (also termed large ingot) refers generically to high-mass aluminium ingots above standard notch-bar size. All must meet LME aluminium quality specifications (P1020A designation, minimum 99.70% Al) and be of an LME-approved brand.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--t-bar-jumbo
alternate name: T-bar and Jumbo Aluminium Ingot
is based on: LME Aluminium Contract Specifications

Troy ounce
type: DefinedTerm
description: Unit of mass for precious metals. 1 troy ounce = 31.1034768 grams (exact). Defined and used in the LBMA Good Delivery specifications for gold, silver, platinum, palladium.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--troy-ounce
alternate name: Troy oz (ozt)
is based on: London Bullion Market Association — Good Delivery Rules

VCI paper
type: DefinedTerm
description: Kraft paper impregnated with volatile organic compounds that vaporise inside packaging and form a protective monolayer on metal surfaces. Standard for export shipments of steel coils, copper bus-bars, aluminium sheets, and bright bars. Effective for 12–24 months when packaging is sealed.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metal-forms-packaging--vci-paper
alternate name: Volatile Corrosion Inhibitor Paper
is based on: US DoD — packaging standards

ASTM
type: DefinedTerm
description: International standards development organisation (formerly American Society for Testing and Materials, founded 1898). Publishes over 12,000 voluntary consensus technical standards for materials, products, systems, and services. In metals context: ASTM standards define alloy compositions (e.g., ASTM B152 copper sheet, ASTM B265 titanium plate), test methods (mechanical, chemical, non-destructive), and specifications used in commercial metals contracts worldwide. Frequently referenced in LBMA, LPPM, and ISRI trade specifications.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--astm
alternate name: ASTM International
is based on: Source: ASTM International standards catalogue (

Bias Test
type: DefinedTerm
description: A statistical procedure used to detect systematic error (bias) in a sampling or assaying process by comparing results from a reference method against a test method using paired samples, as defined in ISO 11648. A statistically significant difference between the mean of the reference and test populations indicates the presence of bias that must be corrected. ISO 11648 is available at iso.org/standard/53999.html.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--bias-test
is based on: ISO 11648 — Statistical aspects of sampling from bulk materials, iso.org

Certificate of Analysis
type: DefinedTerm
description: A laboratory document certifying the chemical composition and fineness of a metal consignment. For LBMA Good Delivery bars, assay values must be reported to four significant figures of fineness using corrected fire assay or spectrographic analysis; gold bars must meet minimum fineness of 995.0 parts per thousand, silver 999.0. The refiner stamps fineness and serial number on each bar.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--certificate-of-analysis
alternate name: Certificate of Analysis (CoA) / Assay Certificate
is based on: LBMA Good Delivery Rules (2025 edition), Section 2.1.7 Specifications and Section 4.1 Testing the Applicant's Assaying Capability

Certified Reference Material (CRM)
type: DefinedTerm
description: Reference material whose composition is certified by a metrologically valid procedure and issued with a certificate of analysis. Used to validate assay methods and calibrate instruments. Major mining CRM suppliers: OREAS, Rocklabs, CANMET, SARM.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--certified-reference-material-crm
alternate name: Traceable Assay Calibration Standard
is based on: ISO Guide 35 Reference Materials — General and Statistical Principles
is based on: ISO Guide 30 Reference Materials — Selected Terms
is based on: JCGM 200 International Vocabulary of Metrology.

Chain of Custody
type: DefinedTerm
description: A documented, unbroken record of the handling, transfer, and storage of a sample or material from point of origin through to final disposition, ensuring that the identity and integrity of the material can be verified at each stage. For gold and precious metals, the LBMA Responsible Gold Guidance requires chain-of-custody documentation from mine to refinery. LBMA guidance is available at lbma.org.uk.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--chain-of-custody
alternate name: Chain of Custody (CoC)
is based on: LBMA Responsible Gold Guidance, lbma.org.uk

Co-product grade
type: DefinedTerm
description: Mass fraction of secondary payable metals in concentrate (e.g., gold, silver in copper concentrate). Typically paid at a lower payable percent than the main metal.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--co-product-grade
alternate name: Secondary metal grade
is based on: Industry term; references: ISO 12743 and standard smelter contracts

Destination country
type: DefinedTerm
description: Country where the metal is imported and consumed/processed — determines applicable import duties, VAT, customs procedures, and CBAM declarations.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--destination-country
alternate name: Destination Country
is based on: World Customs Organization — destination jurisdiction

Discharge Outturn Survey
type: DefinedTerm
description: An independent inspection conducted at the discharge port to determine the quantity and condition of a bulk cargo as discharged from the vessel, reconciling outturn weight with bill-of-lading weight. Outturn surveys are referenced in FOSFA and GAFTA standard contract terms as the basis for settling weight discrepancies. Procedures are governed by TIC Council (formerly IFIA) standards at tic-council.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--discharge-outturn-survey
is based on: TIC Council, tic-council.org
is based on: FOSFA International, fosfa.com
is based on: GAFTA, gafta.com

Draft Survey
type: DefinedTerm
description: A method of determining bulk cargo weight by measuring a vessel's displacement before and after loading or discharge via its waterline draught marks. The difference in net displacement equals the cargo quantity. Formal documentation standards are referenced by IMO and UN ECE; accuracy under good conditions is approximately ±0.5%.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--draft-survey
alternate name: Draught Displacement Survey
is based on: IMO IMSBC Code 2022 (references draft survey in cargo quantity determination context)
is based on: UN ECE guidelines on draught survey documentation (referenced in IMO MSC circular practices)

Duplicate Sample
type: DefinedTerm
description: A second sub-sample taken from the same sampling unit under identical conditions as the primary sample, used as a quality-control check to measure the within-sampling-unit variability and repeatability of the sampling process. ISO 12743 specifies protocols for collecting and using duplicate samples in the sampling of copper, lead, zinc, and nickel concentrates. ISO 12743 is available at iso.org/standard/53998.html.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--duplicate-sample
is based on: ISO 12743 — Sampling of copper, lead, zinc and nickel concentrates, iso.org

Final Assay
type: DefinedTerm
description: The definitive chemical analysis result used to determine the payable metal content of a parcel of material for the purposes of commercial settlement, distinguished from preliminary or provisional assays. LME warehouse rules specify that final assay certificates from accredited laboratories are required for settlement of metal delivered against LME contracts. LME rules are available at lme.com.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--final-assay
is based on: LME — London Metal Exchange warehouse rules, lme.com

Fineness
type: DefinedTerm
description: Fineness is the proportion of pure precious metal in an alloy, expressed in parts per thousand. Gold of 999.9 fineness contains 999.9 parts gold per 1,000 by mass. LBMA Good Delivery gold bars require a minimum fineness of 995.0; silver bars 999.0. Hallmarking standards expressed in karats convert to fineness as follows: 24K = 999, 22K = 916, 18K = 750, 14K = 585, 9K = 375. Fineness is determined by fire assay (gravimetric) or ICP/spectrographic analysis and stamped on each bar alongside the refiner mark and serial number.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--fineness
alternate name: Fineness (precious metals purity)
is based on: LBMA Good Delivery Rules (2025 edition), Section 2.1.7 Specifications
is based on: ISO 9202:2019 Jewellery — Fineness of precious metal alloys

Fire Assay
type: DefinedTerm
description: A classical pyrometallurgical technique for the accurate determination of gold and silver content in ores, concentrates, and doré, involving fusion with a lead or nickel sulfide collector, cupellation to separate noble metals, and gravimetric or ICP finish. The LBMA Assayer accreditation programme specifies fire assay as the reference method for gold purity determination. LBMA assayer requirements are at lbma.org.uk.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--fire-assay
alternate name: Fire Assay (Gold/Silver)
is based on: LBMA Assayer accreditation, lbma.org.uk

Gross Weight
type: DefinedTerm
description: The total weight of a consignment including the weight of goods, packaging, pallet, and container or vehicle (where applicable); defined by FIATA (International Federation of Freight Forwarders Associations) and the World Customs Organization as the weight declared on transport documents. Gross weight = net weight + tare weight. FIATA documentary standards are at fiata.org; WCO glossary at wcoomd.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--gross-weight
is based on: FIATA — International Federation of Freight Forwarders Associations, fiata.org
is based on: WCO, wcoomd.org

ICP-OES / ICP-MS
type: DefinedTerm
description: Analytical techniques using inductively coupled argon plasma to atomize and excite (ICP-OES) or ionize (ICP-MS) sample elements, enabling simultaneous multi-element quantification in ores, concentrates, and process solutions at trace to major concentrations. ASTM E1097 (ICP-OES) and ASTM E2823 (ICP-MS) provide standard test methods for analysis of metals. Standards are available at astm.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--icp-oes-icp-ms
alternate name: Inductively Coupled Plasma — Optical Emission Spectrometry / Mass Spectrometry (ICP-OES / ICP-MS)
is based on: ASTM E1097 and ASTM E2823, astm.org

Independent Surveyor
type: DefinedTerm
description: A neutral expert engaged by one or both parties to inspect, weigh, sample, or certify cargo at loadport or discharge. Independence requires no commercial interest in the outcome. The LBMA Good Delivery Rules provide for independent inspectors to examine bars and express opinions on whether they meet Good Delivery standards; IMSBC Code section 4 similarly references competent-authority-recognised entities for cargo certification.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--independent-surveyor
alternate name: Independent Third-Party Surveyor
is based on: LBMA Good Delivery Rules (2025 edition), Section 2.4 Independent Inspection
is based on: IMO IMSBC Code 2022, Section 4.2 (cargo information obligations)

Inspection (SGS / Alex Stewart / AHK)
type: DefinedTerm
description: Independent surveyors who perform draft survey, sampling, moisture determination, and certified assay on bulk metal shipments. Their certificate of analysis is the contractual reference for settlement.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--inspection-sgs-alex-stewart-ahk
alternate name: Third-party inspection
is based on: SGS / Alex Stewart International / AHK — global metals inspection houses

Inspection RACI Matrix
type: DefinedTerm
description: A responsibility-assignment matrix that defines which party is Responsible, Accountable, Consulted, and Informed for each step of a commodity inspection and sampling programme, including preparation, supervision, splitting, sealing, dispatch, and reporting. The TIC Council publishes standard RACI guidance for pre-shipment and outturn inspections at tic-council.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--inspection-raci-matrix
is based on: TIC Council, tic-council.org

Inter-Laboratory Comparison
type: DefinedTerm
description: Coordinated testing of the same sample by multiple laboratories to evaluate performance and comparability. ISO 17043 governs proficiency testing schemes. Miners use quarterly round-robin exercises across their primary and umpire laboratories.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--inter-laboratory-comparison
alternate name: Round-Robin Testing
is based on: ISO/IEC 17043 Conformity Assessment — Proficiency Testing
is based on: ISO 13528 Statistical Methods for Proficiency Testing
is based on: IUPAC Harmonised Protocol for Proficiency Testing.

ISO 11648 — Bulk Sampling Statistics
type: DefinedTerm
description: An ISO standard that provides the statistical framework for designing, implementing, and evaluating sampling schemes for bulk materials, covering sampling variance, sample size determination, bias testing, and measurement uncertainty. ISO 11648 Part 1 covers general principles and Part 2 covers sampling from continuous streams. Available at iso.org/standard/53999.html.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--iso-11648-bulk-sampling-statistics
alternate name: ISO 11648 — Statistical Aspects of Sampling from Bulk Materials
is based on: ISO 11648

ISO 12743 — Concentrates Sampling
type: DefinedTerm
description: An ISO standard specifying procedures for the manual and mechanical sampling of copper, lead, zinc, and nickel concentrates to determine moisture, chemical composition, and screen size, including sample mass, increment collection, splitting, and preparation. The standard provides the reference framework for commercial sampling disputes and independent sampling arbitration. Available at iso.org/standard/53998.html.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--iso-12743-concentrates-sampling
alternate name: ISO 12743 — Sampling Procedures for Copper, Lead, Zinc and Nickel Concentrates
is based on: ISO 12743

ISO/IEC 17025 Accreditation
type: DefinedTerm
description: International standard for the competence of testing and calibration laboratories. Accreditation via national bodies (UKAS, ANAB, DAkkS, NATA, JAB) recognised globally through ILAC MRA. Required for commercial assay laboratories serving mining and metals trading.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--iso-iec-17025-accreditation
alternate name: Testing and Calibration Laboratory Standard
is based on: ISO/IEC 17025:2017 General Requirements
is based on: ILAC Mutual Recognition Arrangement (MRA)
is based on: IAF-ILAC Joint Communiqué.

ISO/IEC 17025 — Laboratory Accreditation
type: DefinedTerm
description: The international standard specifying the competence, impartiality, and operational requirements for laboratories performing testing and calibration, forming the basis for accreditation by national accreditation bodies (e.g., UKAS, ILAC members). Accreditation to ISO/IEC 17025 is required for laboratories issuing assay certificates used in commercial metal settlements. Available at iso.org/standard/39883.html.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--iso-iec-17025-laboratory-accreditation
alternate name: ISO/IEC 17025 — General Requirements for the Competence of Testing and Calibration Laboratories
is based on: ISO/IEC 17025

Isotope-Ratio Fingerprinting
type: DefinedTerm
description: Forensic analytical technique that measures the natural-abundance ratios of stable isotopes (e.g., ²⁰⁶Pb/²⁰⁷Pb for lead, ¹⁸⁷Os/¹⁸⁸Os for osmium, δ³⁴S for sulfur, δ¹⁸O for oxygen) in a metal or mineral sample. Because isotope ratios vary systematically between geological provinces, the measured ratios can be matched against a reference database to attribute the sample to a candidate deposit or ore body. Used by customs laboratories, refineries and litigation consultants for gold, copper, lead and conflict-minerals verification under OECD Due Diligence Guidance and EU Regulation 2017/821.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--isotope-ratio-fingerprinting
alternate name: Isotope-Ratio Fingerprinting (IRF)
is based on: LBMA Responsible Gold Guidance, lbma.org.uk
is based on: Mineral resource geochemistry literature

LBMA Good Delivery
type: DefinedTerm
description: LBMA Good Delivery is the global benchmark standard for large gold and silver bars used in wholesale bullion markets. The LBMA Good Delivery Rules specify bar weight tolerances (gold: 350-430 fine troy ounces; silver: 750-1100 troy ounces), minimum fineness (gold 995.0; silver 999.0), surface finish, mark requirements and storage conditions. Only refiners on the LBMA Good Delivery List (currently around 70 active gold refiners worldwide) may produce bars that trade at par in the London bullion market without being re-assayed. Maintenance of the List requires ongoing proactive monitoring including the Responsible Sourcing programme. Good Delivery status is distinct from Responsible Gold Guidance, which is a separate due-diligence requirement for refiners.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--lbma-good-delivery
alternate name: LBMA Good Delivery List & Rules
is based on: Based on: LBMA — The Good Delivery Rules for Gold and Silver Bars and LBMA Good Delivery List (

LECO Analysis
type: DefinedTerm
description: An instrumental combustion technique for the quantitative determination of carbon, sulphur, nitrogen, oxygen, and hydrogen in ores, concentrates, metals, and steels by high-temperature combustion and infrared/thermal conductivity detection. ASTM E1019 provides the standard method for determination of carbon and sulphur in ferrous materials by combustion analysis. Available at astm.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--leco-analysis
alternate name: LECO Analysis (Combustion Analysis for C/S/N/O)
is based on: ASTM E1019, astm.org

Limit of Detection (LOD)
type: DefinedTerm
description: Lowest analyte concentration that can be reliably distinguished from a blank at a specified confidence level (typically 3σ above blank noise). Critical for trace-element assay (Au, PGMs, Re, In, Ga). ISO 11843 series defines statistical methodology.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--limit-of-detection-lod
alternate name: Lowest Reliably Detectable Concentration
is based on: ISO 11843 series Capability of Detection
is based on: IUPAC Recommendations 1995 (Currie)
is based on: EURACHEM/CITAC Guide Quantifying Uncertainty in Analytical Measurement.

Limit of Quantification (LOQ)
type: DefinedTerm
description: Lowest analyte concentration that can be quantified with acceptable precision and accuracy (typically 10σ above blank noise, or 3× LOD). Differs from LOD which only detects presence. Reported alongside LOD on all certified assay reports.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--limit-of-quantification-loq
alternate name: Lowest Reliably Quantifiable Concentration
is based on: IUPAC Analytical Chemistry Recommendations
is based on: EURACHEM Guide to Analytical Method Validation
is based on: ISO/IEC 17025 §7.2.1.

Loading Supervision
type: DefinedTerm
description: Independent third-party oversight of the loading of a bulk commodity cargo onto a vessel or conveyance, encompassing draft survey, weight determination, sampling, sealing of samples and hatches, and documentation. Loading supervision services are provided by TIC Council-accredited inspection companies acting on behalf of buyer, seller, or financier. TIC Council standards at tic-council.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--loading-supervision
is based on: TIC Council, tic-council.org

Lot Identity Preservation
type: DefinedTerm
description: Procedures ensuring that a specific lot of metal or concentrate maintains a traceable and unbroken physical and documentary identity from production through storage, shipment, and delivery, preventing commingling with other material. The LBMA chain-of-custody requirements for Good Delivery bars mandate lot identity preservation from refinery onwards. LBMA guidance at lbma.org.uk.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--lot-identity-preservation
is based on: LBMA chain-of-custody, lbma.org.uk

Lot reference
type: DefinedTerm
description: Identifier (internal or contractual) for a specific shipment or parcel of metal, linking the physical lot to assay certificates, B/L, warehouse receipts, and accounting entries.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--lot-reference
alternate name: Lot / contract reference
is based on: Industry practice; references: ISO 12743 sampling standards for unique lot identification

Main grade
type: DefinedTerm
description: Mass fraction of the payable metal in concentrate or ore (e.g., 28% Cu in copper concentrate, 6% Li₂O in spodumene). Determined by certified assay.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--main-grade
alternate name: Metal content (grade)
is based on: Industry term; references: ISO 12743 (copper, lead, zinc concentrates) and JORC/CIM reporting standards

Material mass
type: DefinedTerm
description: Mass of the shipment. Gross mass = total weight including packaging; net mass = material only; dry mass = net mass minus moisture. Sale typically settles on dry net mass.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--material-mass
alternate name: Gross / net mass
is based on: International Organization for Standardization — Copper, lead, zinc and nickel concentrates — Sampling procedures for determination of metal and moisture content

Matrix Effect
type: DefinedTerm
description: Interference by non-analyte sample components on the analytical signal — e.g., high-iron matrix suppressing gold fire assay recovery, salt matrix affecting ICP-MS ionisation. Corrected by matrix-matched calibration, internal standards, or matrix modifiers.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--matrix-effect
alternate name: Sample-Composition Interference on Analytical Method
is based on: EURACHEM/CITAC Guide Quantifying Uncertainty
is based on: IUPAC Analytical Chemistry Recommendations
is based on: ISO Guide 33 Uses of Certified Reference Materials.

Moisture
type: DefinedTerm
description: Free water content in concentrate or ore, deducted from gross weight to obtain dry weight. Excess moisture also limits IMSBC Code transportable moisture limit (TML).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--moisture
alternate name: Moisture Content
is based on: International Maritime Organization — solid bulk cargoes

Net Weight (Container)
type: DefinedTerm
description: The weight of the actual goods excluding all packaging, pallets, and the tare weight of the container or conveyance; declared on the packing list and commercial invoice for customs and freight purposes. FIATA and the World Customs Organization (WCO) define net weight in the context of transport and customs documentation. FIATA at fiata.org; WCO at wcoomd.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--net-weight-container
is based on: FIATA, fiata.org
is based on: WCO, wcoomd.org

Origin country
type: DefinedTerm
description: Country where the metal was mined, smelted, or refined — determines preferential tariff eligibility under FTAs and applicability of sanctions, anti-dumping, and CBAM.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--origin-country
alternate name: Origin Country
is based on: World Customs Organization — Rules of Origin framework

Outturn Weight
type: DefinedTerm
description: The weight of a bulk cargo as determined at the discharge port following completion of unloading, forming the basis for final settlement when agreed as the settlement weight in the contract; also called 'out-turn weight'. Outturn weight is linked to 'Settlement weight' and may differ from bill-of-lading weight due to moisture loss, spillage, or measurement differences.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--outturn-weight
is based on: TIC Council, tic-council.org
is based on: FOSFA International, fosfa.com

Pre-Shipment Survey (PSI)
type: DefinedTerm
description: An independent inspection carried out before a consignment is loaded or dispatched to verify that the goods conform to contractual specifications in terms of quantity, quality, condition, and packaging. PSI services are governed by TIC Council standards and may also be mandated by the importing country's authorities under WTO-compatible conformity assessment procedures. See tic-council.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--pre-shipment-survey-psi
alternate name: Pre-Shipment Survey / Pre-Shipment Inspection (PSI)
is based on: TIC Council, tic-council.org

Pulp / Assay Pulp
type: DefinedTerm
description: A finely ground sub-sample of mineral material, typically reduced to 75–150 µm (–200 mesh), prepared from a split of the original sample for submission to the laboratory for chemical analysis. CIM (Canadian Institute of Mining, Metallurgy and Petroleum) Best Practice Guidelines for Mineral Processing specify pulp preparation procedures. CIM guidelines at mrmr.cim.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--pulp-assay-pulp
is based on: CIM Best Practice Guidelines, mrmr.cim.org

Purity
type: DefinedTerm
description: Purity is the mass fraction of the principal metal element in a product, expressed as a percentage, parts per thousand (fineness), or '9s' notation (e.g. 4N = 99.99%, 5N = 99.999%). For base metals (Cu, Al, Ni, Pb, Zn, Sn) LME-grade purity ranges from 99.85% (Pb) to 99.99% (Sn 'high grade'). For precious metals, see 'Fineness'. For minor and refractory metals (Mo, W, In, Ga, Ge) purity is typically specified in 9s notation in the supply contract. Purity is verified by assay (see 'Certificate of Analysis'). In the TSM Purity calculator, purity drives the conversion from contained-metal price to gross-product price.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--purity
alternate name: Purity (metal content)
is based on: LME Special Contract Rules for base metals (current edition)
is based on: ASTM B115 (electrolytic copper)
is based on: ASTM B252 (refined lead); industry practice for 9s notation

QAQC Blank/Duplicate/Standard Protocol
type: DefinedTerm
description: Standard sample-insertion protocol: for every 20 field samples, insert 1 blank (contamination check), 1 duplicate (precision check) and 1 CRM (accuracy check). Best practice per CIM/SME Sampling Standards. Non-conforming batches trigger re-assay.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--qaqc-blank-duplicate-standard-protocol
alternate name: Assay Quality Control Framework
is based on: CIM Standards on Sampling QAQC
is based on: SME Guide to Mineral Sampling
is based on: ISO 3084 Iron Ores — Experimental Methods for Evaluation of Quality Variation.

Qingdao Port Fraud (2014)
type: DefinedTerm
description: A commodity financing fraud discovered at Qingdao and Penglai ports in China in 2014 in which warehouse receipts for the same copper and aluminium stocks were used multiple times as collateral for different bank loans, exposing systemic weaknesses in warehouse receipt and collateral management. The fraud led directly to LME reforms including the mandatory tag-and-seal protocol for warranted metals in LME-approved warehouses. Background in Reuters reporting and LME Notice 14/149.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--qingdao-port-fraud-2014
alternate name: Qingdao Port Metal Financing Fraud (2014)
is based on: LME Notice 14/149, lme.com
is based on: Reuters investigation, reuters.com

Relative Standard Deviation (RSD)
type: DefinedTerm
description: Standard deviation divided by the mean, expressed as a percentage — dimensionless precision indicator. Typical assay RSD targets: <2% for major elements, <5% for trace, <10% at LOQ. Fundamental output of any method-validation exercise.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--relative-standard-deviation-rsd
alternate name: Precision Metric
is based on: IUPAC Gold Book Precision Definition
is based on: EURACHEM Guide Method Validation
is based on: ISO 5725-2 Accuracy of Measurement Methods.

Sampling Increment / Primary Increment
type: DefinedTerm
description: A single portion of material collected in one operation of a sampling device from the lot, which together with other increments forms a gross sample; the 'primary increment' is the first-level increment extracted directly from the material stream or static pile. ISO 12743 defines increment mass, cutter design, and increment spacing requirements for copper, lead, zinc, and nickel concentrates. ISO 12743 at iso.org/standard/53998.html.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--sampling-increment-primary-increment
is based on: ISO 12743

Split-Lot Procedure
type: DefinedTerm
description: A procedure by which a cargo lot is divided into two or more separately assayed and weighted sub-lots when there is a discrepancy in assay results between buyer and seller that exceeds the agreed umpire tolerance, or when contractual terms allow partial rejection. The Refined Sugar Association provides analogous guidance; for metals concentrates the split-lot procedure is typically defined in the individual sale contract and ISO 12743.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--split-lot-procedure
is based on: ISO 12743
is based on: Refined Sugar Association, refinedsugar.org

Splitting / Riffle Splitter
type: DefinedTerm
description: The process of reducing the mass of a gross or sub-sample by dividing it into representative halves using a riffle splitter (a device with alternating chutes of equal width) until the required laboratory sample mass is achieved. ISO 12743 Part 2 specifies riffle splitter design, operational procedures, and mass reduction ratios for concentrates sampling. ISO 12743 at iso.org/standard/53998.html.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--splitting-riffle-splitter
is based on: ISO 12743 Part 2

Tag-and-Seal Procedure
type: DefinedTerm
description: An LME-mandated warehousing control procedure under which metal stored in an LME-approved warehouse on LME warrant must carry a unique physical tag and tamper-evident seal linking the metal to a single warehouse receipt, preventing the same physical metal from being represented by multiple warrants. Introduced following the 2014 Qingdao port financing fraud, the procedure is set out in LME warehousing rules. See lme.com.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--tag-and-seal-procedure
alternate name: Tag-and-Seal Procedure (Post-Qingdao LME Reform)
is based on: LME warehousing rules, lme.com

Tare Weight
type: DefinedTerm
description: The weight of the empty container, packaging, pallet, or conveyance without the goods, subtracted from gross weight to derive net weight. FIATA and the WCO define tare weight in the context of transport and customs documentation. FIATA at fiata.org; WCO at wcoomd.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--tare-weight
is based on: FIATA, fiata.org
is based on: WCO, wcoomd.org

TIC Council
type: DefinedTerm
description: The global trade association representing testing, inspection, and certification (TIC) companies, formerly known as IFIA; it sets professional standards, codes of conduct, and training requirements for independent inspection and certification bodies operating in international trade. TIC Council membership and standards are available at tic-council.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--tic-council
alternate name: TIC Council (formerly IFIA — International Federation of Inspection Agencies)
is based on: TIC Council, tic-council.org

TML
type: DefinedTerm
description: The maximum moisture content of a Group A bulk cargo (one that may liquefy) that is considered safe for carriage by sea in ships not specially constructed for the purpose. Per IMO IMSBC Code Section 7.3.1, a cargo shall only be accepted for loading when its actual moisture content is less than the TML. The TML is derived from the Flow Moisture Point (generally TML = 90% of FMP) and must be certified not more than six months before loading.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--tml
alternate name: Transportable Moisture Limit
is based on: IMO IMSBC Code 2022, Sections 1 (definitions) and 7 (cargoes that may liquefy)
is based on: IMO Resolution MSC.500(105) (adopted 28 April 2022) amending TML definition

Total penalty deduction
type: DefinedTerm
description: Aggregate financial deduction from concentrate value for penalty elements (As, Sb, Hg, Bi, F, etc.) above smelter acceptance thresholds. Expressed as $/dry MT or % of value.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--total-penalty-deduction
alternate name: Total Penalty Deduction
is based on: Industry standard; references: standard smelter contracts (e.g., Aurubis, Glencore)

Trace-Element Fingerprinting
type: DefinedTerm
description: Analytical technique that quantifies sub-percent and trace concentrations of dozens of elements (typically by ICP-MS or LA-ICP-MS) in a metal or mineral sample to create a multivariate "chemical signature". Combined with statistical pattern-matching against a reference library, fingerprints can be attributed to specific mines or processing routes. Used in parallel with isotope-ratio fingerprinting for gold doré, tin and tantalum conflict-minerals verification, and in customs-fraud investigations on refined metal.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--trace-element-fingerprinting
alternate name: Trace-Element Fingerprinting (TEF)
is based on: LBMA Responsible Gold Guidance, lbma.org.uk
is based on: GeoNeurale; peer-reviewed geochemistry literature

Umpire Assay
type: DefinedTerm
description: An independent third-party analytical determination conducted when a buyer's and seller's assays of a metal consignment disagree beyond the agreed tolerance. The LBMA Good Delivery Rules provide for LBMA-appointed referees who independently examine bars using corrected fire assay or spectrographic analysis; assays of 999.5 and above must agree within ±0.05 parts per thousand, and below 999.5 within ±0.15.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--umpire-assay
alternate name: Umpire / Referee Assay
is based on: LBMA Good Delivery Rules (2025 edition), Section 4.1 Testing the Applicant's Assaying Capability
is based on: LBMA Referee procedures (Annex C)

Weighbridge
type: DefinedTerm
description: A static platform scale used to weigh road vehicles or railcars for cargo quantity determination. International metrological requirements for accuracy classes are specified in OIML Recommendation R 76, which defines maximum permissible errors and calibration requirements for non-automatic weighing instruments including platform scales used in trade.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--weighbridge
alternate name: Non-Automatic Weighing Instrument (Static Weighbridge)
is based on: OIML International Recommendation R 76-1 (2006): Non-automatic weighing instruments — Part 1: Metrological and technical requirements

Weight Franchise
type: DefinedTerm
description: A contractual allowance for the difference in measured weight between the load-port and discharge-port surveys, expressed as a percentage of the bill-of-lading weight. Differences within the franchise are absorbed without price adjustment; differences exceeding it trigger a settlement. For LBMA Good Delivery silver bars, the specified weight tolerance is ±10% of 1,000 troy ounces gross weight.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--weight-franchise
alternate name: Weight Tolerance / Weight Franchise
is based on: LBMA Good Delivery Rules (2025 edition), Section 2.1.7 Silver Bars weight specification (1000 troy ounces ±10% tolerance); physical commodity contract market practice

XRF vs ICP-MS vs Fire Assay
type: DefinedTerm
description: XRF: fast, non-destructive, portable — 0.001-100% range, best for major elements and screening. ICP-MS: destructive, ppb sensitivity, best for trace elements and isotopes. Fire assay: reference for Au and PGMs, ppb detection with >100g sample. Combined use is standard in mining laboratories.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--xrf-vs-icp-ms-vs-fire-assay
alternate name: Assay Method Selection Matrix
is based on: ASTM E1621 Standard Guide for Elemental Analysis by X-Ray Emission Spectrometry
is based on: ISO 17294 ICP-MS Water Analysis
is based on: SME Mineral Processing Handbook §14.

XRF — X-Ray Fluorescence
type: DefinedTerm
description: An elemental analysis technique in which primary X-rays excite secondary (fluorescent) X-rays from a sample's elements; wavelength-dispersive (WD-XRF) and energy-dispersive (ED-XRF) variants are used for major- and minor-element determination in ores, concentrates, and metal alloys. ASTM E322 provides a standard test method for XRF analysis of tungsten alloys and is representative of XRF applications in metals analysis. Standards at astm.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: inspection-assay--xrf-x-ray-fluorescence
alternate name: XRF — X-Ray Fluorescence Analysis
is based on: ASTM E322, astm.org

3PL
type: DefinedTerm
description: External provider of outsourced logistics services — warehousing, transport management, customs clearance, distribution. Distinct from a freight forwarder (4PL provides higher-level supply-chain orchestration and IT). Major metals-sector 3PLs: C. Steinweg, IDS Logistik, Henry Bath, P. Henry & Sons, ED&F Man.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--3pl
alternate name: Third-Party Logistics Provider
is based on: CSCMP — Council of Supply Chain Management Professionals

4PL
type: DefinedTerm
description: Lead logistics provider acting as integrator over multiple 3PLs and asset-based carriers. Provides supply-chain IT, control-tower visibility, demand planning. Distinguished by no asset ownership and contractual responsibility for end-to-end performance.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--4pl
alternate name: Fourth-Party Logistics Provider
is based on: CSCMP — Council of Supply Chain Management Professionals

Advance Shipping Notice (ASN)
type: DefinedTerm
description: Electronic document sent by supplier to buyer before goods depart, detailing carton/pallet contents, ship-to address, PO reference, shipping unit IDs (SSCC/EAN-128), lot numbers, and ETA. Enables receiving-team preparation, dock scheduling, and automated match-to-PO on inbound. Standard EDI transaction sets: ANSI X12 856 (North America) and UN/EDIFACT DESADV (Europe/Asia). Mandatory in modern retail (Walmart, Target), automotive (VDA 4913), and increasingly enforced by metals warehouses for pre-notice of arriving warrants.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--advance-shipping-notice-asn
alternate name: Advance Shipping Notice (ASN / EDI 856)
is based on: GS1 Global Data Model 'Logistics Interoperability' (gs1.org)
is based on: ANSI ASC X12 856 Ship Notice/Manifest
is based on: UN/EDIFACT DESADV D.96A message

Bank of England Gold Vault
type: DefinedTerm
description: Sub-basement gold storage under Threadneedle Street, London, established 1697. Holds ~400,000+ Good Delivery bars (~5,300 t as of 2024), including UK official reserves (small, ~310 t) + foreign central bank reserves (majority) + LBMA member metal. Not open to public. Governance by Bank of England Custody Agreement. Occasionally cited in reserve controversies (Venezuela BOE gold dispute 2019-2024, resolved UK Supreme Court in favor of BoE not releasing to Maduro government).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--bank-of-england-gold-vault
is based on: Bank of England "Gold Vault"
is based on: UK Supreme Court judgment "Guaidó Board" v "Maduro Board" [2021] UKSC 57

Bill of Lading
type: DefinedTerm
description: A bill of lading is a transport document issued by or on behalf of a carrier evidencing receipt of goods for carriage by sea, which also functions as a document of title and constitutes the contract of carriage. Under Incoterms 2020, the bill of lading is the standard transport document for FOB, CFR, and CIF transactions; the ICC Incoterms 2020 publication (FCA rule) specifically addresses the 'on-board bill of lading' requirement, noting a carrier may issue a bill of lading with an on-board notation once goods are loaded on the vessel. The negotiable bill of lading allows transfer of title by endorsement, making it critical to documentary credit transactions.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--bill-of-lading
is based on: Based on: ICC Incoterms® 2020 official publication (iccwbo.org, FCA and FOB rules)
is based on: ICC Incoterms 2020 publication No. 723E

Block storage
type: DefinedTerm
description: Direct floor-to-floor stacking of homogeneous palletised loads. Lower cost, higher density than racking, but FIFO is not enforceable. Standard for high-volume single-SKU metals — copper cathode bundles, aluminium ingots, lead pigs at LME warehouses.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--block-storage
alternate name: Block / Floor Stacking
is based on: London Metal Exchange

Bonded Warehouse
type: DefinedTerm
description: A customs-controlled storage facility where imported goods may be held without payment of import duties, taxes, or VAT until the goods are either released into free circulation, re-exported, or assigned another approved customs procedure. Duties are deferred, not forgiven, and become payable upon release. Bonded warehouses enable traders to hold inventory in-country while deferring duty obligations, providing cash-flow advantages for commodity traders. The ICC Incoterms 2020 framework recognises bonded storage as relevant to delivery terms involving duty-unpaid goods.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--bonded-warehouse
alternate name: Bonded (Customs) Warehouse
is based on: Based on: ICC Incoterms 2020 official publication (iccwbo.org)
is based on: US CBP Bonded Warehouse program
is based on: EU Customs Warehouse regime (Council Regulation (EU) No 952/2013, Union Customs Code)

Brink's Global Services
type: DefinedTerm
description: Commercial secure logistics and vault operator, LBMA + COMEX + LME-approved. HQ Richmond, Virginia. Global vault network: London (LBMA), New York (COMEX), Zurich, Singapore, Hong Kong, Dubai (DMCC). Handles physical bullion movement, mine dore transport, refinery-to-vault, ETF creations/redemptions. Publicly listed NYSE:BCO. Historical rivals: Loomis, Malca-Amit, G4S (now Allied Universal), Prosegur.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--brink-s-global-services
alternate name: Brink's Global Services (BGS)
is based on: Brink's Company 10-K SEC filings, sec.gov
is based on: Brink's Global Services website brinksglobal.com

CIF
type: DefinedTerm
description: Under Incoterms 2020 CIF, the seller delivers the goods on board the vessel, contracts and pays for freight to the named destination port, and procures minimum cargo insurance. Risk transfers to the buyer when goods are placed on board the vessel at the port of shipment — not at destination. Per the ICC Incoterms 2020 official publication, the CIF rule 'is reserved for use in maritime trade and often used in commodity trading'; the default insurance level is Institute Cargo Clauses (C), with parties free to agree higher cover. CIF is the standard pricing basis for bulk commodity shipments, including copper cathodes to Asian buyers.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--cif
alternate name: CIF — Cost, Insurance and Freight (named port of destination)
is based on: Based on: ICC Incoterms® 2020 official publication and explanatory notes (iccwbo.org)
is based on: Trade Risk Guaranty Incoterms Desk Reference (ICC official definition quoted)

COMEX Approved Depositories
type: DefinedTerm
description: Seven CME Group-approved vaults for physical settlement of COMEX gold and silver futures contracts, all in New York/New Jersey/Delaware corridor: (1) Brink's Inc, (2) HSBC Bank USA, (3) JPMorgan Chase Bank, (4) CNT Depository (largest silver), (5) Manfra, Tordella & Brookes (MTB), (6) International Depository Services of Delaware (IDS Delaware), (7) Loomis International. Combined COMEX gold ~600 t + silver ~9,500 t typical. Daily inventory published in CME Group Metals Depositories Report.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--comex-approved-depositories
alternate name: COMEX Approved Depositories (Gold/Silver Vaults)
is based on: CME Group "COMEX Metals Depositories"
is based on: CME Group Rule 703 depositories

Consignment Stock
type: DefinedTerm
description: Inventory physically located at the customer's site but legally owned by the supplier until consumed — title transfers only when the buyer withdraws material for use. Reduces customer working capital and stock-out risk; supplier maintains visibility and refills against agreed min/max levels. Common for critical spares (bearings, seals, refractories at smelters), high-value consumables (grinding media, drilling steel), and precious-metal working stock at manufacturers. Legally structured as VMI, bailment, or consignment agreement.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--consignment-stock
alternate name: Consignment Stock (Vendor-Managed Inventory)
is based on: IFRS IAS 2 §14 (recognition — bailment)
is based on: ICC 'Model Consignment Contract' (iccwbo.org)
is based on: APICS Dictionary 16th ed.

Cross-docking
type: DefinedTerm
description: Logistics process where incoming goods are transferred directly from inbound to outbound transport with no or minimal storage. Used for high-velocity SKUs (LME warrant transfer between approved warehouses, just-in-time alloying ingredients to mills).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--cross-docking
alternate name: Cross-Dock Operation
is based on: CSCMP — Council of Supply Chain Management Professionals

Cycle Counting
type: DefinedTerm
description: Continuous inventory-verification programme in which subsets of SKUs are counted on a rolling schedule (daily/weekly) rather than a single annual wall-to-wall count. Typically ABC-classified (A-items counted monthly, B quarterly, C annually) or exception-driven (after each replenishment/pick, on zero-quantity events, following variance). Provides earlier detection of discrepancies, higher inventory accuracy (>99.5% typical target), and lower disruption to operations vs full physical counts. Standard best practice under WMS/APICS.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--cycle-counting
is based on: APICS CPIM Body of Knowledge
is based on: Warehousing Education and Research Council (WERC) benchmarking
is based on: ISO 9001:2015 §8.5.4 'Preservation of outputs'

DAP
type: DefinedTerm
description: Under Incoterms 2020 DAP, the seller delivers when the goods are placed at the disposal of the buyer on the arriving means of transport, ready for unloading at the named place of destination. The seller bears all risks and costs of bringing the goods to the destination, including freight, but does not unload the goods — unloading is the buyer's responsibility and expense. Per the ICC Incoterms 2020 official publication, 'under DAP the seller does not unload the goods,' distinguishing it from DPU where the seller must also unload.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--dap
alternate name: DAP — Delivered At Place (named place of destination)
is based on: Based on: ICC Incoterms® 2020 official publication and explanatory notes (iccwbo.org)
is based on: Trade Risk Guaranty Incoterms Desk Reference (ICC official definition quoted)

Demurrage
type: DefinedTerm
description: Demurrage is a charge levied on a cargo owner or charterer for detaining a vessel, container, or transport unit beyond the agreed free time stipulated in the charter party or contract of carriage. In maritime commodity trade, demurrage accrues when a bulk vessel is not loaded or discharged within the agreed laytime; the daily rate is set in the charter party. In containerised trade, demurrage is charged per container per day when boxes are held at a terminal beyond the carrier's free-use period. Prompt payment or avoidance of demurrage is a critical operational concern in physical commodity contracts.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--demurrage
is based on: Based on: ICC Incoterms® 2020 context (charter party references in FOB/CFR/CIF rules)
is based on: Clarksons Glossary — Demurrage definition (clarksons.com)

Dock Scheduling
type: DefinedTerm
description: Digital-appointment layer that assigns time-slotted arrivals for inbound and outbound trucks to specific dock doors, balancing labour, forklift capacity, and yard congestion. Reduces driver wait time (and therefore detention/demurrage charges), smooths receiving-team workload, and enables carrier scorecards. Best-in-class systems (Descartes, FourKites, Manhattan, C3 Solutions) provide carrier self-booking portals, real-time GPS-ETA-driven reslotting, and dwell-time analytics. Standard integration point between YMS, TMS, and WMS.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--dock-scheduling
alternate name: Dock Scheduling (Dock Appointment System)
is based on: CSCMP 'Supply Chain Management Terms and Glossary'
is based on: Gartner 'Real-Time Transportation Visibility Platforms'
is based on: ISO 28000 supply chain security

Dunnage
type: DefinedTerm
description: Materials used to brace and protect cargo inside a container, hold, or trailer — typically softwood blocking, plywood, airbags, or sand bags. Required to prevent shift, abrasion and moisture damage. Wooden dunnage must comply with ISPM 15 phytosanitary marking for international shipments.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--dunnage
alternate name: Dunnage Materials
is based on: IPPC — International Plant Protection Convention (FAO)

EXW
type: DefinedTerm
description: Under Incoterms 2020 EXW, the seller fulfils its obligation by making the goods available at its own premises (factory, warehouse, or other named place) ready for collection by the buyer; the seller is not required to load the goods. Risk and all costs — including loading, export clearance, freight, and import duties — transfer to the buyer from the moment the goods are made available. Per ICC Incoterms 2020, EXW 'represents minimal obligations for the seller and maximum responsibilities for the buyer' and is most suitable for domestic trade or situations where the buyer can manage all export formalities.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--exw
alternate name: EXW — Ex Works (named place of delivery)
is based on: Based on: ICC Incoterms® 2020 official publication (iccwbo.org)
is based on: ICC Academy — Incoterms 2020: EXW or FCA? (academy.iccwbo.org)
is based on: Trade Finance Global EXW guide (ICC definition quoted)

FIFO / LIFO
type: DefinedTerm
description: Inventory rotation conventions. FIFO matches the physical metal movement and the LME warrant accounting basis. LIFO is permitted for some accounting jurisdictions (US GAAP) but rarely matches physical flow.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--fifo-lifo
alternate name: First-In-First-Out / Last-In-First-Out
is based on: IFRS Foundation

Floor load
type: DefinedTerm
description: Maximum weight per unit area a warehouse floor can sustain, expressed in MT/m². LME-approved warehouses must demonstrate ≥10 MT/m² to accommodate stacked metal loads (copper cathode bundles ~5 MT each, four-high stacks).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--floor-load
alternate name: Floor Load Rating
is based on: London Metal Exchange

FOB
type: DefinedTerm
description: Under Incoterms 2020 FOB, the seller delivers by placing the goods on board the vessel nominated by the buyer at the named port of shipment; risk of loss or damage transfers to the buyer at that point. The seller is responsible for export clearance and all costs to the point of loading; the buyer contracts and pays for ocean freight and all subsequent costs. Per the ICC Incoterms 2020 Explanatory Notes, FOB is 'to be used only for sea or inland waterway transport where the parties intend to deliver the goods by placing the goods on board a vessel,' and is not appropriate for containerised shipments where FCA is preferred.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--fob
alternate name: FOB — Free On Board (named port of shipment)
is based on: Based on: ICC Incoterms® 2020 official publication (iccwbo.org)
is based on: ICC Academy Incoterms 2020 — FAS or FOB? (academy.iccwbo.org)

Free storage period
type: DefinedTerm
description: Period (typically 5–14 days) after metal arrives at a warehouse during which no storage charges accrue. Beyond this window, daily rates apply. LME-approved warehouses have published maximum free-storage charges in their approval documentation.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--free-storage-period
alternate name: Free Storage / Free Time
is based on: London Metal Exchange

HSBC London Vault
type: DefinedTerm
description: LBMA Good Delivery vault operated by HSBC in London (undisclosed location). Traditionally one of the two largest private vaults (with JPMorgan). Primary custodian for SPDR Gold Shares (GLD ETF) — the world's largest gold ETF (~900 t AUM as of 2024), all held in HSBC London vault. Publishes daily bar list. HSBC is major LBMA clearing member (LPMCL London Precious Metals Clearing Ltd, 4 members).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--hsbc-london-vault
alternate name: HSBC Bank plc London Vault
is based on: SPDR Gold Trust N-1A filing
is based on: LPMCL Members lpmcl.com

Incoterms 2020
type: DefinedTerm
description: Incoterms® 2020 is the eighth edition of the International Chamber of Commerce's internationally recognised set of 11 standard trade terms defining the responsibilities of sellers and buyers in international goods transactions. Published by the ICC (Publication No. 723E), the rules allocate costs, risks, and obligations — including export/import clearance, transport, and insurance — between seller and buyer at each stage of delivery. The 2020 edition introduced changes including revised FCA rules for on-board bills of lading, a new DPU term replacing DAT, and differentiated insurance levels for CIF (Institute Cargo Clauses C) versus CIP (Institute Cargo Clauses A).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--incoterms-2020
alternate name: Incoterms® 2020 — ICC International Commercial Terms
is based on: Based on: ICC Incoterms® 2020 official publication and explanatory notes (iccwbo.org)
is based on: International Trade Administration, US Department of Commerce (

JPMorgan London Vault
type: DefinedTerm
description: One of seven LBMA Good Delivery gold/silver vaults, operated by JPMorgan Chase in London (specific location undisclosed for security). Second-largest private LBMA vault (after HSBC or Brink's depending on year). JPMorgan is major clearing member of LBMA and market-maker in loco London gold trading. Also major COMEX gold custodian (see below). Historic controversy: 2020 CFTC + DOJ $920M settlement for spoofing in precious metals markets 2008-2016.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--jpmorgan-london-vault
alternate name: JPMorgan Chase Bank London Vault
is based on: LBMA "Vault Holdings Data" lbma.org.uk
is based on: US DOJ Press Release "JPMorgan Chase & Co. Agrees to Pay $920 Million" 29 Sep 2020

Just-in-Time (JIT) / Kanban
type: DefinedTerm
description: Lean inventory system in which materials arrive at the point of use exactly when needed, in the exact quantity required, using a pull-signal (Kanban card, e-Kanban, ERP flag) triggered by downstream consumption. Minimises working capital, warehouse space, and obsolescence risk — but exposes the buyer to supply-chain disruption. Widely adopted by Toyota (origin), automotive OEMs, and electronics manufacturers. Metal-processors often blend JIT for high-turnover consumables with buffered strategic stocks for critical or long-lead items (e.g., rare earths, cobalt).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--just-in-time-jit-kanban
alternate name: Just-in-Time (JIT) / Kanban Inventory
is based on: Ohno 'Toyota Production System' 1988
is based on: APICS CPIM Body of Knowledge (ascm.org)
is based on: ISO 22301 'Business Continuity Management'

Lashing & securing
type: DefinedTerm
description: Methods of restraining cargo against transit forces — strapping, chain, web lashings, twist-locks, stanchions. Calculated against acceleration coefficients (CSS Code: 0.8 g longitudinal, 0.7 g transverse, 1.0 g vertical for maritime). Failure causes most cargo-shift incidents.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--lashing-securing
alternate name: Cargo Lashing and Securing
is based on: International Maritime Organization

LBMA Good Delivery Vaults
type: DefinedTerm
description: Seven LBMA-recognised custodians of London Bullion Market Association Good Delivery gold/silver bars: (1) Bank of England (largest, ~400,000 gold bars), (2) HSBC Bank plc, (3) JPMorgan Chase Bank, (4) ICBC Standard Bank plc, (5) Brink's Global Services, (6) Loomis International, (7) Malca-Amit. Combined London gold stock ~9,500 t (Q4 2023). Silver ~34,000 t. Data published monthly at 10-week lag. Only these vaults can hold "loco London" gold in wholesale market.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--lbma-good-delivery-vaults
is based on: LBMA "Vault Holdings Data"

LME Approved Warehouse Network
type: DefinedTerm
description: Global network of ~620+ sheds across ~33 delivery locations approved by London Metal Exchange for physical settlement of futures contracts. Locations selected for logistical connectivity (rail, road, port, barge). Major hubs by tonnage: Port Klang (Malaysia), Rotterdam, Kaohsiung (Taiwan), Detroit, New Orleans, Antwerp, Baltimore, Busan (Korea), Singapore, Genoa. Hong Kong added January 2025, went live 15 July 2025 — 33rd location. Warehouses operated by LME-approved operators (Access World, Steinweg, Metro International, ISTIM, Henry Bath, GKE, PGS, others). Locations must demonstrate political/economic stability, transport connectivity, and legal soundness.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--lme-approved-warehouse-network
is based on: LME warehouse locations & policy —

LME Detroit Queue
type: DefinedTerm
description: Landmark warehouse market-structure event: aluminium accumulated at Detroit LME sheds (mostly MITSI) reached ~1.5 Mt in 2013. Load-out capped at 3,000 t/day by LME rules meant waiting queues extended to 700+ days for physical delivery. Consumers paying LME price + $400+/t Midwest premium, unable to withdraw metal. Beer companies (MillerCoors) + Coca-Cola sued Goldman/JPMorgan. LME response: 2014 Linked Load-out Rate (LILO) tying inbound to outbound, 3,000 t/day minimum, rent cap 33% during queue.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--lme-detroit-queue
alternate name: LME Detroit Aluminium Queue (2011-2015)
is based on: US Senate Permanent Subcommittee "Wall Street Bank Involvement with Physical Commodities" 2014
is based on: LME reform notices 2014

LME Hong Kong Warehousing (2025)
type: DefinedTerm
description: Hong Kong became LME's 33rd approved warehouse location — first new location in over a decade — as gateway for mainland China (world's largest metals consumer). Timeline: 20 January 2025 location approved; 15 April 2025 first four facilities approved (GKE, Henry Diaper, PGS with local partners China Resources Logistics, Sinotrans HK, SF Supply Chain); 15 July 2025 went live with first warrants (Cheung Sha Wan, Tsing Yi, Yuen Long). By May 2026: 15 approved warehouses across 7 operators storing ~25,000t copper/tin/zinc, at near-capacity. Fee cap 61 US¢/t for copper (vs 51¢ in Korea/Singapore). Strategic significance: HKEX-owned LME uses HK to close last delivery-time gap to Chinese physical demand without triggering PRC bonded-zone complications. Concentrated in Cheung Sha Wan, Tsing Yi, Yuen Long, Kwai Chung.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--lme-hong-kong-warehousing-2025
alternate name: LME Hong Kong Approved Warehouse Location (established 2025)
is based on: LME press releases 20 Jan/15 Apr 2025
is based on: HK gov info.gov.hk LCQ19
is based on: SCMP May 2026 —

LME Load-out Rate
type: DefinedTerm
description: Post-2014 reform to LME warehouse rules: minimum daily physical load-out rate (currently 3,000 t/day per warehouse company at large queue locations; higher for very large stocks). Linked Load-in Load-out (LILO) rule ties new inbound tonnage to matching outbound to prevent queue formation. Warehouse can charge rent only for a maximum of 30 days once metal is in queue. Reforms cut Detroit queue from 700 to <100 days by 2016.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--lme-load-out-rate
alternate name: LME Minimum Load-out Rate & LILO
is based on: LME "Warehousing Reform Package"
is based on: LME Rulebook Part 9

LME Warehouse
type: DefinedTerm
description: A storage facility formally approved by the London Metal Exchange to accept, store, and deliver physical metal against LME contracts. LME warehouses must comply with the LME Policy on the Approval and Operation of Warehouses, which sets minimum daily load-out rates, load-in/load-out (LILO) ratio requirements, and rent cap rules. As of 2024 the LME network spans over 400 warehouses in 33 locations globally. Only metal stored in an LME-approved warehouse may be warranted and used for physical settlement of LME futures contracts.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--lme-warehouse
alternate name: LME Approved Warehouse
is based on: Based on: LME Policy on the Approval and Operation of Warehouses (lme.com)
is based on: LME Copper Contract Specifications (lme.com — '400 warehouses in 33 global locations')

LME Warehouse Companies
type: DefinedTerm
description: The seven currently LME-authorised warehouse operators: (1) Metro International Trade Services MITSI (formerly Goldman Sachs-owned, sold to Reuben Brothers 2014, since acquired by Access World), (2) Access World (formerly Pacorini Metals, Glencore-owned), (3) C.Steinweg (Dutch family firm since 1847), (4) Impala Terminals (Trafigura subsidiary), (5) Henry Bath & Son (oldest, since 1794, JPM Chase / Mercuria), (6) ISTIM (Turkish family), (7) Worldwide Warehouse Solutions. Together operate ~620 approved sheds.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--lme-warehouse-companies
alternate name: LME Approved Warehouse Companies
is based on: LME Approved Warehouse Companies list

LME Warehouse Rent Cap
type: DefinedTerm
description: LME rule (Queue-Based Rent Capping, QBRC) limiting warehouse rent income during load-out queues: rent proportionally reduced by 33% for metal held >30 days when queue exceeds 30 days, further tiered reductions if queue extends. Introduced 2014 as part of warehouse reform, discouraging warehouses from artificially inducing queues. Current published rates: aluminium ~$0.60/t/day, copper ~$0.55/t/day, zinc/lead ~$0.50/t/day depending on location.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--lme-warehouse-rent-cap
alternate name: LME Warehouse Rent Cap (QBRC)
is based on: LME "Warehousing and Rent Charges"

LME warrant rent
type: DefinedTerm
description: Daily rent charged by LME-listed warehouses on warranted metal, capped annually by LME. Different per-metal caps; rent stops when warrant is cancelled and load-out begins.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--lme-warrant-rent
alternate name: LME warehouse rent
is based on: LME — annual rent caps and queue policy

Loomis International
type: DefinedTerm
description: Swedish-listed cash-in-transit + precious metals logistics operator (Loomis AB, Nasdaq Stockholm:LOOMIS). LBMA + COMEX + LME-approved vault operator. Vault footprint: London (LBMA), New York (COMEX), Zurich, Frankfurt, Singapore, Hong Kong. Provides ETF custody, mine dore movement, wholesale vault services. Consolidated Swedish/UK operations after acquiring Sequel Group + Loomis UK.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--loomis-international
is based on: Loomis AB Annual Report, loomis.com
is based on: LBMA approved custodian list

Malca-Amit
type: DefinedTerm
description: Israeli-headquartered precious metals + diamond logistics and vaulting firm. LBMA + COMEX approved. Vault footprint: London, New York, Zurich, Hong Kong (major Asia bullion hub), Singapore, Shanghai, Dubai (DMCC free zone). Handles gold movement in the Asia-Pacific interbank market and ETF operations. Also handles diamond parcels, watches, art. Family-owned, less public disclosure than Brink's / Loomis.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--malca-amit
alternate name: Malca-Amit Global
is based on: LBMA approved custodian list lbma.org.uk
is based on: Malca-Amit malca-amit.com

MITSI
type: DefinedTerm
description: Largest LME warehouse operator by metal tonnage historically, especially aluminium. Founded 2010 as Goldman Sachs subsidiary; center of the 2011-2014 Detroit aluminium queue controversy where MITSI incentivised warrant deposits then rationed load-out (3,000 t/day cap), creating 700-day queues and inflating Midwest premium. Sold by Goldman to Reuben Brothers 2014, then Access World consolidation. Regulated post-scandal by LME 2014 load-out rate reform + rent cap. Congressional hearings + Deutsche Bank/Coca-Cola lawsuits.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--mitsi
alternate name: Metro International Trade Services (MITSI)
is based on: US Senate Permanent Subcommittee on Investigations Report "Wall Street Bank Involvement with Physical Commodities" Nov 2014, hsgac.senate.gov
is based on: LME "Warehousing Reform" documentation

Perpetual Inventory
type: DefinedTerm
description: Real-time inventory accounting method in which every movement (receipt, put-away, pick, ship, adjustment, scrap) is recorded instantly against the on-hand quantity, giving a continuously updated stock balance. Contrasts with periodic inventory (only reconciled at count intervals). Enabled by barcode/RFID scanning, warehouse management systems, and integration with ERP. Prerequisite for cycle counting, safety-stock calculation, and demand planning. Required under IFRS/US GAAP for material warehouse operations.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--perpetual-inventory
alternate name: Perpetual Inventory System
is based on: IFRS IAS 2 'Inventories' (ifrs.org)
is based on: US GAAP ASC 330
is based on: APICS Dictionary 16th ed.

POD
type: DefinedTerm
description: Publishing and manufacturing workflow in which individual copies of a book (or other item) are produced only after an order is placed, rather than in advance in bulk. Enables long-tail titles to remain available indefinitely with zero inventory carry, at the cost of higher per-unit price and typically longer fulfilment time. Standard for academic monographs, technical references, and low-volume specialist publications.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--pod
alternate name: Print-On-Demand
is based on: Source: Book Industry Study Group
is based on: POD platform documentation (Lulu, IngramSpark, KDP)

Queue / Load-out
type: DefinedTerm
description: When warrant holders cancel LME warrants to take physical delivery, the metal enters a load-out queue at the relevant LME-approved warehouse. The LME Policy on the Approval and Operation of Warehouses mandates minimum daily load-out tonnages scaled by stored inventory: 2,000 t/day (150,000–299,999 t stored), rising to 4,000 t/day (900,000+ t stored). A 'Delivery Point (DP) Warehouse' with a queue exceeding 50 calendar days also becomes subject to the Linked Load-In and Load-Out (LILO) Rule, requiring additional load-out relative to new load-ins. Queue lengths directly affect physical premiums and rent-cap charges.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--queue-load-out
alternate name: LME Warehouse Queue and Load-out Rules
is based on: Based on: LME Policy on the Approval and Operation of Warehouses (lme.com, Sections C and E)
is based on: LME Rulebook Part 6 — Special Contract Rules (Appendix 10, lme.com)

Safety Stock
type: DefinedTerm
description: Additional inventory held above expected demand to protect against demand variability, lead-time variability, and supply disruption. Sized statistically as z × σ × √LT where z is a service-level factor (1.65 for 95%, 2.33 for 99%), σ is demand standard deviation, and LT is lead time. Distinct from strategic stockpiles (national security, e.g. US DLA, China NSMR) and from consignment stock (supplier-owned). Underpins reorder-point (ROP) and (Q,R) inventory policies.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--safety-stock
alternate name: Safety Stock (Buffer Stock)
is based on: APICS Dictionary 16th ed. (ascm.org)
is based on: Silver, Pyke & Peterson 'Inventory Management and Production Planning and Scheduling' 3rd ed.
is based on: ISO 9001:2015 §8.4.3

Selective racking
type: DefinedTerm
description: Most common warehouse storage system — single-deep pallet positions accessible directly by counterbalance forklift. Standard bay height 6–12 m, pallet position dimensions match euro-pallet or industrial-pallet base. Used for slow-moving / mixed-SKU metals: alloying additives, electrodes, refractories.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--selective-racking
alternate name: Selective Pallet Racking
is based on: FEM — European Federation of Materials Handling

SGE Certified Vaults
type: DefinedTerm
description: Vault network approved by the Shanghai Gold Exchange for physical settlement of SGE Au99.99 (kilobar) + Au99.95 + Ag99.99 contracts. Anchor: SGE Shanghai central vault. Extended network of provincial delivery vaults ~55 locations across China (Beijing, Shenzhen, Guangzhou, Hangzhou, etc.) operated by ICBC, Bank of China, CCB, Bank of Communications, ICBC Standard, and commercial vault operators. Enables physical gold redemption in Chinese yuan (CNY). Distinct from LBMA loco London delivery system.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--sge-certified-vaults
alternate name: SGE Certified Vault Network (China)
is based on: Shanghai Gold Exchange "Delivery Vaults"
is based on: World Gold Council China gold market reports

SGX / DME Bullion Depositories
type: DefinedTerm
description: Emerging Asian + Middle Eastern regional vault networks for exchange-listed bullion: Singapore Exchange (SGX) uses J.P. Morgan Singapore vault + Brink's Singapore for its gold contracts (limited volume). DGCX/DMCC (Dubai): DMCC-approved vaults (Brink's, Malca-Amit, Transguard) for DGCX gold + silver contracts and DMCC Tradeflow platform. Border-hub locations exploiting free-zone customs benefits. Not part of LBMA Good Delivery loco London system but interoperable with LBMA metal after refining acceptance.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--sgx-dme-bullion-depositories
alternate name: SGX / DME Bullion Depositories (Asia-MidEast)
is based on: DGCX Gold Futures Contract Specifications, dgcx.ae
is based on: DMCC Precious Metals Sector

Storage rate
type: DefinedTerm
description: Per-MT-per-day or per-MT-per-month fee for keeping metal in warehouse after arrival. LME warrant rent has a published cap; non-LME storage is market-set.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--storage-rate
alternate name: Warehouse storage charge
is based on: London Metal Exchange — warehouse charges

Stuffing / Unstuffing
type: DefinedTerm
description: Loading (stuffing) or unloading (unstuffing) of cargo into a container at a CFS (Container Freight Station) or warehouse. Stuffing plan documents weight distribution, lashing points and dunnage placement. Mandatory under VGM (Verified Gross Mass) per SOLAS amendment 2016.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--stuffing-unstuffing
alternate name: Container Stuffing and Unstuffing
is based on: International Maritime Organization

TMS
type: DefinedTerm
description: Software platform for route planning, carrier selection, freight rating, document generation, and shipment tracking. Examples: Oracle Transportation Management, SAP TM, MercuryGate, BluJay.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--tms
alternate name: Transportation Management System
is based on: Gartner Inc.

VGM
type: DefinedTerm
description: Verified weight of a packed container as declared by the shipper under SOLAS regulation VI/2 (mandatory since 1 July 2016). Shipper must obtain a VGM certificate before container is loaded onto a vessel. Two permitted methods: Method 1 (weigh full container) or Method 2 (sum of cargo + tare from data plate).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--vgm
alternate name: Verified Gross Mass
is based on: International Maritime Organization

Warehouse Receipt
type: DefinedTerm
description: A warehouse receipt is a document issued by a warehouse operator acknowledging receipt of specified goods held in storage and confirming the depositor's entitlement to those goods. In commodities markets, warehouse receipts (or their exchange equivalents such as LME warrants) serve as negotiable documents of title enabling financing and physical delivery against futures contracts. The LME's warrant system is the exchange's specific form of warehouse receipt, with each warrant representing a specific lot of approved metal and serving as both a quality certificate and a delivery instrument.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--warehouse-receipt
is based on: Based on: LME Warrants page (
is based on: LME Rulebook Part 6, Warrant provisions (lme.com, Appendix 10)

Warrant
type: DefinedTerm
description: An LME warrant is a document of title representing an entitlement to a specific lot of LME-approved metal stored in an LME-approved warehouse. Per the LME website, 'LME warrants are documents that represent an entitlement to a specific lot of LME-approved metal' and 'can only be issued if the underlying metal conforms to the quality requirements specified by the LME.' Since March 2021, all LME warrants are dematerialised and held digitally in the LMEsword system. Each copper warrant represents 25 tonnes (±2%) of an approved brand, shape, and grade.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--warrant
alternate name: LME Warrant
is based on: Based on: LME Warrants page (
is based on: LME Rulebook Part 6 — Special Contract Rules for Copper (lme.com, Appendix 10 redline)

WMS
type: DefinedTerm
description: Software platform managing receiving, put-away, storage location, picking, packing and shipping inside a warehouse. Integrates with ERP and TMS. Standard vendors used in metals: SAP EWM, Manhattan Active Warehouse, Blue Yonder, Oracle WMS Cloud.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--wms
alternate name: Warehouse Management System
is based on: Gartner Inc.

Yard Management System (YMS)
type: DefinedTerm
description: Software layer that manages truck, trailer, container, and rail-car movements within the physical yard and dock area of a warehouse or terminal — dock-door assignment, trailer parking, dwell time, appointment scheduling, guard-house check-in/out, and driver mobile check-in. Integrates with WMS (inside the building), TMS (over-the-road), and gate cameras (OCR / RFID). Reduces detention/demurrage, improves dock utilisation, and provides live yard visibility. Critical for high-throughput metal warehouses and bonded terminals.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: warehousing-logistics--yard-management-system-yms
is based on: Gartner 'Magic Quadrant for Warehouse Management Systems' — YMS integration criteria
is based on: CSCMP 'Supply Chain Management Terms and Glossary' (cscmp.org)
is based on: ISO 28000 supply chain security

20FT container
type: DefinedTerm
description: Standard ISO 6346 dry container, internal length ~5.9 m, max payload ~22 MT, 33 m³ capacity. For dense base-metals concentrate, payload is the binding limit, not volume.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--20ft-container
alternate name: 20-foot dry container
is based on: International Organization for Standardization — container standards

40FT container
type: DefinedTerm
description: Standard ISO 6346 dry container, internal length ~12.0 m, max payload ~24 MT (road-limit constrained), 67 m³ capacity. Light-density cargoes are volume-limited; heavy metals are weight-limited.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--40ft-container
alternate name: 40-foot dry container
is based on: International Organization for Standardization — container standards

Air Waybill (AWB)
type: DefinedTerm
description: A non-negotiable transport document issued by or on behalf of an air carrier that evidences the contract for carriage of cargo by air, serves as a receipt for goods, and contains shipping instructions. Under Article 11 of the Montreal Convention 1999, the air waybill constitutes prima facie evidence of the contract of carriage, receipt of cargo, and conditions of carriage; IATA Resolution 600a governs its format and data content across member airlines.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--air-waybill-awb
alternate name: Air Waybill (Non-Negotiable Air Cargo Document)
is based on: IATA Resolution 600a (Air Waybill format and requirements)
is based on: Convention for the Unification of Certain Rules for International Carriage by Air (Montreal Convention 1999), Article 11

Alongside depth
type: DefinedTerm
description: Depth at the quay wall, declared in metres below chart datum. Determines maximum vessel draft that can berth. Capesize bulk carriers require >18 m, Newcastlemax >19 m, Valemax >23 m. Most major iron-ore terminals (Port Hedland, Tubarão, Saldanha) are dredged to 22–23 m.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--alongside-depth
alternate name: Alongside / Berth Water Depth
is based on: IHO — International Hydrographic Organization

BAF
type: DefinedTerm
description: Surcharge on ocean freight reflecting current bunker (marine fuel) prices. Adjusted by carriers monthly or quarterly. Now often replaced by IMO 2020 LSFO/VLSFO indices.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--baf
alternate name: Bunker Adjustment Factor
is based on: Carrier tariff (Maersk public BAF schedule)

Bill of Lading (B/L)
type: DefinedTerm
description: A bill of lading is a transport document issued by or on behalf of a carrier that serves as a receipt for cargo, evidence of the contract of carriage, and (for an order B/L) a negotiable document of title. Under a charter party, a CONGENBILL or similar charter B/L is issued subject to the terms of the underlying charter; under liner transport the B/L incorporates the carrier's standard terms and conditions. The sea waybill is a non-negotiable alternative that evidences a contract of carriage but does not confer title.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--bill-of-lading-b-l
alternate name: Bill of Lading – Charter vs Liner B/L Distinction
is based on: BIMCO CONGENBILL 2022 (accompanying GENCON), bimco.org
is based on: ICC Rules for Documentary Credits UCP 600 Articles 19–22 (transport documents)

Block train
type: DefinedTerm
description: Train of one shipper, one product, one origin and one destination — bypasses classification yards. Standard ore train: 100–240 wagons, total 8,000–25,000 MT payload. Operated as captive fleet on dedicated ore corridors.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--block-train
alternate name: Block / Unit Train
is based on: UIC — International Union of Railways

Break-bulk
type: DefinedTerm
description: Non-containerised general cargo loaded and discharged as individual units, packages, or quantities directly into the vessel's hold—such as steel coils, bagged concentrates, project equipment, or bagged metals—as opposed to cargo loaded in a standardised freight container or conveyed as a solid bulk commodity. Break-bulk handling requires vessel crane or shore gear and significantly longer port time than containerised or bulk operations.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--break-bulk
alternate name: Break-Bulk (General) Cargo
is based on: BIMCO contract and clause library, bimco.org
is based on: IMO SOLAS Chapter VI (Carriage of Cargoes)

Bulk Carrier
type: DefinedTerm
description: A ship constructed generally with a single deck, top-side tanks, and hopper-side tanks in cargo spaces, intended primarily to carry dry cargo in bulk, including ore carriers and combination carriers (SOLAS IX/1.6). Gearless bulk carriers rely on shore equipment for cargo handling, while geared vessels carry their own cranes or grabs; they transport commodities such as iron ore, coal, grain, and fertilisers in lots of thousands to hundreds of thousands of tonnes.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--bulk-carrier
alternate name: Dry Bulk Carrier
is based on: IMO, SOLAS Convention Regulation IX/1.6 and XII/1.1
is based on: IMO Resolution MSC.170(79), 9 December 2004
is based on: IMO Bulk Carrier Safety page

CAF
type: DefinedTerm
description: Surcharge applied by carriers when the freight tariff currency (typically USD) appreciates or depreciates against the carrier's operating currencies. Expressed as % of base freight.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--caf
alternate name: Currency Adjustment Factor
is based on: Carrier tariff (Maersk public CAF schedule)

Capesize / Panamax / Handysize
type: DefinedTerm
description: Industry size classifications for dry bulk vessels defined by beam and draught relative to canal and port constraints: Capesize vessels (~100,000–400,000 DWT) are too large for the Panama Canal and must round Cape Horn or the Cape of Good Hope; Panamax (~60,000–80,000 DWT) are the largest vessels fitting original Panama Canal locks; Handysize (~15,000–35,000 DWT) are versatile smaller vessels serving minor ports. BIMCO's standard form NYPE 2015 time charter and voyage charter GENCON 2022 are typically used across these segments.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--capesize-panamax-handysize
alternate name: Bulk Carrier Size Classifications
is based on: BIMCO contract descriptions
is based on: IMO SOLAS bulk carrier safety framework

CFR
type: DefinedTerm
description: Incoterm (sea only): seller pays the cost and freight to bring the goods to the named destination port. Risk transfers when goods are loaded on the vessel. Insurance is NOT required.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--cfr
alternate name: Cost and Freight
is based on: ICC — Incoterms 2020 rule CFR

Charter Party
type: DefinedTerm
description: A contract between a shipowner and a charterer for the hire of a vessel or its cargo-carrying capacity. A voyage charter party (e.g., BIMCO GENCON 2022) is a general-purpose agreement for a specific voyage in exchange for freight; a time charter party (e.g., NYPE 2015, the most widely used standard in dry cargo) hires the vessel for a period during which the charterer directs its commercial employment while the owner maintains crew and technical management.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--charter-party
alternate name: Charter Party (Voyage and Time)
is based on: BIMCO, GENCON 2022 and NYPE 2015 contract descriptions, ; bimco.org/contracts-and-clauses/bimco-contracts

Charter Party clauses — NYPE / Gencon
type: DefinedTerm
description: Standard contract forms for bulk-shipping. NYPE (New York Produce Exchange) is the dominant time-charter form. GENCON is the dominant voyage-charter form. Published and revised periodically by BIMCO.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--charter-party-clauses-nype-gencon
alternate name: Standard Bulk-Carrier Charter Forms
is based on: BIMCO — Baltic and International Maritime Council

Chinamax / Valemax
type: DefinedTerm
description: Very large ore carrier (VLOC) designed for Brazil–China iron-ore trade, deadweight 380,000–400,000 MT. Originally built by Vale (Brazil) to lower freight cost from Carajás. Initially restricted from Chinese ports but cleared from 2014 after dredging upgrades.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--chinamax-valemax
alternate name: Chinamax (Valemax) Bulk Carrier (~400 kdwt)
is based on: Vale S.A.

CIM consignment note
type: DefinedTerm
description: Standard waybill for international rail freight under the COTIF/CIM convention. Acts as evidence of contract of carriage between shipper and railway. Multi-lingual format. Required for all cross-border rail movements under CIM jurisdiction (most of Europe, Middle East and North Africa).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--cim-consignment-note
alternate name: CIM Rail Consignment Note
is based on: OTIF — Intergovernmental Organisation for International Carriage by Rail

CIP
type: DefinedTerm
description: Incoterm: seller pays for carriage and minimum-level insurance (ICC A, since 2020) to the named destination. Multimodal version of CIF.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--cip
alternate name: Carriage and Insurance Paid To
is based on: ICC — Incoterms 2020 rule CIP

Coil rack
type: DefinedTerm
description: Steel saddle structure used to secure horizontal coils on flatbed trailers or in container floors. Prevents axial roll and concentrates load on dunnage points. Required for steel coil transport under FMCSA 49 CFR 393.120 and EN 12642 XL.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--coil-rack
alternate name: Coil Rack / Coil Cradle
is based on: CEN — European Committee for Standardization

Container utilization
type: DefinedTerm
description: Ratio of actual loaded mass to the maximum payload of the container. When utilization is below 100%, effective $/MT freight exceeds the nominal $/MT rate.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--container-utilization
alternate name: Container loading factor
is based on: Industry concept; references: Maersk Logistics Optimisation guide

Conveyor — overland
type: DefinedTerm
description: Long-distance continuous conveyor used between mine and port. Capacities up to 40,000 MT/hour, lengths up to 100 km (Bou Craa, Western Sahara, phosphate). For iron ore: Carajás conveyor (BR) and Boddington / Worsley alumina (AU).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--conveyor-overland
alternate name: Overland Belt Conveyor
is based on: CEMA — Conveyor Equipment Manufacturers Association

CPT
type: DefinedTerm
description: Incoterm: seller pays for carriage of goods to the named destination. Risk transfers when goods are handed to the first carrier. Multimodal version of CFR.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--cpt
alternate name: Carriage Paid To
is based on: ICC — Incoterms 2020 rule CPT

DDP
type: DefinedTerm
description: Incoterm (any mode): seller bears maximum responsibility — delivers goods cleared for import at the named destination, paying all duties, taxes, and carriage. Buyer only unloads.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--ddp
alternate name: Delivered Duty Paid
is based on: ICC — Incoterms 2020 rule DDP

Demurrage / Despatch
type: DefinedTerm
description: Demurrage is an agreed amount payable to the shipowner in respect of delay to the vessel once the laytime has expired, for which the owner is not responsible; it runs continuously ('once on demurrage, always on demurrage') unless the charter party specifies exceptions. Despatch money (or Despatch) is an agreed amount payable by the owner if the vessel completes loading or discharging before the laytime has expired, typically at half the demurrage rate, incentivising efficient port operations.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--demurrage-despatch
alternate name: Demurrage and Despatch Money
is based on: BIMCO, 'Laytime Definitions for Charter Parties 2013', Definitions 30 and 31

Detention
type: DefinedTerm
description: Charge levied by carriers when the consignee holds the container beyond the free time period at destination (outside the terminal). Distinct from demurrage (inside the terminal).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--detention
alternate name: Container detention
is based on: US Federal Maritime Commission — official guidance

DPU
type: DefinedTerm
description: Incoterm (any mode): seller delivers goods unloaded at the named destination. Replaces former DAT. Seller bears all costs and risks until unloading at destination.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--dpu
alternate name: Delivered at Place Unloaded
is based on: ICC — Incoterms 2020 rule DPU

Dry port / ICD
type: DefinedTerm
description: Inland intermodal terminal directly linked to a seaport by rail or road. Allows customs clearance, container storage, consolidation and deconsolidation away from the congested port. Major metals-relevant ICDs include Khorgos (Kazakhstan–China), Mlolongo (Nairobi), Tucandera (Manaus), Khodynka (Moscow region).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--dry-port-icd
alternate name: Dry Port / Inland Container Depot
is based on: UNCTAD — United Nations Conference on Trade and Development

FAS
type: DefinedTerm
description: Incoterm (sea only): seller delivers goods alongside the vessel nominated by the buyer at the named port. Risk transfers when goods are placed alongside the ship. Seller clears goods for export.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--fas
alternate name: Free Alongside Ship
is based on: ICC — Incoterms 2020 rule FAS

FCA
type: DefinedTerm
description: Incoterm: seller delivers goods, cleared for export, to a carrier nominated by the buyer at the named place. Risk transfers when goods are loaded on the buyer's collection vehicle or handed to the carrier.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--fca
alternate name: Free Carrier
is based on: ICC — Incoterms 2020 rule FCA

FCL
type: DefinedTerm
description: Shipment that fills a container (typically 20FT or 40FT). Consignee pays a flat per-container freight rate regardless of utilization. Standard for full-truck-load equivalents.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--fcl
alternate name: Full Container Load
is based on: UNCTAD — container shipping conventions

Flatbed truck
type: DefinedTerm
description: Trailer with no walls or roof, used for steel coils, rebar bundles, slabs, and over-width cargo. Coils require coil wells (recessed cradles) on the deck and dedicated lashing per AASHTO M-30 / NACFE guidelines.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--flatbed-truck
alternate name: Flatbed / Platform Trailer
is based on: US FMCSA

Flatcar / Flat wagon
type: DefinedTerm
description: Wagon with no walls used for intermodal containers (well-cars and stack-trains), heavy-lift cargo, slab steel, and pipe. Standard 60-foot flat wagon carries one 40-ft container or two 20-ft.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--flatcar-flat-wagon
alternate name: Flat Rail Wagon (Container / Heavy Lift)
is based on: UIC — International Union of Railways

Free trade zone (FTZ)
type: DefinedTerm
description: Customs-bonded area where goods can be landed, stored, manipulated, manufactured, or reconfigured without payment of customs duty. Major metals FTZs: Singapore Free Port (precious metals vaulting), Dubai Multi Commodities Centre, Shanghai Free Trade Zone, Astana International Financial Centre. Distinct from a bonded warehouse — broader activities allowed.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--free-trade-zone-ftz
alternate name: Free Trade Zone / Free Zone
is based on: WCO — World Customs Organization

Freight quote basis
type: DefinedTerm
description: How a freight quote is structured: per-MT (charge × material mass) or per-container/FCL (flat per-container × number of containers). The two are economically different when shipment is small enough to under-utilize containers.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--freight-quote-basis
alternate name: Per-MT vs per-container quote
is based on: Industry practice; references: Maersk and MSC public tariffs

FTL / LTL
type: DefinedTerm
description: FTL (Full Truckload) describes a shipment that occupies an entire road vehicle and moves directly from shipper to consignee, providing faster transit and lower handling risk. LTL (Less-than-Truckload) consolidates smaller shipments from multiple shippers into a single vehicle, with goods typically passing through freight hubs; both modes are governed by road transport regulations within the UN ECE framework (e.g., CMR Convention for international road transport).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--ftl-ltl
alternate name: Full Truckload / Less-than-Truckload
is based on: UNECE Road Transport Conventions
is based on: Convention on the Contract for the International Carriage of Goods by Road (CMR), 1956 (UN ECE framework)

Gauge break
type: DefinedTerm
description: Border or junction where two rail systems use different track gauges (1435 mm standard vs 1520 mm Russian / 1067 mm Cape gauge / 1676 mm Indian). Cargo must either be transshipped between wagons or, in modern installations, wheelsets exchanged on variable-gauge bogies. Affects iron-ore and copper-concentrate flows between China (1435 mm) and post-Soviet states (1520 mm).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--gauge-break
alternate name: Rail Gauge Change Point
is based on: UIC — International Union of Railways

Geared vs Gearless
type: DefinedTerm
description: Geared vessels carry their own cargo cranes (typically 25–35 MT SWL) and can load/discharge at ports without shore equipment — used for parcels to smaller West African, Indian Ocean and Caribbean ports. Gearless vessels rely entirely on terminal infrastructure and are typical for major ore export terminals (Newcastle, Tubarão, Saldanha, Port Hedland).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--geared-vs-gearless
alternate name: Geared / Gearless Bulk Carrier
is based on: BIMCO — Baltic and International Maritime Council

Gondola wagon
type: DefinedTerm
description: Open-top, high-sided rail wagon used for iron ore, coal, scrap, bauxite and rolled steel. Capacity 60–100 MT per wagon depending on gauge. Dominant rail-car type on iron-ore corridors (Carajás EFC, Pilbara, Krivoy Rog–Mariupol, Tongling–Yangtze).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--gondola-wagon
alternate name: Open-Top Gondola Rail Wagon
is based on: UIC — International Union of Railways

Hopper wagon
type: DefinedTerm
description: Self-discharging rail wagon with sloped floor and bottom gates. Discharges by gravity over a pit or onto a conveyor. Used for free-flowing granular materials: pellets, fines, alumina, concentrates. Faster turnaround than gondola at unit-train terminals.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--hopper-wagon
alternate name: Hopper Rail Wagon
is based on: UIC — International Union of Railways

Intermodal Transport
type: DefinedTerm
description: The movement of goods in a single loading unit (container, swap body, or semi-trailer) that uses two or more modes of transport (ship, rail, road, air) in sequence without handling the cargo itself at modal interchange points. The UN ECE and UNCTAD framework distinguishes intermodal transport (single transport document) from multimodal transport (covered by a single multimodal transport document issued by a multimodal transport operator under the UNCTAD/ICC Rules for Multimodal Transport Documents).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--intermodal-transport
alternate name: Intermodal / Multimodal Freight Transport
is based on: UNECE Terminology on Combined Transport (2001)
is based on: UNCTAD/ICC Rules for Multimodal Transport Documents
is based on: UN ECE transport framework, unece.org

Laytime
type: DefinedTerm
description: The period of time agreed between the parties during which the shipowner will make and keep the vessel available for loading or discharging without payment additional to the freight (BIMCO Laytime Definitions for Charter Parties 2013, Definition 5). Laytime begins upon valid tender of the Notice of Readiness and is counted in working or weather working days as stipulated in the charter party; its accurate calculation is critical to determining demurrage or despatch liability.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--laytime
alternate name: Laytime (Charter Party)
is based on: BIMCO, 'Laytime Definitions for Charter Parties 2013', Definition 5

LCL
type: DefinedTerm
description: Shipment that does not fill a container; goods are consolidated with other shippers' cargo. Pricing is per CBM or per MT, with a minimum chargeable weight.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--lcl
alternate name: Less than Container Load
is based on: UNCTAD — consolidation conventions

Lowbed / Lowboy
type: DefinedTerm
description: Trailer with deck height as low as 0.4 m, allowing transport of tall cargo (mining shovels, smelter pots, ladles) below road bridge clearances. Payloads 40–250 MT. Requires special abnormal-load permits and pilot vehicles for cross-border movements.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--lowbed-lowboy
alternate name: Heavy-Haul Lowbed Trailer
is based on: IRU — International Road Transport Union

Marine insurance
type: DefinedTerm
description: Insurance covering loss or damage to goods in marine transit. Standard wordings: Institute Cargo Clauses (ICC) A, B, C, published by the Lloyd's Market Association and the International Underwriting Association.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--marine-insurance
alternate name: Cargo insurance
is based on: Lloyd's Market Association / IUA — standard cargo wordings

Newcastlemax
type: DefinedTerm
description: Largest bulk carrier accepted at the Port of Newcastle, Australia — the world's largest coal export terminal. Length up to 300 m, beam up to 50 m, deadweight typically 200,000–210,000 MT. Used for iron-ore and coal trades Australia–China.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--newcastlemax
alternate name: Newcastlemax Bulk Carrier (~210 kdwt)
is based on: Port Authority of New South Wales

Ocean freight (effective)
type: DefinedTerm
description: Effective freight per MT of actually loaded cargo when shipping FCL (full container load): total container cost ÷ actual loaded MT. Differs from theoretical container rate when the container is under-utilised. Used in TCO to surface the real economics of partial loading.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--ocean-freight-effective

Quay / Berth
type: DefinedTerm
description: Quay is the continuous concrete structure along the waterfront. A berth is the section of quay assigned to a specific vessel call. Berth length, alongside depth, and air-draught limit which vessels can use a berth.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--quay-berth
alternate name: Quay and Berth Definitions
is based on: PIANC International Navigation Association

Reach stacker
type: DefinedTerm
description: Mobile container handler with telescopic boom, capacity typically 45 MT under spreader. Reaches across three container rows and stacks 5 high. Used at intermodal rail-road terminals and dry ports where rail-mounted gantries are absent.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--reach-stacker
alternate name: Reach Stacker (Container Handler)
is based on: International Organization for Standardization

Reefer / Flat Rack / Open-top / Tank Container
type: DefinedTerm
description: ISO-standardised Series 1 container variants defined in ISO 668:2020 and ISO 1496: reefer containers incorporate refrigeration systems for temperature-sensitive cargo; flat-rack containers have collapsible end walls for oversized or heavy cargo; open-top containers have removable roof structures for top-loading; tank containers (ISO 1496-3) are frame-mounted pressure vessels for bulk liquids, gases, or hazardous materials. All share uniform 2,438 mm width and standard corner fittings for intermodal transfer.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--reefer-flat-rack-open-top-tank-container
alternate name: Specialised ISO Container Types
is based on: ISO 668:2020, 'Series 1 Freight Containers – Classification, Dimensions and Ratings'
is based on: ISO 1496, 'Series 1 Freight Containers – Specification and Testing'

Reefer truck
type: DefinedTerm
description: Insulated trailer with active temperature control. Used for catalytic converter scrap (PGMs are temperature-stable but high-value cargo benefits from sealed reefer chain of custody), electronic-waste with batteries, and specialised lithium-ion battery shipments under ADR class 9 / UN 3480.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--reefer-truck
alternate name: Refrigerated Truck
is based on: UNECE — United Nations Economic Commission for Europe

RID (rail hazmat)
type: DefinedTerm
description: Inter-governmental treaty (Appendix C to COTIF) governing dangerous-goods carriage by rail across Europe and adjacent countries. Equivalent of ADR for road transport. Defines class, packing group, marking, segregation and emergency procedures for all rail-borne hazmat including molten-metal flux, smelter acid and battery-grade lithium compounds.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--rid-rail-hazmat
alternate name: Regulations concerning the International Carriage of Dangerous Goods by Rail
is based on: OTIF — Intergovernmental Organisation for International Carriage by Rail

RTG / RMG crane
type: DefinedTerm
description: Yard cranes that stack containers in the terminal yard. RTGs are mobile (rubber tyres, electric or diesel-electric), RMGs are rail-mounted and electrified. RMGs are denser (rows 8–10 wide, stacks 5–6 high) and used at automated terminals (Rotterdam APMT, Hamburg HHLA, Shanghai Yangshan).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--rtg-rmg-crane
alternate name: Rubber-Tyred / Rail-Mounted Gantry Crane
is based on: PIANC International Navigation Association

Ship loader / unloader
type: DefinedTerm
description: Mechanical equipment at bulk-handling terminals. Loaders are typically slewing or travelling booms with conveyor and telescopic spout, productivity 6,000–16,000 MT/h (iron-ore class). Continuous unloaders (CSU) use bucket-elevator or screw type, productivity 1,200–3,000 MT/h.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--ship-loader-unloader
alternate name: Bulk Ship Loader and Continuous Ship Unloader
is based on: PIANC International Navigation Association

Side-loader / Self-loader
type: DefinedTerm
description: Trailer with built-in hydraulic crane that can lift a 20 ft container off the ground unaided. Used for short-haul container drops at sites without forklift or reach-stacker — common for copper concentrate consolidation in Latin American and African mining districts.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--side-loader-self-loader
alternate name: Self-Loading Trailer (Container)
is based on: International Organization for Standardization

SMGS consignment note
type: DefinedTerm
description: Equivalent of CIM for rail freight across the post-Soviet rail space (Russia, Kazakhstan, Belarus, Ukraine, Central Asia, Mongolia, China, Vietnam, North Korea). Different gauge zones (1520 mm vs 1435 mm) require break-bulk or variable-gauge bogies at border interchanges.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--smgs-consignment-note
alternate name: SMGS Rail Consignment Note
is based on: OSJD — Council for Co-operation in Rail Transport (СНГ)

Stevedoring
type: DefinedTerm
description: Loading and unloading of cargo from vessels by specialist port labour. Charged per MT or per container; often bundled with Terminal Handling Charge (THC).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--stevedoring
alternate name: Cargo handling at port
is based on: UNCTAD — port and terminal services

Stowage Plan / Lashing
type: DefinedTerm
description: A stowage plan is a diagram showing the planned or actual placement of cargo in each hold or container bay of a vessel, used to ensure structural integrity, stability, and compliance with weight limits. Lashing refers to the securing arrangements (wires, chains, webbing, twist-locks) used to prevent cargo movement in accordance with the IMO Code of Safe Practice for Cargo Stowage and Securing (CSS Code, MSC/Circ.1353) and the IMO/ILO/UNECE CTU Code 2014 for cargo transport units.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--stowage-plan-lashing
alternate name: Cargo Stowage Plan and Lashing Arrangement
is based on: IMO Code of Safe Practice for Cargo Stowage and Securing (CSS Code), MSC/Circ.1353
is based on: IMO/ILO/UNECE Code of Practice for Packing of Cargo Transport Units (CTU Code), 2014, imo.org

Straddle carrier
type: DefinedTerm
description: Self-propelled gantry that straddles a container row and lifts containers from above. Stacks 2–4 high. Used at European terminals (Bremerhaven, Antwerp, Le Havre) for high-productivity, lower-stack-density operations.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--straddle-carrier
alternate name: Straddle Carrier
is based on: PIANC International Navigation Association

STS gantry crane
type: DefinedTerm
description: Quay-side gantry crane that lifts containers between vessel and apron. Modern STS cranes handle up to 65 MT under spreader and reach across 24-row vessels (Megamax). Productivity 30–40 moves/hour. Required at every major container terminal — for metals trades relevant on TEU/FEU loaded with copper cathode bundles or precious-metals security boxes.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--sts-gantry-crane
alternate name: Ship-To-Shore Container Crane
is based on: PIANC International Navigation Association

Tank truck
type: DefinedTerm
description: Cylindrical pressure-vessel road tanker for sulphuric acid (smelter by-product), caustic soda, hydrochloric acid (refining reagent), and molten sulphur. Subject to ADR — chapter 6.8 design requirements and class-3 / class-8 placarding.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--tank-truck
alternate name: Road Tank Truck
is based on: UNECE — United Nations Economic Commission for Europe

Tank wagon (rail)
type: DefinedTerm
description: Cylindrical pressure-vessel rail wagon used for liquid cargoes — sulphuric acid (smelter by-product), caustic soda (alumina refining), molten sulphur. Carries hazard placards per RID (rail equivalent of ADR road).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--tank-wagon-rail
alternate name: Rail Tank Wagon
is based on: OTIF — Intergovernmental Organisation for International Carriage by Rail

TEU / FEU
type: DefinedTerm
description: Standardised volumetric units used to measure container capacity and port throughput: one TEU equals one standard 20-foot intermodal freight container (external dimensions 6,058 × 2,438 mm); one FEU equals one standard 40-foot container and is equivalent to 2 TEU. ISO 668:2020 classifies Series 1 freight containers by external dimensions and ratings for intercontinental traffic, with the 20-foot and 40-foot types being the dominant global standard.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--teu-feu
alternate name: Twenty-Foot / Forty-Foot Equivalent Unit
is based on: ISO 668:2020, 'Series 1 Freight Containers – Classification, Dimensions and Ratings'
is based on: ANSI Blog summary of ISO 668:2020, blog.ansi.org

THC
type: DefinedTerm
description: Fee charged by container terminal for moving the container between vessel and terminal (loading/discharge), plus storage within the free time window. Quoted per TEU or FEU.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--thc
alternate name: Terminal Handling Charge
is based on: UNCTAD — terminal handling reference

Tilt truck (Curtain-sider)
type: DefinedTerm
description: Box trailer with side curtains that can be lifted to allow side-loading. Used in European intra-EU metals distribution (steel sheet, aluminium profiles, copper bundles). Common payload limit 24 MT under EU 96/53/EC.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--tilt-truck-curtain-sider
alternate name: Curtain-Sider / Tilt Trailer
is based on: European Commission

TIR Carnet
type: DefinedTerm
description: An internationally recognised customs transit document issued under the UN TIR Convention 1975 (as amended) that allows road freight to cross multiple national borders under customs seals without being inspected or liable for import duties at each frontier, provided cargo is transported in approved secure vehicles or containers. The TIR Carnet is guaranteed by a chain of national guaranteeing associations, covering customs duties and taxes up to fixed limits if goods are not re-exported.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--tir-carnet
alternate name: Transports Internationaux Routiers Carnet
is based on: UN TIR Convention 1975 (Customs Convention on the International Transport of Goods under Cover of TIR Carnets), as administered by UNECE

ULD
type: DefinedTerm
description: A standardised aircraft container, pallet, or pallet-net combination used to consolidate air cargo into units that fit specific aircraft fuselage contours, enabling rapid loading, unloading, and transfer between aircraft. ULD types and specifications (dimensions, tare weight, maximum gross weight, contour codes) are defined by IATA's ULD Technical Manual and IATA TACT (The Air Cargo Tariff) Regulations, and are subject to airworthiness requirements under ICAO Annex 8.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--uld
alternate name: Unit Load Device (Aircraft Container or Pallet)
is based on: IATA ULD Technical Manual and IATA TACT Regulations
is based on: ICAO Annex 8 (Airworthiness of Aircraft)

VLOC
type: DefinedTerm
description: Bulk carrier above 200 kdwt purpose-built for iron-ore trade. Distinguished from VLCC (oil) and ULCC. VLOC fleet operated mainly by Vale, BHP, Berge Bulk, ICBC Leasing.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--vloc
alternate name: Very Large Ore Carrier
is based on: BIMCO — Baltic and International Maritime Council

Voyage time
type: DefinedTerm
description: Calendar days from loading at origin port to discharge at destination port. Used to size inventory-in-transit financing and demurrage exposure.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--voyage-time
alternate name: Transit time
is based on: UNCTAD — maritime transit benchmarks

BDI
type: DefinedTerm
description: Composite daily shipping cost index published by the Baltic Exchange (London, since 1985) covering dry bulk vessels (Capesize, Panamax, Supramax, Handysize). Weighted average of Baltic Capesize Index (BCI, 40%), BPI (30%), BSI (30%) — Handysize removed 2018. Barometer of global commodity trade — iron ore, coal, grain, bauxite, scrap. Historical range 300-11,000 points; ~1000-2500 typical. Directly quoted USD/day. Cited in commodity macro analysis.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--bdi
alternate name: Baltic Dry Index (BDI)
is based on: Baltic Exchange
is based on: London Stock Exchange Group (LSEG-owned since 2016)

BCI
type: DefinedTerm
description: Component of BDI tracking Capesize dry bulk vessels (>150,000 DWT). Reflects average of five key iron ore + coal routes: C2 Tubarão→Rotterdam, C3 Tubarão→Qingdao, C5 W-Australia→Qingdao, C7 Colombia→Rotterdam, C14 Beijing→Brazil. Highly volatile due to iron ore trade dependency (~60% of Capesize demand from China buying Brazil/Australia ore). BCI moves reflect Chinese steel margins, seasonality (Brazil rains Q1), congestion (Chinese port destocking).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--bci
alternate name: Baltic Capesize Index (BCI)
is based on: Baltic Exchange BCI methodology, balticexchange.com

BPI
type: DefinedTerm
description: BDI component for Panamax vessels (60,000-80,000 DWT, max Panama Canal old locks 32.31m beam). Routes: coal Newcastle→Japan, grain US Gulf→Continent, coal Richards Bay→India. Panamax more diversified cargo mix than Capesize (grain seasonal, coal steady). Retirement of old locks 2016 shifted market to Neopanamax (Panama Canal expanded), redefining size boundaries.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--bpi
alternate name: Baltic Panamax Index (BPI)
is based on: Baltic Exchange BPI methodology, balticexchange.com

BSI
type: DefinedTerm
description: BDI component for Supramax vessels (50,000-60,000 DWT, geared with cranes so port-flexible). Routes: coal, minor bulks (nickel ore, bauxite from Indonesia/Philippines pre-ban), fertilizer, grains, sugar. Less volatile than Capesize but higher trip-average. Vessel geared cranes allow calls at ports without shore infrastructure (key for minor mining ports).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--bsi
alternate name: Baltic Supramax Index (BSI)
is based on: Baltic Exchange BSI methodology, balticexchange.com

BHSI
type: DefinedTerm
description: Baltic sub-index for Handysize (25,000-40,000 DWT) and Handymax (40,000-50,000 DWT) vessels. Removed from BDI in 2018 (kept as standalone index). Smallest bulk carriers, most port-flexible, minor bulks specialty: cement, minor metals concentrates, steel products, logs. Trade lanes intraregional Asia/Europe/Americas.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--bhsi
alternate name: Baltic Handysize Index (BHSI)
is based on: Baltic Exchange BHSI methodology, balticexchange.com

C3 Route
type: DefinedTerm
description: Baltic Exchange Capesize benchmark voyage: Tubarão (Vale terminal, Brazil) to Qingdao (China Shandong iron ore port). ~11,000 nm (~35 day voyage). Prices in USD/tonne. Vale is dominant charterer. C3 fluctuations directly drive Brazilian iron ore CFR China price differential vs Australian FOB. Panama+Suez transit vs Cape of Good Hope routing decision on fuel/BAF.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--c3-route
alternate name: C3 Route — Tubarão to Qingdao Iron Ore
is based on: Baltic Exchange Route Definitions, balticexchange.com

C5 Route
type: DefinedTerm
description: Baltic Exchange Capesize benchmark voyage: Port Hedland/Dampier (Western Australia) to Qingdao (China). ~3,500 nm (~10-14 day voyage). Priced USD/tonne. Dominated by BHP, Rio Tinto, Fortescue as charterers to Chinese steel mills. C5 the shortest Capesize haul, so most sensitive to bunker fuel + port waiting time. Reflects Sino-Australian iron ore trade (world largest single tonnage flow, ~700 Mt/year).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--c5-route
alternate name: C5 Route — Western Australia to Qingdao Iron Ore
is based on: Baltic Exchange Route Definitions, balticexchange.com

C7 Route
type: DefinedTerm
description: Baltic Exchange Capesize benchmark voyage: Puerto Bolivar (Cerrejón coal, Glencore-Anglo-BHP JV) to Rotterdam. ~4,700 nm. Priced USD/tonne. Represents Atlantic coal trade — thermal coal to European power stations, historically dominated Baltic Atlantic basin freight until 2022 (when Europe coal demand spiked from Russian gas cutoff, then declined). Increasingly reflects coke coal + steam coal blended flows.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--c7-route
alternate name: C7 Route — Colombia to Rotterdam Coal
is based on: Baltic Exchange Route Definitions, balticexchange.com

Capesize
type: DefinedTerm
description: Largest dry bulk carrier class: 150,000-400,000 DWT, ~290-360 m LOA, ~45-65 m beam, ~18-24 m draft. Too large for Panama Canal (post-expansion max Neopanamax 55 m beam), routes via Cape of Good Hope / Cape Horn (hence "Capesize"). Primarily iron ore + coking coal + coal. Fleet ~1,700 vessels. Newbuild cost $60-70M, scrap value $6-10M. Time charter equivalents (TCE) fluctuate $5,000-100,000/day.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--capesize
alternate name: Capesize Vessel (>150,000 DWT)
is based on: Baltic Exchange fleet definitions
is based on: Clarksons Research Shipping Intelligence, clarksons.com

Panamax
type: DefinedTerm
description: Dry bulk vessels sized to transit original Panama Canal locks (max beam 32.31 m, draft 12 m, LOA 294 m). Kamsarmax (82,000 DWT) is variant maxed for Port Kamsar Guinea bauxite. Post-2016 Panama expansion: New Panamax = Neopanamax up to ~140,000 DWT. Trade grain, coal, minor bulks. Fleet ~2,700 vessels. TCE $8,000-40,000/day typical range.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--panamax
alternate name: Panamax Vessel (60,000-80,000 DWT)
is based on: Panama Canal Authority pancanal.com
is based on: Clarksons Research vessel definitions

Supramax/Ultramax
type: DefinedTerm
description: Mid-size bulk carriers with self-loading cranes (geared), allowing operation at ports without shore infrastructure. Ultramax is upgraded Supramax with 4×30t or 4×36t cranes (vs 4×30t on Supra). Fleet ~4,500 vessels combined — largest bulker segment by count. Trade: minor bulks, grain, cement, steel, fertilizer. TCE $8,000-30,000/day.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--supramax-ultramax
alternate name: Supramax (50,000-60,000 DWT) / Ultramax (60,000-65,000 DWT)
is based on: Clarksons Research Shipping Intelligence Weekly, clarksons.com

TCE
type: DefinedTerm
description: Standard shipping revenue metric: (voyage revenue − voyage costs) ÷ voyage duration, expressed USD/day. Voyage costs include bunker fuel, port charges, canal fees. TCE allows comparing voyage-charter (spot per-tonne) with time-charter (per-day) contracts on same footing. Freight indices (BDI, BCI, C3, C5) publish TCE in USD/day. Public shippers (Star Bulk, Golden Ocean, Diana Shipping) report quarterly avg TCE as key margin metric.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--tce
alternate name: Time Charter Equivalent (TCE)
is based on: Baltic Exchange TCE calculation methodology, balticexchange.com
is based on: SEC 20-F filings of listed drybulk shippers

Ballast Leg
type: DefinedTerm
description: Portion of a voyage where a bulk vessel sails without cargo (only water ballast for stability) to reach next loading port. Ballast bonus / ballast rate premium negotiated in charter parties for long empty repositioning (e.g., Rotterdam → Brazil after Cape run). Baltic C5TC / C3TC published rates include ballast leg. Environmental issue: ballast water treatment mandatory under IMO BWM Convention 2017 to prevent invasive species.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: transport-freight--ballast-leg
alternate name: Ballast Leg (Empty Voyage)
is based on: IMO Ballast Water Management Convention 2017, imo.org
is based on: BIMCO time charter forms

ADR
type: DefinedTerm
description: A United Nations Economic Commission for Europe (UNECE) treaty governing the international road transport of dangerous goods between and through signatory states in Europe and beyond. ADR is updated biennially; the 2023 edition applies. It prescribes classification, packaging, labelling, vehicle requirements, and training obligations aligned with the UN Model Regulations.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: dangerous-goods--adr
alternate name: ADR — European Agreement on International Carriage of Dangerous Goods by Road
is based on: UN ECE European Agreement concerning the International Carriage of Dangerous Goods by Road (ADR), 1957 (as amended 2023); unece.org

Angle of repose
type: DefinedTerm
description: Maximum slope angle (degrees from horizontal) at which a heap of granular cargo remains stable. Below 35° the cargo is classed as free-flowing and requires trimming during loading. Required field in the IMSBC Shipper's Declaration.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: dangerous-goods--angle-of-repose
alternate name: Angle of Repose
is based on: International Maritime Organization

Group A cargo
type: DefinedTerm
description: Solid bulk cargo that may liquefy if shipped at moisture content above TML. Includes most fine metal concentrates (copper, lead, zinc, nickel, iron-ore fines smaller than 6.3 mm), bauxite fines, and certain coal types. Requires TML certification and moisture-content certificate from shipper before loading.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: dangerous-goods--group-a-cargo
alternate name: IMSBC Group A Cargo (Liquefaction Risk)
is based on: International Maritime Organization

Group B cargo
type: DefinedTerm
description: Solid bulk cargo with chemical hazards: self-heating (DRI/HBI), corrosive (ferrous metal swarf), oxidising (sodium nitrate), or toxic (lead concentrate above MHB threshold). Carriage requires Schedule B compliance — MHB declaration, segregation, temperature monitoring where applicable.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: dangerous-goods--group-b-cargo
alternate name: IMSBC Group B Cargo (Chemical Hazard)
is based on: International Maritime Organization

IMDG Code
type: DefinedTerm
description: The mandatory international standard for the safe carriage of dangerous goods by sea, published by the International Maritime Organization and made legally binding under SOLAS Chapter VII. It classifies dangerous goods into nine classes, assigns UN numbers and proper shipping names, and specifies packaging, labelling, stowage, and segregation requirements. The current consolidated edition is the IMDG Code Amendment 41-22.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: dangerous-goods--imdg-code
alternate name: International Maritime Dangerous Goods Code
is based on: IMO International Maritime Dangerous Goods Code (IMDG Code), adopted under SOLAS 1974 Chapter VII
is based on: IMO Resolution MSC.122(75) and subsequent amendments

IMSBC Code
type: DefinedTerm
description: Mandatory IMO code (SOLAS Chapter VI) governing safe stowage and carriage of all solid bulk cargoes, including iron ore fines, nickel ore, bauxite, manganese, chromite, ilmenite, copper concentrate, lead/zinc concentrates. Classifies each cargo as Group A (liquefaction risk), Group B (chemical hazard) or Group C (neither).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: dangerous-goods--imsbc-code
alternate name: International Maritime Solid Bulk Cargoes Code
is based on: International Maritime Organization

Liquefaction
type: DefinedTerm
description: Loss of shear strength of fine-particulate cargo when vibration and pore-water pressure during a sea voyage cause the cargo mass to behave like a fluid. Sudden shift of cargo to one side can capsize the vessel. Direct cause of multiple bulk-carrier losses (Vinalines Queen 2011, Bulk Jupiter 2015, Stellar Daisy 2017 — partial contribution).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: dangerous-goods--liquefaction
alternate name: Cargo Liquefaction Phenomenon
is based on: International Maritime Organization

Packing Group
type: DefinedTerm
description: A classification assigned to dangerous goods (other than Class 1, 2, 4.1, 5.2, 6.2, and 7) indicating the degree of danger: Packing Group I = high danger; Packing Group II = medium danger; Packing Group III = low danger. Packing groups determine minimum packaging strength requirements, testing protocols, and may influence labelling and placarding requirements under the UN Model Regulations and IMDG Code.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: dangerous-goods--packing-group
alternate name: Packing Group I / II / III — Degree of Hazard
is based on: UN Model Regulations (Orange Book) 22nd Revised Edition (2021), Section 2.1.1.3 (Packing groups)
is based on: IMDG Code, Part 2 Classification

SDS
type: DefinedTerm
description: A standardised 16-section hazard communication document required by OSHA Hazard Communication Standard 29 CFR 1910.1200(g) (HazCom 2012, aligned to UN GHS Rev.7) and REACH Article 31 for chemical substances and mixtures. Sections 1–11 and 16 contain OSHA-enforceable information; Sections 12–15 (ecological, disposal, transport, regulatory) align with GHS but are non-mandatory under OSHA. SDSs must be in English for US workplaces.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: dangerous-goods--sds
alternate name: Safety Data Sheet (16-Section Format)
is based on: OSHA HazCom Standard 29 CFR 1910.1200(g) and Appendix D
is based on: OSHA Publication 3514 'Hazard Communication Standard: Safety Data Sheets'
is based on: REACH Regulation (EC) 1907/2006 Article 31

Shipper's declaration (BCSN)
type: DefinedTerm
description: Mandatory IMSBC document presented by shipper to ship's master before loading. Contains the Bulk Cargo Shipping Name (BCSN), IMSBC group, stowage factor, angle of repose, moisture content, TML (for Group A), MHB-classification (for Group B), and physical properties. Refusal to load is justified if BCSN is missing or unverified.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: dangerous-goods--shipper-s-declaration-bcsn
alternate name: Bulk Cargo Shipping Name Declaration
is based on: International Maritime Organization

Stowage factor
type: DefinedTerm
description: Volume occupied by one tonne of bulk cargo in stowage, expressed in m³/t or ft³/MT. Iron ore fines: 0.39–0.45 m³/t; copper concentrate: 0.30–0.36 m³/t; alumina: 1.10–1.30 m³/t. Determines how much can be loaded into a vessel of given grain capacity.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: dangerous-goods--stowage-factor
alternate name: Stowage Factor (SF)
is based on: International Maritime Organization

TML
type: DefinedTerm
description: Maximum moisture content (% by mass) at which a Group A cargo can safely be transported in a non-specially-fitted ship. Above the TML, fine ore concentrates can liquefy under ship vibration and free-surface cargo movement can capsize the vessel. TML must be determined by an approved laboratory within 6 months before loading.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: dangerous-goods--tml
alternate name: Transportable Moisture Limit
is based on: International Maritime Organization

Trimming
type: DefinedTerm
description: Levelling of bulk cargo in the hold to reduce free surface and prevent shift during the voyage. "Untrimmed" cargoes form natural piles at angle of repose; "trimmed level" cargoes (most iron-ore fines and concentrates) require mechanical levelling per IMSBC Section 5.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: dangerous-goods--trimming
alternate name: Cargo Trimming
is based on: International Maritime Organization

UN Number
type: DefinedTerm
description: A four-digit code assigned by the UN Committee of Experts on the Transport of Dangerous Goods to identify specific dangerous substances or articles in the transport of dangerous goods. UN numbers are prefixed 'UN' (e.g., UN 1098 for allyl alcohol, UN 3077 for environmentally hazardous substances). They are listed in the UN Model Regulations (Orange Book) and replicated in IMDG, ADR, and other modal regulations.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: dangerous-goods--un-number
alternate name: UN Number — United Nations Dangerous Goods Identification Number
is based on: UN Recommendations on the Transport of Dangerous Goods — Model Regulations, 22nd Revised Edition (2021), Chapter 3.1 and Dangerous Goods List (Chapter 3.2); unece.org

Base metals
type: DefinedTerm
description: Base metals is the standard market term for the six non-ferrous industrial metals that trade as benchmark contracts on the London Metal Exchange: aluminium, copper, lead, nickel, tin and zinc. The term distinguishes them from precious metals (gold, silver, PGMs) by their primary industrial use, higher volume, and tendency to oxidise. LME publishes Official Prices, Closing Prices and Stocks for each base metal daily, and these are the global pricing reference for physical contracts, hedging and ETPs. CME COMEX also lists copper as HG; SHFE in Shanghai lists all six as RMB-denominated contracts. Aluminium also appears in light-metal classifications.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--base-metals
is based on: Based on: London Metal Exchange — Metals (

Cash vs 3-Month
type: DefinedTerm
description: A distinctive feature of the LME is its pricing structure, which quotes both a cash price (for settlement in two business days) and a three-month forward price (for delivery three months from the trade date). This convention reflects the historical shipping time from major mining regions to London and underpins the LME's role as a global pricing benchmark.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--cash-vs-3-month
alternate name: LME Cash and Three-Month Pricing Convention
is based on: Based on: LME official documentation

CME Group
type: DefinedTerm
description: The world's leading derivatives marketplace, CME Group operates four designated contract markets: CME, CBOT, NYMEX, and COMEX. It offers global benchmark products across interest rates, equity indices, foreign exchange, energy, agricultural commodities, and metals. NYMEX and COMEX were acquired in August 2008 for approximately $8.9 billion.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--cme-group
is based on: CreativeWork
  name: https://www.cmegroup.com/company/nymex.html

COMEX
type: DefinedTerm
description: COMEX is a Designated Contract Market operated by CME Group that offers benchmark futures and options contracts in precious, base, and ferrous metals. It joined CME Group through the merger with NYMEX in 2008 and serves as a primary global reference for gold, silver, copper, and aluminium price discovery.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--comex
alternate name: Commodity Exchange
is based on: Based on: CME Group official documentation

Contango vs Backwardation
type: DefinedTerm
description: Contango describes a market condition in which futures prices are higher than the current spot price, typically reflecting storage costs and the cost of carry. Backwardation is the opposite condition, where futures prices trade below the spot price, often indicating near-term supply tightness or strong immediate demand.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--contango-vs-backwardation
alternate name: Contango and Backwardation
is based on: Based on: CME Group official documentation

DGCX
type: DefinedTerm
description: Launched in November 2005, DGCX is the largest derivatives exchange in the Middle East. It offers futures contracts across four asset classes — currencies, metals (including gold and silver), hydrocarbons, and equities — serving producers, manufacturers, and financial institutions seeking commodity and currency risk management in the region.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--dgcx
alternate name: Dubai Gold & Commodities Exchange
is based on: CreativeWork
  name: https://www.dgcx.ae/

GFEX
type: DefinedTerm
description: Founded in April 2021, GFEX is China's fifth commodity futures exchange and the first focused on green-economy and new-energy commodities. It lists futures and options on industrial silicon (December 2022), lithium carbonate (July 2023), and polysilicon (December 2024), providing hedging and price-discovery tools for EV battery and photovoltaic supply chains.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--gfex
alternate name: Guangzhou Futures Exchange
is based on: CreativeWork
  name: http://www.gfex.com.cn/en/LithiumCarbonate/LithiumCarbonate.shtml

HKEX
type: DefinedTerm
description: Operator of the Stock Exchange of Hong Kong (SEHK), Hong Kong Futures Exchange (HKFE), and LME (London Metal Exchange, acquired 2012). Regulated by the SFC. HKEX is the principal listing venue for Hong Kong-domiciled and mainland-Chinese issuers accessing international capital, and — via the LME — the world’s largest venue for industrial-metals price discovery.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--hkex
alternate name: Hong Kong Exchanges and Clearing
is based on: Source: HKEX Fact Book
is based on: SFC Handbook

ICE
type: DefinedTerm
description: Founded in 2000, ICE is a global network of exchanges and clearing houses covering energy, agricultural commodities, credit derivatives, equities, and foreign exchange. It acquired NYSE Euronext for approximately $11 billion in November 2013, making it parent of the New York Stock Exchange. ICE Futures Europe lists Brent crude and select soft commodities.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--ice
alternate name: Intercontinental Exchange
is based on: CreativeWork
  name: https://ir.theice.com/press/news-details/2013/IntercontinentalExchange-Completes-Acquisition-of-NYSE-Euronext/default.aspx

INE
type: DefinedTerm
description: A wholly owned subsidiary of the Shanghai Futures Exchange (SHFE), INE lists futures products open to overseas investors, including RMB-denominated crude oil (SC, listed March 2018, the first Chinese commodity futures open to foreign participants), bonded copper (BC), low-sulfur fuel oil, and TSR 20 rubber. All products are accessible to qualified foreign investors.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--ine
alternate name: Shanghai International Energy Exchange
is based on: CreativeWork
  name: https://www.ine.cn/eng/about/overview/

LBMA
type: DefinedTerm
description: Established in 1987 at the request of the Bank of England, the LBMA is the international trade association representing the global over-the-counter (OTC) wholesale market for gold, silver, platinum, and palladium. It defines itself as the global authority on precious metals, maintaining the Good Delivery Lists that set standards for acceptable bullion bars traded in London.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--lbma
alternate name: London Bullion Market Association
is based on: Based on: LBMA official documentation

LME
type: DefinedTerm
description: Founded in 1877, the London Metal Exchange is the world's largest market for industrial base metals, including copper, aluminium, zinc, lead, nickel, and tin. It operates three trading methods: open-outcry Ring trading, electronic trading via LME Select, and a 24-hour telephone market. The LME is owned by Hong Kong Exchanges and Clearing (HKEX), which acquired it in 2012.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--lme
alternate name: London Metal Exchange
is based on: Based on: LME official documentation

LME Ring
type: DefinedTerm
description: The LME Ring is the world's last open-outcry trading floor for industrial metals, operating five-minute Ring sessions for each metal between 11:40 and 17:00 London time. Only Category 1 members may trade in the Ring. The LME Official Prices — the global settlement and reference prices for aluminium, copper, zinc, lead, tin, and nickel — are discovered exclusively through Ring trading.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--lme-ring
is based on: CreativeWork
  name: https://www.lme.com/Trading/Trading-venues/The-Ring

LPPM
type: DefinedTerm
description: Formalised via a Deed of Establishment in 1987, the LPPM governs the OTC wholesale market for platinum and palladium in London, setting Good Delivery standards for bars accepted in London, Zurich, and other international centres. It oversees the LBMA Platinum and Palladium Prices, which are daily electronic benchmark auctions currently administered by the London Metal Exchange (transitioning to ICE Benchmark Administration in Q3 2026).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--lppm
alternate name: London Platinum and Palladium Market
is based on: CreativeWork
  name: https://www.lppm.com/about-the-lppm

MCX
type: DefinedTerm
description: Established in November 2003 and regulated by the Securities and Exchange Board of India (SEBI), MCX is India's largest commodity derivatives exchange and the world's sixth-largest by number of contracts traded (FIA, 2024). It offers futures and options on bullion (gold, silver), base metals (copper, zinc, aluminium, nickel, lead), energy, and agricultural commodities.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--mcx
alternate name: Multi Commodity Exchange of India
is based on: CreativeWork
  name: https://www.mcxindia.com/about-us

NYMEX
type: DefinedTerm
description: A CME Group designated contract market since 2008, NYMEX is the world's premier exchange for energy futures (crude oil, natural gas, gasoline) and hosts platinum and palladium futures, complementing COMEX's gold, silver, and copper contracts within the CME Group metals complex. It merged with COMEX in 1994 before both joined CME Group.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--nymex
alternate name: New York Mercantile Exchange
is based on: CreativeWork
  name: https://www.cmegroup.com/company/nymex.html

Open Outcry
type: DefinedTerm
description: Open outcry is a traditional method of communicating trade orders on an exchange floor through a combination of verbal bids and offers and standardised hand signals. On the LME, Ring trading — a form of open outcry — takes place in a circular arrangement where members trade in five-minute sessions for each metal, and this session produces the LME's Official Prices.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--open-outcry
alternate name: Open Outcry Trading
is based on: Based on: LME official documentation

Precious metals
type: DefinedTerm
description: Precious metals are the eight rare, naturally occurring metallic elements of high economic value: gold (Au), silver (Ag), and the six platinum group metals (PGMs) — platinum (Pt), palladium (Pd), rhodium (Rh), ruthenium (Ru), iridium (Ir) and osmium (Os). LBMA publishes daily LBMA Gold Price, LBMA Silver Price and LBMA Platinum and Palladium Price benchmarks administered by ICE Benchmark Administration. Spot quotes are conventionally in USD per troy ounce. Beyond investment and jewellery use, precious metals are critical to industry — silver in solar and electronics, PGMs in autocatalysts and hydrogen electrolysers, gold in bonding wire. PGMs distinct trading floors include LPPM and Johnson Matthey base prices.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--precious-metals
alternate name: Precious metals (gold, silver, PGMs)
is based on: Based on: LBMA — Precious Metal Prices (
is based on: LPPM — London Platinum and Palladium Market.

Settlement Price
type: DefinedTerm
description: The settlement price is the official price established at the close of a trading session, used as the reference price for marking open positions to market and settling expiring contracts. On the LME, the Official Settlement Price is the last cash offer price quoted during the second Ring session, established between 12:20 and 13:25 London time, and serves as the global reference for physical metals contracts.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--settlement-price
alternate name: Official Settlement Price
is based on: Based on: LME official documentation

SGE
type: DefinedTerm
description: Established in October 2002 by the People's Bank of China, the SGE is the world's largest physical gold exchange by trading volume. It operates spot contracts such as Au99.99 and Au99.95, with physical delivery to certified vaults. Since April 2016 it has published the Shanghai Gold Benchmark Price (SHAU) twice daily at 10:15 and 14:15 Beijing time, quoted in RMB per gram.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--sge
alternate name: Shanghai Gold Exchange
is based on: CreativeWork
  name: https://en.sge.com.cn/eng_about_Overview

SGX
type: DefinedTerm
description: SGX is Asia's leading derivatives exchange and the global benchmark hub for seaborne iron ore. It lists the SGX TSI Iron Ore CFR China (62% Fe Fines) Index Futures and SGX MB Iron Ore CFR China (65% Fe Fines) Index Futures, alongside swaps and options. In December 2018, SGX launched the world's first high-grade (65% Fe) iron ore derivatives.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--sgx
alternate name: Singapore Exchange
is based on: CreativeWork
  name: https://www.sgx.com/derivatives/products/iron-ore

SHFE
type: DefinedTerm
description: Established in 1999, the Shanghai Futures Exchange is a futures exchange regulated by the China Securities Regulatory Commission (CSRC). It offers futures contracts for copper, aluminium, zinc, lead, nickel, tin, gold, silver, and crude oil, making it one of China's principal commodities exchanges.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--shfe
alternate name: Shanghai Futures Exchange
is based on: Based on: SHFE official documentation

Spot Price vs Futures Price
type: DefinedTerm
description: The spot price is the current market price at which a commodity can be bought or sold for immediate delivery and settlement. A futures price is the agreed-upon price for delivery of a commodity at a specified date in the future, determined by supply and demand expectations, cost of carry, and storage costs.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--spot-price-vs-futures-price
alternate name: Spot Price and Futures Price
is based on: Based on: CME Group and LME official documentation

TOCOM
type: DefinedTerm
description: Founded in 1984 and acquired by Japan Exchange Group (JPX) in October 2019, TOCOM transferred its precious metals (gold, silver, platinum, palladium) and agricultural derivatives to the Osaka Exchange (OSE) in July 2020. TOCOM now operates solely as Japan's energy derivatives exchange, listing crude oil, gasoline, kerosene, gas oil, LNG, and electricity futures.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--tocom
alternate name: Tokyo Commodity Exchange
is based on: CreativeWork
  name: https://www.jpx.co.jp/english/corporate/about-jpx/history/05.html

Warehouse Stocks
type: DefinedTerm
description: Warehouse stocks are physical quantities of metal stored in exchange-accredited warehouse facilities and registered against exchange warrants. On the LME, approved warehouses are authorised to store LME-registered brands of metal on behalf of warrant holders and to issue LME warrants representing title to those metals.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: metals-exchanges--warehouse-stocks
alternate name: Exchange-Approved Warehouse Stocks
is based on: Based on: LME official documentation

Argus Media
type: DefinedTerm
description: Founded in 1970 and headquartered in London, Argus Media is an independent price reporting agency covering energy and commodity markets in 160 countries. Its Argus Battery Materials service publishes over 200 price assessments for lithium, cobalt, nickel sulphate, graphite, and other battery metals, and the company declares IOSCO compliance across its price assessment methodologies.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: price-reporting-agencies--argus-media
is based on: CreativeWork
  name: https://www.argusmedia.com/en/about-us

Asian Metal
type: DefinedTerm
description: Asian Metal (asianmetal.com) is a specialist price reporting and market intelligence platform covering minor metals, ferro-alloys, rare earths, base metals, steel products, and refractories, with a focus on Chinese market conditions. It publishes daily spot prices and market news widely used by traders and industrial consumers for non-LME and China-domestic metals where mainstream PRA coverage is limited.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: price-reporting-agencies--asian-metal
is based on: CreativeWork
  name: https://www.asianmetal.com/

CFB
type: DefinedTerm
description: UK Financial Conduct Authority (FCA) authorised Benchmark Administrator under UK BMR (Benchmarks Regulation), founded 2019 and majority-owned by Kraken. Publishes regulated indices for digital assets and tokenized real-world assets, including the PAXGUSD Reference Rate (regulated daily benchmark for tokenized gold PAXG). CF Benchmarks indices are used as reference prices in derivatives, ETPs, and structured products, and provide the regulated fix used in the TSM Premium Tracker dual-view (Fix vs Fix).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: price-reporting-agencies--cfb
alternate name: CF Benchmarks
is based on: Source: CF Benchmarks official documentation (
is based on: FCA Register

Fastmarkets (formerly Metal Bulletin)
type: DefinedTerm
description: Fastmarkets is a cross-commodity price reporting agency with more than 150 years of history, combining Metal Bulletin, American Metal Market, Scrap Price Bulletin, Industrial Minerals, and other brands. It publishes benchmark indices for base metals, steel scrap, lithium, cobalt, rare earths, and carbon markets. Its European benchmark subsidiary, Fastmarkets Benchmark Administration Oy, is regulated by the Finnish Financial Supervisory Authority under the EU Benchmarks Regulation.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: price-reporting-agencies--fastmarkets-formerly-metal-bulletin
is based on: CreativeWork
  name: https://www.fastmarkets.com/about-us/

Platts (S&P Global Commodity Insights)
type: DefinedTerm
description: Part of S&P Global, Platts is a leading price reporting agency publishing daily benchmark assessments for energy, metals, and agricultural markets. Its flagship metals benchmark, the IODEX (IODBZ00), is a spot assessment of iron ore fines delivered into China, assessed at 17:30 Singapore time. Platts also publishes assessments for alumina, steel HRC, and other metals across global markets.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: price-reporting-agencies--platts-s-p-global-commodity-insights
is based on: CreativeWork
  name: https://www.spglobal.com/energy/en/pricing-benchmarks/assessments/metals/iron-ore-index-iodex-price-explained

PRA
type: DefinedTerm
description: A Price Reporting Agency (PRA) is a commercial entity that publishes benchmark price assessments for physical commodity markets by collecting transaction data, bids, and offers from market participants on a voluntary basis. IOSCO issued its Principles for Oil Price Reporting Agencies in October 2012, establishing a global framework for methodology transparency, data integrity, and independent auditing; PRAs are encouraged to apply these principles across all commodity derivatives markets.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: price-reporting-agencies--pra
alternate name: Price Reporting Agency
is based on: CreativeWork
  name: https://www.iosco.org/library/pubdocs/pdf/ioscopd391.pdf
description: Independent firm that publishes benchmark prices for commodities not traded on a central exchange — by survey, voluntary contributions and price-discovery methods. Recognised PRAs for metals: Fastmarkets, Argus, Platts (S&P Global), Asian Metal, Shanghai Metals Market. PRA prices are settlement references in many bilateral physical contracts; regulators have started oversight under IOSCO PRA Principles (2012).
is based on: IOSCO PRA Principles
is based on: ESMA Benchmark Regulation

SMM
type: DefinedTerm
description: Founded in 1999, Shanghai Metal Market (SMM) is China's leading integrated price reporting platform for metals, publishing over 15,000 spot price assessments covering base metals, minor metals, precious metals, battery materials, rare earths, and ferrous metals. SMM explicitly adheres to IOSCO Principles for Price Reporting Agencies and is widely used as a contract pricing reference by domestic and international industrial buyers.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: price-reporting-agencies--smm
alternate name: Shanghai Metal Market
is based on: CreativeWork
  name: https://www.metal.com/methodology

WGC
type: DefinedTerm
description: Market-development organisation for the gold industry, headquartered in London and funded by the world’s leading gold-mining companies. Publishes quarterly Gold Demand Trends reports, the Central Bank Gold Reserves database (in cooperation with the IMF), and standards including the Responsible Gold Mining Principles (RGMPs) and the Retail Gold Investment Principles. Sponsors research on gold’s role as a strategic asset in institutional and central-bank portfolios.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: price-reporting-agencies--wgc
alternate name: World Gold Council
is based on: Source: World Gold Council publications (

Agent / scout fee
type: DefinedTerm
description: Fee paid to a sourcing agent who locates supply or buyers, typically % of contract value (1–3%) or per-MT. Agents act on behalf of one party; brokers are intermediaries between two.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: market-participants--agent-scout-fee
alternate name: Sourcing agent fee
is based on: Industry practice; not standardised

Assayer
type: DefinedTerm
description: Independent third party accredited (e.g. ISO/IEC 17025, LBMA Good Delivery, LME-listed assayers) to determine the metal content, weight and purity of a consignment. Their certificate is contractually binding for invoicing and quality disputes. Major firms: SGS, Bureau Veritas, Alfred H Knight, Inspectorate, Camargo Correa.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: market-participants--assayer
alternate name: Assayer / Independent inspector
is based on: ISO/IEC 17025
is based on: LBMA Good Delivery
is based on: LME accreditation

Brokerage
type: DefinedTerm
description: Fee paid to a broker for arranging a metals trade, expressed as $/MT or % of contract value. LME ring brokers, OTC brokers, and physical brokers all charge brokerage.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: market-participants--brokerage
alternate name: Broker commission
is based on: London Metal Exchange — broker definitions

Clearing Member
type: DefinedTerm
description: A member of LME Clear—the LME's central counterparty—that is permitted to clear Cleared Contracts. For the LME Base Service, Clearing Members are Category 1, 2, or 3 Members. Clearing Members stand between the exchange and their clients in the clearing chain, posting margin and guaranteeing settlement of cleared trades under the LME Clear Rulebook.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: market-participants--clearing-member
alternate name: LME Clearing Member (LME Clear)
is based on: LME Rulebook (30 March 2026 release), Part 1 Definitions: 'Clearing Member'
is based on: LME membership structure criteria and capabilities (March 2025)

Downstream
type: DefinedTerm
description: Semi-finished and fabricated metal goods stage — rolling, drawing, casting and forging refined metal into wire, sheet, tube, billets, alloys and finished components for industrial consumers. Conversion margins and end-market demand drive economics.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: market-participants--downstream
alternate name: Downstream segment of the metals value chain
is based on: TSM editorial; industry-standard segmentation

Ecosystem
type: DefinedTerm
description: Set of institutions and intermediaries that surround the physical value chain — exchanges, brokers, vaults, refiners, assayers, price reporting agencies, regulators, sanctions bodies, insurers, financiers, standard-setters, training providers. TSM tracks 42 layers on /ecosystem/, each with primary lists of accredited participants.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: market-participants--ecosystem
alternate name: Metals market ecosystem
is based on: TSM editorial

End-use
type: DefinedTerm
description: Sectors that physically consume refined and fabricated metal — construction, electrical/electronics, transport, machinery, packaging, batteries, jewellery. End-use demand sets the long-run price floor; substitution and intensity-of-use shift segment-level demand.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: market-participants--end-use
alternate name: End-use segment of the metals value chain
is based on: TSM editorial; aligned with World Bureau of Metal Statistics segmentation

End-User/Consumer
type: DefinedTerm
description: An entity that consumes refined or fabricated metal as an input to its own manufacturing process or as a final product, with no intention of reselling the metal as a commodity. Examples include electronics manufacturers, automotive producers, and jewellery makers. End-users are not market makers and typically hedge price exposure through exchange-traded or OTC instruments.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: market-participants--end-user-consumer
alternate name: Industrial End-User / Final Consumer
is based on: LME membership structure (Category 5 trade members as non-issuing participants); industry supply chain definitions

Fabricator
type: DefinedTerm
description: A downstream manufacturer that converts refined metal into semi-fabricated or fabricated products such as wire rod, sheet, tube, ingot, or billet for industrial end-users. Fabricators typically purchase refined metal from traders or refiners and transform it using rolling, extrusion, drawing, or casting processes.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: market-participants--fabricator
alternate name: Metal Fabricator / Semi-Fabricator
is based on: World Steel Association definitions
is based on: International Copper Study Group (ICSG) 'Fabricated Products' classification; industry standard supply chain terminology

LME Member Categories
type: DefinedTerm
description: The LME Rulebook defines five membership categories. Category 1 (Ring Dealing Member): authorised to trade in the Ring, a member of LME Clear, authorised to clear and issue Client LME Base Contracts. Category 2: not authorised for Ring trading but is an LME Clear member and can issue Client Contracts. Category 3: LME Clear member, can clear but cannot issue Client Contracts. Category 4: not an LME Clear member, authorised to issue Client Contracts. Category 5: no Ring trading, no clearing, no contract issuance rights.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: market-participants--lme-member-categories
alternate name: LME Membership Categories 1–5 (LME Rulebook Part 1 Definitions)
is based on: LME Rulebook (30 March 2026 release), Part 1 Definitions: 'Category 1 Member' through 'Category 5 Member'; lme.com

Marketing levy
type: DefinedTerm
description: Producer/seller's allocation for marketing the metal (sales literature, trade fairs, samples). Typically <0.5% of revenue; bundled into TCO for full cost transparency.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: market-participants--marketing-levy
is based on: Industry practice; not standardised

Merchant/Physical Trader
type: DefinedTerm
description: A firm that takes principal positions in physical metal—buying, storing, financing, transporting, and selling commodities across geographies and time periods, earning a margin on the physical arbitrage and services. Merchants typically operate along the entire supply chain, providing market liquidity and logistics. Major commodity merchants describe themselves as 'integrated physical commodity traders' in annual reports.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: market-participants--merchant-physical-trader
alternate name: Commodity Merchant / Physical Metal Trader
is based on: Industry practice
is based on: Trafigura Annual Report 2023 (self-described 'physical commodity trader')
is based on: Glencore Annual Report 2023 (self-described 'integrated producer and marketer of commodities')

Midstream
type: DefinedTerm
description: Concentration, smelting and refining stage — converting raw ore into intermediate (concentrate, matte) and refined products (cathodes, ingots, bars) at recognised purity. Treatment and refining charges (TC/RCs), recovery rates and offtake contracts dominate economics.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: market-participants--midstream
alternate name: Midstream segment of the metals value chain
is based on: TSM editorial; industry-standard segmentation

Producer/Miner
type: DefinedTerm
description: An upstream entity that extracts metal-bearing ore or mineral from the earth through mining operations and typically sells raw ore, concentrate, or unrefined metal to smelters or refiners. Producers are the primary originators of the physical metal supply chain and bear exploration, development, and operating risk. They are classified in responsible-sourcing frameworks as the first point of origin.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: market-participants--producer-miner
alternate name: Metal Producer / Mining Company
is based on: OECD Due Diligence Guidance 3rd Edition (2016), definitions
is based on: USGS Mineral Resources Program
is based on: RMI RMAP smelter/refiner classification (upstream of mine)

Producers
type: DefinedTerm
description: Companies that physically extract ore and/or refine metal — diversified majors (BHP, Rio Tinto, Glencore, Anglo American, Vale), state-owned (CODELCO, Norilsk Nickel, Chinalco, MMC), pure-play single-metal producers (Freeport for copper, Albemarle for lithium, Newmont for gold) and royalty/streaming companies (Wheaton, Franco-Nevada). Reporting on fiscal-year basis; primary source for production data is the company's own annual report.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: market-participants--producers
alternate name: Metal producers (miners and refiners)
is based on: TSM editorial; company filings

Recycling
type: DefinedTerm
description: Recovery of metal from end-of-life products and process scrap, melted and refined back to primary-equivalent quality. Recycled (secondary) supply complements mined (primary) supply; share varies sharply by metal — high for copper, lead, aluminium; near-zero for rare earths, lithium-ion battery metals still ramping. Tracked by ISRI, ICA, IAI, Eurometaux.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: market-participants--recycling
alternate name: Secondary / scrap recycling segment of the metals value chain
is based on: TSM editorial
is based on: ISRI/ICA/IAI terminology

Ring Dealing Member
type: DefinedTerm
description: An LME Category 1 Member authorised to trade by open-outcry in the LME Ring—the exchange's iconic circular trading venue—as well as on LMEselect and the telephone market. Ring trading sessions set the Official Prices that underpin global physical metal contracts. Only Ring Dealing Members may participate in Ring sessions; a minimum of five Category 1 firms must be present for Official Prices to be determined.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: market-participants--ring-dealing-member
alternate name: Ring Dealing Member (LME Category 1)
is based on: LME Rulebook (30 March 2026 release), Part 1 Definitions: 'Category 1 Member'
is based on: LME Member Notice 21/160 (Ring re-opening, 1 September 2021)

Smelter/Refiner
type: DefinedTerm
description: A mid-stream processing entity that transforms ore, concentrate, or scrap into refined metal of specified purity. In LBMA terminology, a refiner producing Good Delivery gold bars must achieve minimum 995.0 parts per thousand fineness. The RMI RMAP assessment targets smelters and refiners as the 'chokepoint' in responsible sourcing due diligence, since they are positioned between miners and manufacturers.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: market-participants--smelter-refiner
alternate name: Smelter / Metal Refiner
is based on: LBMA Good Delivery Rules (2025 edition), Section 2.1.7 (refiner fineness requirements)
is based on: RMI RMAP Overview, responsibleminerals.org

Upstream
type: DefinedTerm
description: Exploration, mining and ore extraction stage — finding ore bodies (JORC/SAMREC reserves), permitting, drilling, blasting and hauling raw ore to the processing plant. Capital-intensive; geology, country risk and resource quality dominate economics.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: market-participants--upstream
alternate name: Upstream segment of the metals value chain
is based on: TSM editorial; industry-standard segmentation

Value chain
type: DefinedTerm
description: End-to-end physical and commercial flow of metal from ore body to end-consumer: upstream (mining) → midstream (smelting/refining) → downstream (fabrication) → end-use (industry) → recycling (back to refining). TSM uses a 5-pillar segmentation; alternative models (3-stage, 7-stage) are equivalent at different granularity.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: market-participants--value-chain
alternate name: Metals value chain
is based on: TSM editorial
is based on: WBMS / ICA / IAI value-chain framework

Arbitrage
type: DefinedTerm
description: In metals markets, arbitrage is the simultaneous purchase and sale of essentially identical metal (or metal exposure) in different markets to capture a price difference net of transport, financing, storage and conversion costs. Common forms include: (1) inter-exchange arbitrage — e.g. SHFE-LME copper spread, where physical copper or futures positions are taken on both exchanges; (2) physical-vs-futures arbitrage — cash-and-carry where the metal is bought in the spot market and sold forward on LME/CME when the contango exceeds full carry; (3) location arbitrage — same metal traded across LME-approved warehouses; (4) quality arbitrage — between different grades or brands at the same exchange. Arbitrage trades require precise cost accounting for warehouse rents, freight, insurance, FX and exchange margin. Both Bloomberg and Reuters publish real-time spreads used by physical traders to monitor opportunities.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--arbitrage
is based on: Based on: London Metal Exchange — LME Reference Guide
is based on: CME Group — Educational Resources on Commodity Arbitrage.

Assay
type: DefinedTerm
description: An assay is the chemical or fire analysis of a metal sample to determine its precise elemental composition and purity. In mining, assay results expressed in g/t or % are used to establish ore grade and resource estimates. In refining and trading, assay certificates confirm that metal meets required specifications; for example, LBMA Good Delivery gold bars must meet a minimum fineness of 995 parts per thousand. The LBMA Sampling and Assaying guidance describes fire assay as the classical technique used to determine precious metal content of gold and silver ore, noting it remains the most accurate standard in the industry.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--assay
is based on: Based on: LBMA — Chapter 4: Sampling and Assaying (lbma.org.uk)
is based on: LBMA Good Delivery — bar requirements overview (
is based on: JORC Code 2012 (Appendix 1 — 'grade: quality, assay, analysis')

Basis
type: DefinedTerm
description: Basis is the difference between the spot (cash) price and the futures price for a commodity at a given point in time, reflecting cost of carry (storage, insurance, and financing) and supply-demand conditions in physical markets. In LME metals terminology, the spread between the Cash and 3-Month prompt prices is a primary market indicator: a 'contango' (cash below 3-month) reflects normal carrying costs, while 'backwardation' (cash above 3-month) signals near-term physical tightness. The LME Official Prices Benchmark Methodology publishes bid and offer Official Prices for multiple Prompt Dates, enabling direct observation of the basis structure.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--basis
alternate name: Basis (Spot vs Futures Price Differential)
is based on: Based on: LME Official Prices Benchmark Methodology (lme.com)
is based on: LME Benchmark Administration — Definitions ('Prompt Date' definition, lme.com)

Benchmark Price
type: DefinedTerm
description: A benchmark price is a widely accepted reference price used to price physical contracts, financial derivatives, and inventory valuations across an industry. The LME Official Settlement Price — defined in the LME Benchmark Statement as 'the offer price of the Cash Prompt Date determined as the Official Price' — is the primary global benchmark for base metals including copper, aluminium, nickel, zinc, lead, and tin. Per the LME Benchmark Administration Definitions document, the Official Settlement Price 'reflects the USD value of one metric tonne of the relevant metal for the relevant Prompt Date, where the metal must comply with the requirements of the applicable LME contract specification.'
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--benchmark-price
alternate name: Benchmark Price (LME Official Settlement Price)
is based on: Based on: LME Official Prices Benchmark Statement (lme.com)
is based on: LME Benchmark Administration — Definitions document (lme.com)
is based on: LME Insight — How Are LME Reference Prices Used in Physical Metals Contracts (lme.com)

Breakeven (per MT contained)
type: DefinedTerm
description: Sale price (in the reporting currency, per MT of contained payable metal) at which gross margin equals zero. Computed as total_landed_cost ÷ (contained_mt × payable_pct). Useful as a floor when negotiating buyer-side QP.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--breakeven-per-mt-contained

Breakeven price
type: DefinedTerm
description: Sale price at which gross margin equals zero — i.e., revenue exactly covers total landed cost. Below breakeven the trade loses money; above breakeven it is profitable.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--breakeven-price
is based on: Standard finance concept; references: CFA Institute and IFRS profitability metrics

China Import Parity
type: DefinedTerm
description: China Import Parity, also called the SHFE-LME arb, is the calculation of whether importing a base metal into China from the international (LME) market is profitable. The formula compares the landed cost in China against the SHFE domestic price: SHFE price (RMB/t including 13% VAT) versus (LME price USD/t + freight + insurance + financing + import VAT + tariff) converted at the USD/CNY rate. When SHFE trades at a premium to landed LME (positive arb), Chinese importers profit by bringing metal in; when SHFE trades at a discount (negative arb), imports are unprofitable and Chinese stocks tend to be exported via bonded warehouses or held in Shanghai bonded zones. Traders monitor the arb daily as a key indicator of physical flow direction between the West and China; SHFE-LME copper, aluminium and zinc spreads are the most followed.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--china-import-parity
alternate name: China Import Parity (SHFE-LME arbitrage window)
is based on: Based on: Shanghai Futures Exchange — Trading Rules and Contract Specs (shfe.com.cn)
is based on: London Metal Exchange — Market Data
is based on: PRC General Administration of Customs — Tariff and VAT schedules.

Contained metal
type: DefinedTerm
description: Mass of payable target metal physically present in a lot, computed as material_mt × dry_mass_fraction × assay_pct. Distinguished from gross material mass (which includes moisture and gangue) and from payable metal (contained × payable %).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--contained-metal

Corrective Factor (CF)
type: DefinedTerm
description: Grade-dependent multiplier inside every HPM formula that converts an HMA (metal-price reference) into an ore or intermediate-product price. Typical CF values under KEPMEN ESDM 144/2026: nickel ore CF = 30% at 1.6% Ni base grade, sliding ±1% for every 0.1% deviation in nickel content; iron in laterite ore CF = 30% only if %Fe ≤ 35%; cobalt in nickel ore CF = 30% only if %Co ≥ 0.05%; chromium in nickel ore CF = 10% with no grade threshold; NPI CF = 85%; ferronickel CF = 95%; nickel matte CF = 78% of combined Ni+Co. The 2026 revision also adds a (1 − MC) moisture multiplier so wet-metric-tonne inputs are automatically converted to dry-tonne equivalent value. CF is the single lever the government uses to encourage or discourage exports of specific ore grades.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--corrective-factor-cf
alternate name: Corrective Factor / Faktor Koreksi (Indonesian HPM Formulas)
is based on: KEPMEN ESDM 144.K/MB.01/MEM.B/2026 — Lampiran I (Formula HPM Bijih Nikel, MHP, MSP, NMS, NPI, Feronikel)

Customs & tax (TCO total)
type: DefinedTerm
description: Sum of import duty, VAT/GST, customs brokerage and other border charges in the TCO model. Calculated on the WTO Customs Valuation base (transaction value, plus freight/insurance for CIF-based valuation jurisdictions).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--customs-tax-tco-total

Discount
type: DefinedTerm
description: A discount is a negative price differential whereby physical metal trades below the LME benchmark price, reflecting inferior quality, inconvenient location, off-specification chemistry, or market oversupply. Off-warrant metal (not held in an LME-approved warehouse) or metal from non-LME-approved brands may trade at a discount, as buyers require compensation for the additional cost or uncertainty of verifying quality. The LME Special Contract Rules define the minimum quality standard above which no discount is applied; material failing to meet Grade A specification is excluded from warranting and subject to negotiated discounts.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--discount
alternate name: Discount (below benchmark)
is based on: Based on: LME Special Contract Rules for Copper Grade A (lme.com)
is based on: LME Warrants page (lme.com — quality guarantee function of warrants)
is based on: LME Insight — Physical Metals Contracts

European Duty Paid Premium
type: DefinedTerm
description: The European Duty Paid Premium (also called Rotterdam Duty Paid or DP premium) is the physical-delivery premium added to the LME cash price for primary aluminium or copper sold in-warehouse Rotterdam or other European duty-paid locations, where any applicable EU import duty has already been paid. It is distinct from the Duty Unpaid (DU) premium, which applies to metal still in bonded warehouses pre-duty. EU import duty on primary aluminium ingot (CN code 7601.10) is 6% for third-country origin; primary copper cathode (CN 7403) is duty-free under most-favoured-nation. Fastmarkets and S&P Global Platts publish weekly assessments for P1020A Rotterdam Duty Paid in-warehouse and Duty Unpaid in-warehouse. The DP-DU spread effectively quantifies the EU duty pass-through cost on each metal shipment.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--european-duty-paid-premium
alternate name: European Duty Paid Premium (aluminium / copper)
is based on: Based on: European Commission — TARIC database (taric.ec.europa.eu)
is based on: CME Group — European Aluminium Premium Duty Paid Futures (EDP)
is based on: Fastmarkets — Non-Ferrous Methodology.

Expected revenue
type: DefinedTerm
description: Anticipated sales-side proceeds: contained_mt × payable_pct × sale_price (with buyer-side QP and sale Incoterms applied), net of sale-side TC/RC if any. Recognised under IFRS 15 when control of the goods transfers to the buyer.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--expected-revenue

Gross margin
type: DefinedTerm
description: Sale price minus total landed cost, expressed in $/MT or as a % of sale. The single most-watched profitability metric for a physical metals trade.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--gross-margin
is based on: IFRS Foundation — financial reporting standards

Gross margin (TCO)
type: DefinedTerm
description: Expected revenue − total landed cost. Margin percent = gross margin ÷ revenue. Sign and magnitude drive the TCO deal-screening decision. Distinct from operating or EBITDA margin (which subtract overheads not captured in TCO).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--gross-margin-tco

HBA
type: DefinedTerm
description: Government-set reference price for Indonesian thermal coal, published twice monthly by Kementerian ESDM alongside HMA. HBA is calculated from a basket of four internationally quoted coal indices (Platts Kalimantan 5900, Argus/McCloskey NEX, GlobalCOAL NEWC and Indonesian Coal Index) at the standard reference specification of 6,322 kcal/kg GAR, 8% total moisture, 15% ash and 0.8% sulphur. Producers apply HBA to calculate royalty and levy for domestic coal sales; four additional HBA grades (HBA I, HBA II, HBA III and non-thermal coking) cover other calorific values. HBA is the coal analogue of HMA/HPM in the metal-mineral regime.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--hba
alternate name: Harga Batubara Acuan — Indonesian Reference Coal Price
is based on: Kementerian ESDM Republik Indonesia — KEPMEN 41.K/MB.01/MEM.B/2022 and successors

Hedging
type: DefinedTerm
description: The use of derivative instruments — primarily futures and options — to offset the price risk inherent in physical commodity positions. A copper miner with future production sells LME copper futures to lock in a sale price; a consumer with future requirements buys futures to cap purchase costs. The LME provides standardised, exchange-traded futures and options for base metals; the COMEX division of CME Group provides futures contracts for copper in the US. Hedge accounting treatment under IFRS 9 and US GAAP requires formal documentation of hedge relationships and effectiveness testing.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--hedging
is based on: Based on: LME Copper Contract Specifications (lme.com — physically-settled futures with daily settlement)
is based on: CME Group COMEX Copper Futures product information (cmegroup.com)
is based on: LME Benchmark Statement — Official Settlement Prices used in OTC physical contract settlement

HMA
type: DefinedTerm
description: Periodic reference price for metallic minerals published by the Indonesian Ministry of Energy and Mineral Resources (Kementerian ESDM) and used as the input to HPM (Harga Patokan Mineral) formulas. Since 26 February 2025 HMA is issued twice a month — Periode Pertama and Periode Kedua — as separate KEPMEN Menteri ESDM decrees (previously it was monthly). HMA covers 12 metals: nickel, cobalt, lead, zinc, aluminium, copper, gold, silver, manganese, iron ore (laterite, hematite, magnetite), chromium ore and titanium concentrate. Prices are USD per tonne (or per troy oz for gold and silver), derived from LME/LBMA and international benchmarks with defined lookback windows. Only the latest table is published on minerba.esdm.go.id/harga_acuan; archive is available via decree number.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--hma
alternate name: Harga Mineral Acuan — Indonesian Reference Metal Price
is based on: Kementerian ESDM Republik Indonesia — Direktorat Jenderal Mineral dan Batubara
is based on: KEPMEN ESDM 144.K/MB.01/MEM.B/2026, jdih.esdm.go.id.

HPM
type: DefinedTerm
description: Government-set benchmark selling price (in USD) that Indonesian mineral producers must use as the minimum floor for royalty, iuran produksi and export levy calculations. HPM is calculated per metal/product from a formula that plugs in the current HMA (Harga Mineral Acuan) and applies a Corrective Factor (CF) tied to grade and moisture content. Since KEPMEN ESDM 144/2026 (effective 15 April 2026) the formulas cover 19 metal-mineral commodities: nickel (ore, MHP, MSP, NMS, NPI, ferronickel, ingot, matte), cobalt (ore, ingot, concentrate, sulfide), lead (ore, concentrate, bullion, ingot), zinc (ore, concentrate, oxide), bauxite (ore, ingot, CGA, SGA), iron (ore, sand, pellet, sponge, pig), gold, silver, tin ingot, copper (ore, concentrate, metal), manganese (ore, concentrate), chromium (ore, concentrate) and titanium concentrate. Actual physical sales typically trade at HPM plus a market premium; HPM sets the floor for state revenue, not the ceiling for trade. Fastmarkets has explicitly clarified that its Indonesia nickel-ore assessments now include the government-set HPM benchmark alongside spot market prices.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--hpm
alternate name: Harga Patokan Mineral — Indonesian Reference Selling Price
is based on: Kementerian ESDM Republik Indonesia — KEPMEN ESDM No. 144.K/MB.01/MEM.B/2026, ; minerba.esdm.go.id/harga_acuan
is based on: Fastmarkets — 'Fastmarkets clarifies inclusion of government-set benchmark pricing in Indonesia nickel ore assessment' (2026).

IRR
type: DefinedTerm
description: Discount rate at which the net present value of a project's cash flows equals zero. Used to compare investments; project IRR > WACC implies value creation.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--irr
alternate name: Internal Rate of Return
is based on: CFA Institute — Discounted Cash Flow Applications

LBMA Gold Price / Silver Price
type: DefinedTerm
description: The LBMA Gold Price and LBMA Silver Price are the global benchmark prices for unallocated gold and silver delivered in London, administered independently by ICE Benchmark Administration (IBA). Each price is determined twice daily (gold: 10:30 and 15:00 London time; silver: 12:00) via an electronic auction on IBA's platform, running in 30-second rounds until buy and sell orders are balanced within an imbalance threshold (normally 10,000 oz for gold). The final price is published in USD per troy ounce and is the standard reference for LBMA Good Delivery bar transactions, mine offtake agreements, and precious metals derivatives globally.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--lbma-gold-price-silver-price
alternate name: LBMA Gold Price and LBMA Silver Price
is based on: Based on: LBMA Gold Price page (lbma.org.uk)
is based on: LBMA Silver Price FAQ (lbma.org.uk)
is based on: ICE Benchmark Administration — LBMA Gold and Silver Price description (

Logistics (TCO total)
type: DefinedTerm
description: Sum of ocean/road/rail freight, port charges, inland handling, warehousing, demurrage and similar movement-related costs in the TCO model. Allocated to buyer or seller based on the chosen Incoterms 2020 rule.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--logistics-tco-total

Long-term Contract vs Spot
type: DefinedTerm
description: A long-term (annual or multi-year) supply contract commits buyer and seller to defined delivery volumes over an extended period, with pricing typically referenced to a benchmark (e.g., LME Official Settlement Price) plus negotiated TC/RC and premiums, renegotiated periodically. A spot transaction is a single, immediate purchase or sale for prompt delivery at the prevailing market price. LME futures prices serve as the reference benchmark for both types under the pricing mechanism described in the LME Insight note on physical metals contracts, which shows how LME prices are embedded throughout the concentrate-to-cathode value chain.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--long-term-contract-vs-spot
alternate name: Long-term Contract vs Spot Transaction
is based on: Based on: LME Insight — How Are LME Reference Prices Used in Physical Metals Contracts (lme.com)
is based on: LME Official Prices Benchmark Statement (lme.com)

M-1 (pre-pricing QP)
type: DefinedTerm
description: Quotational Period basis where the reference price is the monthly average of the calendar month before shipment. Used as 'pre-pricing': buyer/seller lock the price index before the goods leave origin, transferring forward-curve risk to the counterparty. Less common than M, M+1 or MAMA; often combined with a QP option clause.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--m-1-pre-pricing-qp

Material cost (TCO)
type: DefinedTerm
description: Cost line in TCO showing the gross paid-for value of metal contained × benchmark price (with QP applied), net of TC/RC/PP. Largest component of total landed cost for refined metal and concentrate trade.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--material-cost-tco

Midwest Premium
type: DefinedTerm
description: The US Midwest Premium is a physical-delivery aluminium premium added to the LME cash settlement price to arrive at the all-in price for aluminium delivered into Midwest US warehouses (Chicago, Detroit). It compensates for freight, insurance, financing and warehouse handling between LME shipment points and US consuming locations. The benchmark is published by Platts (S&P Global Commodity Insights) as the Platts US Midwest Transaction Aluminum Premium and by Fastmarkets as the Aluminium P1020A premium, Midwest US. CME Group lists a cash-settled Aluminum MW US Transaction Premium Futures contract (symbol AUP) which settles against the Platts assessment, providing a hedging instrument for premium exposure independent of the LME aluminium price.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--midwest-premium
alternate name: US Midwest Premium (aluminium)
is based on: Based on: CME Group — Aluminum MW US Transaction Premium Platts Futures contract specs (
is based on: S&P Global Platts — Methodology and Specifications Guide: Non-Ferrous Metals.

Mill Test Certificate
type: DefinedTerm
description: A Mill Test Certificate is a quality assurance document issued by a metal manufacturer or mill confirming that a delivered product meets specified chemical composition and mechanical property requirements, with results traceable to a specific production batch (heat number). The LBMA Sampling and Assaying chapter notes that assay companies issue a 'certificate of analysis' detailing the purity and composition of a precious metal sample, which is 'essential for ensuring transparency and accuracy in transactions.' EN 10204 Type 3.1 MTCs, validated by the manufacturer's own inspection authority, are the standard form required for most LME-warranted and exchange-deliverable metals.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--mill-test-certificate
alternate name: Mill Test Certificate (MTC)
is based on: Based on: LBMA — Chapter 4: Sampling and Assaying (lbma.org.uk)
is based on: LME Rulebook Part 6 — Certificate of Analysis (eCOA) requirements for warranting (lme.com, Appendix 10)
is based on: EN 1978:2022 (CEN) — cathode inspection documentation provisions

N-day average cash settlement (QP basis)
type: DefinedTerm
description: QP variant where settlement is the arithmetic average of LME Cash Settlement prices over N consecutive business days around an agreed pricing date (e.g. 5-day, 10-day, 20-day average). Smooths out single-day volatility while still anchoring to a discrete pricing window rather than a full calendar month.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--n-day-average-cash-settlement-qp-basis

Net material cost
type: DefinedTerm
description: Concentrate payable metal value after TC/RC, penalties, and price participation are deducted. The "material" portion of total landed cost, before logistics and customs.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--net-material-cost
is based on: Standard smelter contract metric; references: ICSG concentrate pricing

Offtake Agreement
type: DefinedTerm
description: A long-term contract between a mining producer and a buyer (offtaker) committing the buyer to purchase a specified volume or percentage of future production at agreed pricing terms. Offtake agreements are typically negotiated before or during mine construction to secure revenue certainty and facilitate project financing. Pricing is usually expressed as a formula referencing the LME benchmark price (or LBMA Gold Price for gold) plus or minus negotiated premiums and TC/RC deductions. Offtake terms covering concentrate, cathode, or doré are central to the commercial structure of most large mining projects.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--offtake-agreement
is based on: Based on: LME Insight — How Are LME Reference Prices Used in Physical Metals Contracts (lme.com — concentrate and cathode contract pricing structures)
is based on: SEC Regulation S-K Item 1300 guidance (marketing modifying factors)

Open interest
type: DefinedTerm
description: Open interest is the total number of outstanding futures or options contracts that have not been settled, offset by an opposing trade, or exercised. It is reported per contract month and aggregated by the exchange after each trading day. Open interest rises when a new buyer and new seller open positions; it falls when existing positions are closed. Unlike volume (which counts all trades in a day), open interest measures the stock of outstanding commitments. Combined with volume and price, open interest is a standard indicator of market participation, liquidity and conviction in a price trend. CFTC publishes Commitments of Traders (COT) reports weekly disaggregating open interest by trader category (Producer/Merchant, Swap Dealer, Managed Money, Other Reportables) for COMEX gold, silver, copper and other commodities.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--open-interest
alternate name: Open interest (OI)
is based on: Based on: CFTC — Commitments of Traders explanatory notes (
is based on: CME Group — Glossary: Open Interest.

OTC
type: DefinedTerm
description: Trading of financial instruments directly between two counterparties without a centralised exchange. Common in FX, precious metals bullion (LBMA loco-London market), swaps, forwards, and unlisted equities. OTC markets offer flexibility on trade size, tenor, and terms but historically less pre-trade transparency and higher counterparty risk than exchange-traded venues. Post-2008 reforms (Dodd-Frank, EMIR) require standardised OTC derivatives to be centrally cleared and reported.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--otc
alternate name: Over-The-Counter
is based on: Source: BIS Triennial Survey
is based on: Dodd-Frank Title VII
is based on: EMIR

Payable metal value
type: DefinedTerm
description: Contained metal × payable percent × benchmark price (with QP applied). The gross commercial value before TC/RC and penalties.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--payable-metal-value
is based on: Standard smelter contract metric; references: ICSG concentrate pricing

Physical Premium
type: DefinedTerm
description: A physical premium is the differential paid above (or below) the LME benchmark price for physical metal delivered to a specific location, in a specific form, and at a specific time. Premiums reflect regional supply-demand balance, freight costs, duty, and local market conditions. The LME has formalised certain premiums as exchange-traded contracts (e.g., LME Aluminium US Premium, LME Aluminium West-Europe Premium), which are listed as part of the LME Official Prices Benchmark Family. Physical copper premiums are typically quoted as '$/tonne CIF [destination] over LME cash.'
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--physical-premium
is based on: Based on: LME Official Prices Benchmark Statement (lme.com — aluminium premium contracts listed)
is based on: LME Insight — How Are LME Reference Prices Used in Physical Metals Contracts
is based on: Fastmarkets copper premium assessment specifications (fastmarkets.com)

Price participation
type: DefinedTerm
description: Smelter/refiner clause where, above a threshold concentrate benchmark price, the smelter shares a fixed percentage of the additional metal value with the miner (typically 8–10% above a baseline).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--price-participation
is based on: International Copper Study Group — concentrate commercial terms

Price unit
type: DefinedTerm
description: Unit in which a metal price is quoted (e.g., USD/MT, USD/lb, USD/troy oz, USD/MTU). Different metals use different conventions: base metals in USD/MT, precious in USD/troy oz, ferro-alloys in USD/MTU.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--price-unit
is based on: LME — quoting conventions per contract

Pricing mechanism
type: DefinedTerm
description: Method used to convert a benchmark reference price into the invoice price for a specific shipment. Common types: M-average (month of shipment), MAMA (month after month of arrival), fixed price, formula price.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--pricing-mechanism
is based on: Industry concept; primary references: LME contract specifications and CME spec sheets

QP lag
type: DefinedTerm
description: Number of months between physical shipment and the pricing reference month used for settlement. Example: M+1 = price is the monthly average of the month after shipment.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--qp-lag
alternate name: Quotational Period lag (M+N)
is based on: London Metal Exchange — pricing terminology

QP option
type: DefinedTerm
description: Contractual right granted to buyer or seller to declare, within an agreed window, the specific QP basis or pricing day(s) to be used for settlement. Common forms: buyer's option, seller's option, fix-by-date. Carries optionality value priced into the premium/discount.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--qp-option

Quotational Period (QP)
type: DefinedTerm
description: Period over which the reference (benchmark) price is averaged to settle a metals contract. Common QP bases: month of shipment (M), month after shipment (M+1), month after month of arrival (MAMA), month before shipment (M-1, pre-pricing), single declared day cash settlement, or average of N days cash settlement around an agreed pricing date. The QP and its basis are fixed in the sales contract.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--quotational-period-qp
alternate name: Quotational Period
is based on: London Metal Exchange — contract pricing conventions

Rotterdam Premium
type: DefinedTerm
description: The Rotterdam premium is the differential above the LME Official Settlement Price for Grade A copper cathode held in-warehouse or delivered to Rotterdam, a major European metals distribution hub. It reflects European supply-demand dynamics, LME warehouse queue conditions, and regional freight costs. Rotterdam is one of the most liquid locations in the LME warehouse network; physical copper premiums there are assessed by Fastmarkets and other price reporting agencies on a daily basis for in-warehouse Rotterdam material conforming to LME Grade A specifications.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--rotterdam-premium
alternate name: Rotterdam Physical Premium (Copper ex-Warehouse)
is based on: Based on: Fastmarkets copper premium assessment specifications (fastmarkets.com)
is based on: LME Copper Contract Specifications (lme.com — warehouse network)
is based on: LME Policy on the Approval and Operation of Warehouses (lme.com)

Shanghai Premium
type: DefinedTerm
description: The Shanghai premium is the differential paid above the LME Official Settlement Price for Grade A copper cathode delivered CIF (Cost, Insurance and Freight) to Shanghai, China, reflecting import duty, VAT, freight, and the tightness of China's physical copper market. It is one of the most widely tracked physical copper premiums globally and is assessed and published daily by price reporting agencies. Fastmarkets specifies the quality basis as 'Grade A cathode 99.9935% min copper conforming to LME specifications BS EN 1978:1998–Cu-CATH-1' for its Shanghai CIF premium assessment (MB-CU-0405).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--shanghai-premium
alternate name: Shanghai Physical Premium (CIF Copper Cathode)
is based on: Based on: Fastmarkets copper premium assessment specifications (fastmarkets.com, MB-CU-0405 and related assessments)
is based on: LME Copper Contract Specifications (lme.com)

Simplified IRR
type: DefinedTerm
description: For a single physical trade: ((Sale − Total landed cost) / Total landed cost) × (365 / capital-tied days). Approximates the annualised return on a one-shot transaction.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--simplified-irr
alternate name: Annualised return on a single trade
is based on: Industry shorthand; primary reference: CFA Institute time-value-of-money materials

Simplified IRR (annualised)
type: DefinedTerm
description: Annualised internal rate of return computed from a single-period TCO cash flow: ((1 + margin_pct) ^ (365 / hold_days)) − 1. Conservative proxy for true IRR; ignores intra-period cash flows and reinvestment. Used to compare deals with different hold durations on a like-for-like basis.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--simplified-irr-annualised

Single-day cash settlement (QP basis)
type: DefinedTerm
description: QP variant where settlement uses the LME Cash Settlement price of one declared business day (often the day of B/L, day of arrival, or a day named by the buyer or seller under a QP option). Eliminates monthly averaging; price is fully discovered on a single trading day.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--single-day-cash-settlement-qp-basis

Term-structure hedge roll
type: DefinedTerm
description: Cost or income of rolling a hedge along the forward curve. In contango (forward > spot), the hedger loses on the roll; in backwardation (forward < spot), the hedger gains.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--term-structure-hedge-roll
alternate name: Forward curve roll cost
is based on: London Metal Exchange — curve mechanics

Total landed cost
type: DefinedTerm
description: Sum of net material cost + logistics + customs + warehouse + financing + risk + ESG + commercial costs at destination. The complete "landed" cost basis for margin and breakeven analysis.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--total-landed-cost
alternate name: TCO — Total Cost of Ownership
is based on: Industry term; references: APICS/CSCMP supply chain definitions

UCS — Unknown Cash Settlement (Unfixed QP)
type: DefinedTerm
description: Pricing arrangement where the LME (or other reference) cash settlement day used to price the lot is NOT fixed at contract signing — one party (buyer or seller, depending on the contract) holds the right to declare the specific pricing day during an agreed declaration window. The QP basis itself remains 'one day cash settle', but the day is unknown until declared. Distinct from M, M+1, MAMA or M-1 (where the averaging window is fixed in advance) and from N-day average (where the window is fixed but multi-day). Often combined with a single-day cash settle basis and a 5-30 day declaration window after B/L or after arrival.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--ucs-unknown-cash-settlement-unfixed-qp
alternate name: Unknown Cash Settlement / Unfixed Quotational Period

IBM ASP
type: DefinedTerm
description: State-published monthly benchmark used as the royalty and duty base for mineral ore sales in India. The Indian Bureau of Mines (IBM), under the Ministry of Mines, computes ASP for each major mineral (iron ore, chromite, manganese, bauxite, limestone, etc.) from ex-mine sale prices reported by lessees under the Mineral Conservation and Development Rules (MCDR) 2017. Iron ore ASP is published grade-wise (lumps ≥65% Fe, fines 62-65% Fe, etc.) and state-wise (Odisha, Karnataka, Jharkhand, Chhattisgarh) and became controversial after CAG audits (2015, 2022) found that discrepancies between IBM ASP and actual FoB export realisations caused significant royalty leakage for the Government of India. ASP is the primary benchmark for section 9 royalty of the Mines and Minerals (Development and Regulation) Act 1957.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--ibm-asp
alternate name: Indian Bureau of Mines — Average Sale Price
is based on: Indian Bureau of Mines — Average Sale Price monthly bulletins
is based on: Comptroller and Auditor General of India — Report No. 6 of 2022 (Assessment of Assessment Levy of Royalty on Iron Ore)
is based on: Ministry of Mines Government of India — MMDR Act 1957.

Norm Value
type: DefinedTerm
description: Statutory reference price used by Zambia Revenue Authority (ZRA) as the mineral royalty base when actual arm's-length sale price cannot be verified or when related-party transfer pricing is suspected. Norm Value is calculated from LME cash settlement (copper) or Fast Markets / Metal Bulletin quotations (cobalt) minus deemed treatment and refining charges (TC/RC) and freight, applied to the assay-verified metal content of the shipment. It anchors the sliding-scale royalty rates in the Mines and Minerals Development Act 2015 (Zambia): copper royalty ranges from 5.5% at LME <US$4,500/t to 10% at LME ≥US$9,000/t. Central to Zambia's transfer-pricing enforcement — mining operators (First Quantum, Vedanta KCM, Barrick Lumwana, Mopani/ZCCM-IH) must justify any material deviation from Norm Value.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--norm-value
alternate name: Zambia Norm Value — Statutory Reference Price for Copper & Cobalt
is based on: Zambia Revenue Authority — Mineral Royalty Leaflet 2021
is based on: Mines and Minerals Development Act No. 11 of 2015 (Zambia)
is based on: Ministry of Mines and Minerals Development of Zambia.

RIOMA
type: DefinedTerm
description: Chile's ad valorem plus profit-based mining royalty in force since 1 January 2024 following Law No. 21.591 (August 2023). RIOMA replaces the earlier Impuesto Específico a la Actividad Minera (IEAM) with a two-part structure: (1) a flat 1% ad valorem levy on copper sales value when annual production exceeds 50,000 tonnes fine copper, and (2) a progressive mining margin component of 8-26% on operating margin, calibrated to the LME copper price ladder. The 1% ad valorem is anchored to the London Metal Exchange copper cash settlement average for the sales period as the primary reference price — Chilean state-owned Codelco and private-sector Antofagasta, BHP Escondida, Freeport El Abra all remit under RIOMA. Combined effective take (RIOMA + corporate tax + Codelco Ley 13.196) is capped at 46.5% at LME >US$4/lb.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--rioma
alternate name: Royalty on Mining Activity — Chile (Royalty a la Actividad Minera)
is based on: Servicio de Impuestos Internos Chile — Ley 21.591 sobre royalty minero, sii.cl
is based on: Ministerio de Hacienda Chile — Reforma royalty minero 2023
is based on: Ernst & Young — Chile New Mining Royalty Alert (2023)

RP Bands
type: DefinedTerm
description: Sliding-scale ad valorem royalty rates in Queensland and Western Australia that step up with the reference commodity price. Queensland's progressive coal royalty (from July 2022) has seven bands from 7% at <A$100/t to 40% at >A$300/t, using benchmark thermal coal prices (Newcastle globalCOAL) as the reference. WA iron ore royalty is a fixed 7.5% ad valorem on fine ore and 5% on lumps but with escalator triggers tied to Platts IODEX 62% Fe CFR North China. WA also uses royalty bands for critical minerals: lithium 5% ad valorem, nickel 2.5%, and cobalt tied to Fast Markets. These band structures make Australia's mining fiscal take highly price-sensitive — record coal royalties (A$15+ billion FY23) came from the top bands during the 2022-23 energy crisis.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--rp-bands
alternate name: Australia Royalty Price Bands (Queensland & Western Australia)
is based on: Queensland Treasury — Royalty Rates for Coal
is based on: Government of Western Australia Department of Mines Industry Regulation and Safety — Royalty Rates Schedule
is based on: Mineral Resources Regulation 2013 (Qld)
is based on: Mining Regulations 1981 (WA).

Kazakhstan MET
type: DefinedTerm
description: Ad valorem mining tax in Kazakhstan under the Tax Code Chapter 76-80 (Article 746). MET applies to each unit of extracted taxable mineral, calculated as: MET base × world average price × rate. The world average price benchmark is compiled by the Ministry of Finance from major international exchanges — LME cash settlement (copper 5.7%, zinc 7%, lead 8%, aluminium 0.25%), LBMA gold PM fix (5%) and silver (5%), and quoted specialty prices for rare earths and uranium. Rates and world average price tables are published quarterly in the Kazakhstan Ministry of Finance orders. MET is Kazakhstan's largest single mineral fiscal revenue source (Kazakhmys, Kazzinc, KazMinerals, Kazatomprom uranium, Solidcore Resources gold all pay MET). Since 2023 Kazakhstan has periodically increased MET on strategic minerals (uranium tiered 6-18%, tungsten 5%) to redirect export revenue.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--kazakhstan-met
alternate name: Kazakhstan Mineral Extraction Tax (Налог на добычу полезных ископаемых)
is based on: Kazakhstan Tax Code 2018 (with 2023-2026 amendments) Chapter 46
is based on: Ministry of Finance of Kazakhstan — MET quarterly reference price orders; (MET regulations).

Baotou RE Index
type: DefinedTerm
description: China's state-blessed rare earth reference price index, launched 12 January 2026 by the Baotou Rare Earth Products Exchange (包头稀土产品交易所) with National Development and Reform Commission (NDRC) and Ministry of Industry and Information Technology (MIIT) endorsement. Baotou (Inner Mongolia) is the world's rare earth capital — over 40% of global reserves and processing capacity. The index publishes daily physical settlement prices for 17 individual rare earth oxides (Nd, Pr, Dy, Tb, Sm, Eu, Gd, Ho, Er, Tm, Yb, Lu, Ce, La, Y, Sc, Pm) plus critical alloys (NdFeB, SmCo) in RMB/tonne. The index is used by China Northern Rare Earth (SHA:600111), China Rare Earth Holdings (HKG:0769), Lynas Rare Earths (Malaysia refining), and increasingly by Western defense procurement (US DFC, DOD stockpile). Beijing's export controls on Dy, Tb, W, Sm, Gd, Yb (April 2025) made Baotou the de-facto global price setter.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--baotou-re-index
alternate name: Baotou Rare Earth Products Trading Platform Price Index
is based on: Baotou Rare Earth Products Exchange, reht.com
is based on: National Development and Reform Commission of China (NDRC)
is based on: Ministry of Industry and Information Technology (MIIT)
is based on: China Rare Earth Industry Association, ac-rei.org.cn.

ARECOMS
type: DefinedTerm
description: Democratic Republic of the Congo strategic minerals market regulator, established by Presidential Ordinance No. 24/018 (13 February 2024), tasked with regulating cobalt (and by extension all Category-A strategic minerals) exports, prices and stockpiles. ARECOMS operates a monthly Reference Selling Price (Prix de Vente de Référence) for DRC cobalt hydroxide FOB Lobito/Dar es Salaam, calibrated against Fastmarkets Standard-Grade Cobalt and Metal Bulletin cobalt hydroxide payables. The DRC produces ~70% of global mined cobalt (Glencore Mutanda/KCC, CMOC Tenke Fungurume, Eurasian Resources Metalkol RTR), and ARECOMS gained global visibility with its February 2025 four-month cobalt export moratorium, extended in June 2025 and October 2025, which drove Fastmarkets cobalt Std grade from US$10/lb to over US$32/lb. Since November 2025 ARECOMS has run cobalt export quotas keyed to global demand forecasts published by the Cobalt Institute.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--arecoms
alternate name: Autorité de Régulation et de Contrôle des Marchés Stratégiques — DRC Cobalt Regulator
is based on: Autorité de Régulation et de Contrôle des Marchés Stratégiques (ARECOMS) — Presidential Ordinance 24/018 (2024)
is based on: Ministry of Mines Democratic Republic of the Congo, mines-rdc.cd
is based on: Cobalt Institute — Cobalt Market Report 2024
is based on: Fastmarkets Cobalt Standard Grade Assessments.

MGB Reference Price
type: DefinedTerm
description: Statutory reference price used by the Philippines Bureau of Internal Revenue (BIR) and Mines and Geosciences Bureau (MGB) to compute excise tax (4% ad valorem under TRAIN Law 2017) and mineral royalty (5% inside declared mineral reservations, MPSA agreements). MGB compiles monthly reference prices from LME cash settlement (copper, nickel, zinc, lead), LBMA gold PM fix, and Platts IODEX for iron ore, published in the MGB Mineral Industry Statistics annual and monthly bulletins. Applied to Nickel Asia (Taganito, Rio Tuba, Cagdianao — world's #2 nickel ore exporter after Indonesia), OceanaGold Didipio (copper-gold), Philex Mining (Padcal). Philippines DENR-MGB reference-price methodology is under review as of 2026 following the People's Mining Bill and the proposed Mineral Fiscal Regime Act which would move to Indonesia-style HPM formula pricing.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-pricing--mgb-reference-price
alternate name: Philippines Mines and Geosciences Bureau Reference Price
is based on: Mines and Geosciences Bureau of the Philippines — Mineral Industry Statistics 2021-2023
is based on: Department of Environment and Natural Resources (DENR)
is based on: Bureau of Internal Revenue Philippines — TRAIN Law RA 10963 (2017)
is based on: Philippine Mining Act of 1995 (RA 7942).

Asian Option (APO)
type: DefinedTerm
description: An option whose payoff is based on the average of the underlying price over a specified period rather than the spot price at expiry, which better matches the pricing exposure of physical metal traders who transact at monthly average prices. The LME offers Traded Average Price Options (TAPOs), which are monthly Asian-style options cash-settled against the monthly average of Official Settlement Prices.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: financial-instruments--asian-option-apo
alternate name: Asian Option / Average Price Option (APO) — LME TAPO
is based on: LME Traded Average Price Options (TAPO) product specifications
is based on: LME Rulebook Part 1 definition of 'Client Traded Average Price Option'

CFD
type: DefinedTerm
description: An OTC derivative under which two parties agree to exchange the difference between the opening and closing price of an underlying asset (e.g., a metal price index) over the contract period, without physical delivery. CFDs are classified as financial instruments under MiFID II (Annex I, Section C(9)). IOSCO has issued guidance on retail CFD product risks.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: financial-instruments--cfd
alternate name: Contract for Difference
is based on: EU MiFID II Directive 2014/65/EU, Annex I Section C(9) (list of financial instruments)
is based on: FCA COBS rules
is based on: IOSCO Final Report on Retail OTC Leveraged Products (2018)

Commodity Swap
type: DefinedTerm
description: An OTC derivative in which one party pays a fixed price per unit of a commodity and receives a floating price (typically a commodity reference price index) over a specified calculation period, with net cash settlement on each payment date. The 2005 ISDA Commodity Definitions govern the terms of privately negotiated commodity swaps, basis swaps, caps, floors, and swaptions.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: financial-instruments--commodity-swap
alternate name: Commodity Swap (Fixed-for-Floating)
is based on: 2005 ISDA Commodity Definitions (International Swaps and Derivatives Association, Inc.), Section 6.1 (Floating Amount calculation); isda.org

DTC
type: DefinedTerm
description: US central securities depository operated by DTCC (Depository Trust & Clearing Corporation). Provides book-entry settlement and custody for the vast majority of US-listed equities, corporate bonds, municipal bonds, and money market instruments. Acts as the nominee owner (Cede & Co.) for securities held on behalf of participant brokers and banks, enabling electronic settlement without physical certificate movement.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: financial-instruments--dtc
alternate name: Depository Trust Company
is based on: Source: DTCC official disclosures

ETF
type: DefinedTerm
description: Pooled investment vehicle whose shares trade on a stock exchange throughout the day at market-determined prices, typically tracking an index, commodity, sector, or asset basket. Combines features of mutual funds (diversified holdings, professional management) and stocks (intraday liquidity, transparent pricing). Metals ETFs (e.g., SPDR Gold Shares, iShares Silver Trust) hold physical bullion and are common wrappers used as reference points by tokenized-metal indices.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: financial-instruments--etf
alternate name: Exchange-Traded Fund
is based on: Source: SEC Investment Company Act
is based on: ETF issuer prospectuses

Metal Leasing / GOFO
type: DefinedTerm
description: Physical metal leasing involves lending gold or silver from a central bank or bullion bank to a borrower (typically a refiner or mine) in exchange for a lease rate (the return on lending metal). GOFO (Gold Forward Offered Rate) was the benchmark annualised interest rate at which LBMA market-making members were willing to lend gold on a swap against US dollars. GOFO was discontinued on 30 January 2015 following benchmark reform.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: financial-instruments--metal-leasing-gofo
alternate name: Metal Leasing / Gold Forward Offered Rate (GOFO)
is based on: LBMA GOFO historical data and market notices
is based on: LBMA announcement of GOFO discontinuation (30 January 2015); lbma.org.uk

Option (Call/Put)
type: DefinedTerm
description: An option grants the buyer the right, but not the obligation, to buy (call) or sell (put) a specified quantity of a metal at a fixed strike price on or before the expiry date, in exchange for a premium paid upfront. CME/COMEX Gold options are American-style (exercisable any time before expiry) on 100-troy-ounce Gold futures. LME options on metals futures are traded on the exchange.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: financial-instruments--option-call-put
alternate name: Metal Option — Call Option / Put Option
is based on: CME Group COMEX Gold Option contract specifications (Chapter 1008 COMEX Rulebook)
is based on: LME traded options product specifications
is based on: 2005 ISDA Commodity Definitions (option definitions)

SPDR
type: DefinedTerm
description: Family of exchange-traded funds first launched in 1993 by State Street Global Advisors, originally tracking the S&P 500 (ticker SPY). The SPDR brand now covers over 140 ETFs including SPDR Gold Shares (GLD) — the largest physically-backed gold ETF, holding over 900 tonnes of allocated LBMA Good Delivery gold at HSBC London vaults. SPDR gold and silver funds are widely used as wrapper proxies in tokenized-metal-index comparability analysis.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: financial-instruments--spdr
alternate name: Standard & Poor’s Depositary Receipts
is based on: Source: State Street Global Advisors
is based on: SPDR ETF prospectuses

Structured Trade Finance
type: DefinedTerm
description: Commodity-backed lending structures in which financing is secured against physical inventories or future receivables from commodity sales. Pre-export finance (PXF) involves a lender advancing funds against a borrower's contractual obligation to deliver and receive payment for future commodity exports. A borrowing base facility is revolving credit secured against a constantly changing pool of commodity inventories and receivables.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: financial-instruments--structured-trade-finance
alternate name: Structured Trade Finance — Pre-Export Finance / Borrowing Base
is based on: ICC Banking Commission Guidelines on Trade Finance
is based on: BAFT Master Participation Agreement
is based on: ICC Uniform Rules for Demand Guarantees (URDG 758)

AISC
type: DefinedTerm
description: A gold-industry cost metric introduced by the World Gold Council in 2013 that includes cash costs, sustaining capital, corporate general and administrative costs, reclamation and remediation accretion, and exploration expenses required to sustain current operations; expressed in USD per ounce of gold equivalent sold. Now broadly applied to silver, copper, and other metals.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: project-valuation-corporate-finance--aisc
alternate name: All-In Sustaining Cost (AISC)
is based on: World Gold Council, 'Gold All-In Cost Metrics — Gold Industry Guidance' (2013, updated 2018), gold.org.

Byproduct Credit
type: DefinedTerm
description: Revenue derived from metals produced in addition to the primary metal during mining or processing (e.g. gold, silver, and molybdenum from copper mining), deducted from total cash costs to produce net C1 or AISC metrics; byproduct credits can materially reduce reported net costs and create cross-commodity price sensitivity.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: project-valuation-corporate-finance--byproduct-credit
alternate name: Byproduct Credit (Mining Cost Accounting)
is based on: Wood Mackenzie, 'Copper Cost Methodology'
is based on: World Gold Council, 'Gold All-In Cost Metrics Guidance' (2013).

C1 Cost
type: DefinedTerm
description: The direct cost of producing and delivering copper cathode to market including mining, milling, smelting, refining, and transport, net of by-product credits; introduced by Brook Hunt (Wood Mackenzie) as an industry benchmark for copper producer cost analysis. C1 excludes sustaining capital, depreciation, and royalties.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: project-valuation-corporate-finance--c1-cost
alternate name: C1 Cash Cost (Copper)
is based on: Wood Mackenzie / Brook Hunt, 'Copper Cost Methodology', woodmac.com
is based on: CRU Group, 'Copper Cost Service', crugroup.com.

DCF
type: DefinedTerm
description: Valuation method that estimates intrinsic value by forecasting future cash flows and discounting them back at the cost of capital. For a mining asset: build a year-by-year P&L from a production schedule (tonnes × grade × recovery × price − opex − sustaining capex − tax − working-capital change), discount the free cash flow stream, sum to NPV, add terminal/salvage value. DCF is the most rigorous valuation when reserves and operating parameters are well-defined (PFS / DFS / NI 43-101 with reserves). Sensitivity tables (price ±15 %, opex ±10 %, discount rate ±2pp) are mandatory for credible DCF outputs.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: project-valuation-corporate-finance--dcf
alternate name: Discounted Cash Flow
is based on: Damodaran — Investment Valuation
is based on: CFA Institute — Equity Asset Valuation (4th ed., ch. 4)
is based on: CIM Mineral Project Evaluation Best Practices Guidelines (2019).

Discount rate
type: DefinedTerm
description: Annual percentage rate used to convert future cash flows to present value. Two conventions: (1) real discount rate (CFs in today's purchasing power, inflation stripped); (2) nominal discount rate ≈ real + inflation (CFs include inflation). The Fisher equation: (1 + nominal) = (1 + real) × (1 + inflation). Mining technical reports (NI 43-101, S-K 1300) require disclosure of which convention is used and the rate itself. Sensitivity tables typically show NPV at ±2 percentage-point movements. Discount rates higher than WACC are used for early-stage assets to embed project-specific risk.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: project-valuation-corporate-finance--discount-rate
alternate name: Discount rate (real vs nominal)
is based on: SEC S-K 1300 § 229.1304(b)(2)(iv)
is based on: NI 43-101 Form F1, Item 22 (Economic Analysis)
is based on: CIM Definition Standards (2014).

EBITDA
type: DefinedTerm
description: Cash-flow proxy: Revenue − COGS − Operating expenses (excl. D&A) − SG&A. Excludes capital structure (interest), tax regime, and non-cash accounting (D&A). Useful for cross-jurisdiction and cross-life-of-mine comparisons. Mining caveat: EBITDA EXCLUDES sustaining capex — which is huge in mining (10–25 % of revenue) — and thus systematically overstates true cash generation. Always pair EBITDA with sustaining-capex disclosure or use Free Cash Flow instead. Note: SEC defines EBITDA as a non-GAAP measure with mandatory reconciliation to net income (Reg G).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: project-valuation-corporate-finance--ebitda
alternate name: Earnings Before Interest, Tax, Depreciation & Amortization
is based on: SEC Reg G
is based on: CFA Institute Curriculum — Financial Reporting and Analysis.

Enterprise Value
type: DefinedTerm
description: Theoretical takeover cost of a business: market value of equity + market value of debt + minorities + preferred stock − cash and marketable securities. EV represents the cost to acquire the operating business free of capital structure. In mining, EV is normalised by EBITDA (multiple) or by reserves (EV/oz reserve, EV/lb-Cu reserve, EV/MT-Fe reserve). EV per ounce of gold reserve typically ranges $50–250/oz for explorers, $250–600/oz for developers, $600–1500/oz for producers, depending on jurisdiction and grade.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: project-valuation-corporate-finance--enterprise-value
alternate name: Enterprise Value (EV)
is based on: Damodaran — Investment Valuation ch. 14
is based on: CFA Institute — Equity Asset Valuation.

EV / EBITDA
type: DefinedTerm
description: EV / EBITDA = (market cap + net debt + minorities − cash) / EBITDA. Capital-structure-neutral valuation multiple. Mining-sector typical ranges at mid-cycle: gold majors 6–10×, mid-tier gold 5–8×, copper majors 5–9×, iron ore majors 4–7×, diversified majors (BHP, Rio, Glencore, Vale) 5–8×, lithium / EV-battery materials 8–15× (premium for growth), uranium / rare earth 10–20× (strategic premium). Multiples compress at top of cycle (10×→4×), expand at bottom (4×→12×). EV/EBITDA is the dominant quick-screen multiple for mining M&A.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: project-valuation-corporate-finance--ev-ebitda
alternate name: Enterprise Value to EBITDA ratio
is based on: BMO Capital Markets
is based on: UBS Global Mining Sector Outlook
is based on: S&P Capital IQ M&A database commentary.

Free Cash Flow
type: DefinedTerm
description: Cash flow available to all capital providers after operating expenses, taxes, working capital changes, and capital expenditure. Two flavours: FCFF (to firm, before interest) used with WACC for enterprise value; FCFE (to equity, after interest) used with cost of equity for equity value. Mining-specific definition: FCF = EBITDA − cash taxes − sustaining capex − Δ working capital. FCF margin (FCF / revenue) is the cleanest comparison between miners regardless of capital structure or non-cash accounting (depreciation, impairments). Top quartile gold and copper producers run 25–40 % FCF margins at mid-cycle commodity prices.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: project-valuation-corporate-finance--free-cash-flow
alternate name: Free Cash Flow (FCF)
is based on: CFA Institute — Equity Asset Valuation (4th ed., ch. 4)
is based on: Damodaran — Investment Valuation ch. 10.

Head Grade
type: DefinedTerm
description: The average grade of ore delivered to the processing plant, expressed as a percentage, grams per tonne (g/t), or parts per million (ppm) depending on the commodity; combined with mill throughput and metallurgical recovery, head grade determines contained metal production.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: project-valuation-corporate-finance--head-grade
alternate name: Head Grade (Mill Feed Grade)
is based on: SME, 'SME Mining Engineering Handbook' (2011)
is based on: CIM Definition Standards (2014).

IRR
type: DefinedTerm
description: Discount rate that makes a project's NPV exactly zero. Solving Σ (FCFₜ / (1+IRR)ᵗ) = CapEx₀ gives the breakeven return of the project. IRR ≥ hurdle rate (WACC) → accept; IRR < hurdle → reject. Pitfalls: (1) projects with non-conventional cash flows (multiple sign changes) can have multiple IRRs; (2) IRR can rank mutually exclusive projects incorrectly versus NPV — always check NPV when ranking; (3) IRR assumes reinvestment at IRR itself, which is unrealistic for high-IRR projects (use Modified IRR or NPV instead). Mining sector typical hurdle IRRs: gold 15–20 %, base metals 12–15 %, iron ore 12 %, lithium/REE 20–25 % (higher risk).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: project-valuation-corporate-finance--irr
alternate name: Internal Rate of Return
is based on: Brealey, Myers & Allen ch. 5
is based on: Damodaran — Investment Valuation (3rd ed., ch. 5)
is based on: CIM Best Practice Guidelines for Mineral Processing — Economic Analysis (2003).

NAV
type: DefinedTerm
description: Sum-of-the-parts valuation of a mining company, calculated as: post-tax NPV of each operating mine + post-tax NPV of development projects + market value of exploration land + cash & marketable securities − total debt − decommissioning liabilities. Mining-equity analysts publish NAV per share in research reports and use it as the anchor for target prices. NAV differs from book value (accounting) because mineral reserves are valued at their forward-cash-flow potential, not historical cost. NAV is the basis for the P/NAV multiple, the dominant valuation metric for primary mining equities.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: project-valuation-corporate-finance--nav
alternate name: Net Asset Value (mining)
is based on: BMO Capital Markets — Global Metals & Mining Research Methodology
is based on: RBC Capital Markets — Precious Metals Valuation Primer
is based on: Wood Mackenzie — Mining Asset Valuation methodology notes.

Net Debt
type: DefinedTerm
description: Total interest-bearing debt + capitalised lease obligations − cash − marketable securities. Mining-specific addition: include closure & reclamation liabilities and decommissioning provisions if not separately captured. Net Debt / EBITDA ratio is a key covenant in mining project finance — investment-grade miners target ≤ 2.0×; high-yield 2.0–4.0×; financial distress > 4.0×. Streaming and prepay obligations are debt-like in substance and analysts often add them to net debt (~$ stream commitment ÷ residual life × NPV factor).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: project-valuation-corporate-finance--net-debt
alternate name: Net Debt (mining balance sheet)
is based on: Moody's — Mining Sector Methodology
is based on: S&P Global Ratings — Metals & Mining Criteria.

NPV
type: DefinedTerm
description: Sum of all future free cash flows from a project discounted back to today at a chosen discount rate, minus the upfront investment. A positive NPV means the project earns more than the required return; the larger the NPV, the greater the value created. Formula: NPV = Σ (FCFₜ / (1+r)ᵗ) − CapEx₀, where FCFₜ is free cash flow in year t, r is the discount rate, and CapEx₀ is the initial investment. NPV is unit-additive (NPVs of two independent projects add), unlike IRR. In mining, NPV is typically calculated post-tax in real (constant) dollars using a 5–10 % discount rate; the result is highly sensitive to long-term commodity-price assumptions.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: project-valuation-corporate-finance--npv
alternate name: Net Present Value
is based on: Brealey, Myers & Allen — Principles of Corporate Finance (13th ed., ch. 5)
is based on: CFA Institute Curriculum, Corporate Finance Level I
is based on: SEC S-K 1300 § 229.1304(b)(2) (technical-report disclosures).

P/NAV
type: DefinedTerm
description: Mining-sector valuation multiple: share price ÷ NAV per share. Senior gold producers historically trade at 1.0–1.5× P/NAV; junior developers 0.4–0.8× P/NAV; royalty/streaming companies (Wheaton Precious Metals, Franco-Nevada, Royal Gold) trade at 1.5–2.5× P/NAV reflecting their cash-cost-free model. Base-metal producers cluster around 0.8–1.2× P/NAV. Trading below 1.0× usually signals discount for operational, jurisdictional, or commodity-price risk; trading above 1.0× implies the market believes reserves will be replaced or extended. P/NAV is the mining analogue of P/E in tech and P/B in financials.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: project-valuation-corporate-finance--p-nav
alternate name: Price to Net Asset Value ratio
is based on: Sprott — Mining Equity Valuation Primer
is based on: CIBC World Markets — Gold Equity Research
is based on: BofA Global Research — Metals & Mining sector handbook.

Payback period
type: DefinedTerm
description: Time required for cumulative cash inflows to equal the initial investment. Simple payback ignores time value of money; discounted payback uses discounted cash flows. For a mine: simple payback = CapEx / (annual after-tax cash flow). Mining-sector targets vary: gold 2.5–4 years, base metals 4–7 years, iron ore 5–8 years, lithium 4–6 years. Payback is a liquidity/risk metric — short payback reduces sovereign and price risk exposure — not a value-creation metric. Use NPV or IRR for value, payback only as a constraint.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: project-valuation-corporate-finance--payback-period
alternate name: Payback period (simple and discounted)
is based on: Brealey, Myers & Allen ch. 5
is based on: KPMG — Mining Project Evaluation Handbook (2022).

Sensitivity analysis
type: DefinedTerm
description: Systematic test of how NPV/IRR change when one input is varied while others are held constant. Standard mining sensitivity inputs: commodity price (±20 %), operating cost (±10 %), capital cost (±15 %), discount rate (±2 pp), head grade (±10 %), recovery (±3 pp), and FX rates. Outputs are displayed as a 'tornado chart' ordered by impact. Required by NI 43-101 Form F1 Item 22(c) and SEC S-K 1300 § 229.1304(b)(2)(v). Identifies which variables drive risk and where additional due-diligence effort is best spent.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: project-valuation-corporate-finance--sensitivity-analysis
alternate name: Sensitivity analysis (mining tornado chart)
is based on: NI 43-101 Form F1 Item 22
is based on: SEC S-K 1300 § 229.1304
is based on: CIM Best Practice Guidelines for Mineral Project Evaluation.

Strip Ratio
type: DefinedTerm
description: The ratio of waste rock (in tonnes or bank cubic metres) that must be removed to expose and mine one tonne of ore in an open-pit mine; a key driver of operating cost and mine scheduling. The economic cut-off strip ratio (breakeven strip ratio) is calculated from ore value, mining costs, and processing economics.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: project-valuation-corporate-finance--strip-ratio
alternate name: Strip Ratio (Open Pit Mining)
is based on: SME, 'SME Mining Engineering Handbook', 3rd ed. (2011), Chapter 10.4
is based on: CIM Definition Standards (2014).

Sustaining vs growth capex
type: DefinedTerm
description: Sustaining capex: spending required to maintain current production capacity — equipment replacement, infrastructure renewal, tailings dam lifts, drilling to convert resource to reserve at current rate. Included in AISC per WGC 2013 Guidance. Growth (expansion) capex: investment expanding capacity, building new mines, processing throughput upgrades. EXCLUDED from AISC; included in AIC (All-in Cost). The split matters for valuation: sustaining capex is mandatory and reduces FCF available to shareholders; growth capex is discretionary and should earn an IRR above WACC. Analysts examine the ratio Sustaining/Total Capex to assess capital discipline.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: project-valuation-corporate-finance--sustaining-vs-growth-capex
alternate name: Sustaining capex vs growth (expansion) capex
is based on: World Gold Council — Guidance Note on Non-GAAP Metrics (June 2013, updated 2018)
is based on: McKinsey — Mining capex efficiency studies.

Terminal value
type: DefinedTerm
description: Value beyond the explicit forecast period. For mining, mine life is finite (until reserves are depleted), so terminal value is usually limited to: (1) salvage value of equipment minus closure/reclamation liability, often near zero or negative; (2) residual exploration potential outside current reserves, valued by analyst judgment or comparable transactions. For perpetually operating businesses (smelters, refineries, royalty companies), terminal value uses Gordon Growth: TV = FCF_T+1 / (WACC − g). For mines, never assume perpetual growth — physical reserves are the cap.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: project-valuation-corporate-finance--terminal-value
alternate name: Terminal value (mining context)
is based on: Damodaran — Investment Valuation ch. 12
is based on: SRK Consulting — Best Practice in Mining Valuation papers.

WACC
type: DefinedTerm
description: Blended after-tax cost of a firm's funding: WACC = (E/V) × Re + (D/V) × Rd × (1−t), where E = equity, D = debt, V = E+D, Re = cost of equity (CAPM: rf + β × ERP), Rd = pre-tax cost of debt, t = marginal tax rate. WACC is the discount rate for risky free-cash-flows to the firm (FCFF) in a DCF. Mining-sector WACCs: large diversified miners 7–9 %, mid-cap single-asset producers 9–12 %, single-project developers 12–18 %, frontier-jurisdiction or lithium/critical-mineral developers 15–25 %. Always real (inflation-stripped) when cash flows are in constant dollars; nominal when cash flows include inflation.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: project-valuation-corporate-finance--wacc
alternate name: Weighted Average Cost of Capital
is based on: Brealey, Myers & Allen ch. 9
is based on: Damodaran — Cost of Capital data sets (annual update for mining industries).

AISC margin
type: DefinedTerm
description: AISC margin = realized average selling price per oz/lb − AISC per oz/lb. Quickest profitability gauge for a single-metal producer: a gold miner with realized price $2,300/oz and AISC $1,400/oz earns a $900/oz AISC margin. AISC margin × ounces sold ≈ free cash flow before growth capex and tax. Producers in the bottom AISC quartile (cost curve) earn outsized margins during high-price cycles and survive low-price cycles where bottom-decile producers operate. Analysts plot AISC margin vs spot price to assess cycle exposure.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-finance-equity-debt--aisc-margin
alternate name: AISC margin (price minus AISC, per unit)
is based on: WGC Guidance Note 2013
is based on: S&P Global Commodity Insights cost-curve services.

ATM offering
type: DefinedTerm
description: Continuous equity-issuance programme in which a company sells new shares directly into the open market over time, at prevailing prices, through one or more registered broker-dealers. Common in mid-cap mining and royalty companies needing flexible financing without underwriter discount. Limits in US (Rule 415 shelf): typically 10–20 % of public float per year. Lower transaction cost (1–2 %) than bought-deal placements (3–5 %) or marketed offerings (4–6 %). Filed via base shelf prospectus + prospectus supplement; volume disclosed in quarterly reports.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-finance-equity-debt--atm-offering
alternate name: At-The-Market equity offering
is based on: SEC Securities Act Rule 415
is based on: OSC NI 44-101 (Canada)
is based on: ATM prospectus filings of mining companies (Pan American Silver, Wheaton, Franco-Nevada).

Backwardation
type: DefinedTerm
description: Futures-price curve where longer-dated contracts are lower than near-dated contracts (downward-sloping curve). Reflects physical scarcity — buyers willing to pay premium for immediate delivery. Strong signal of tight supply: backwardation on LME copper > $30/MT often precedes price rallies. Roll yield is positive for long-only investors (sell high-priced expiring, buy lower-priced next). Common in metals during stockout episodes (LME nickel March 2022, LME aluminium 2024). Term coined by Keynes in 'A Treatise on Money' (1930).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-finance-equity-debt--backwardation
alternate name: Backwardation (commodity futures curve)
is based on: LME — Term Structure data
is based on: CFA Institute — Commodities reading
is based on: Keynes — A Treatise on Money (1930) ch. 29.

Capital intensity
type: DefinedTerm
description: Upfront capital required per annual unit of production capacity. Examples: $/annual-oz-Au, $/annual-tonne-Cu, $/annual-tonne-Li₂CO₃, $/annual-tonne-Fe-ore. Benchmarks (2024 USD): gold mines $1,500–4,000/annual-oz; copper greenfield $14,000–25,000/annual-tonne-Cu; lithium spodumene $20,000–35,000/annual-tonne-LCE; iron ore Pilbara expansion $80–150/annual-tonne. Capital intensity inflates ~5–8 %/yr in real terms (mining-cost inflation). Used in greenfield vs brownfield vs acquisition decisions: if buying existing capacity is cheaper than building, M&A makes sense.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-finance-equity-debt--capital-intensity
alternate name: Capital intensity (mining)
is based on: Wood Mackenzie — Mining Capital Intensity Database
is based on: S&P Global Market Intelligence
is based on: McKinsey Mining capex tracker.

Contango
type: DefinedTerm
description: Futures-price curve where longer-dated contracts are higher than near-dated contracts (upward-sloping curve). Reflects storage costs + cost of financing + insurance. Typical for storable metals (LME copper, aluminium, zinc) when supply is abundant. Roll yield for long-only investors is negative in contango (they sell low-priced expiring contract and buy higher-priced next contract). Distinguishable from backwardation (downward-sloping curve, scarcity signal). Strong contango on LME often signals stocks are building and price is under near-term pressure.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-finance-equity-debt--contango
alternate name: Contango (commodity futures curve)
is based on: LME — Member Knowledge Base
is based on: CME Group — Commodity Curves explained.

Copper-equivalent ton
type: DefinedTerm
description: Polymetallic-mine production normalized to copper. CuEq = Cu + (Mo × Mo_price/Cu_price) + (Au_oz × Au_price/Cu_price × conversion) + ... Used by porphyry-copper producers (First Quantum, Antofagasta, Teck, Freeport-McMoRan) that produce significant by-product moly, gold, silver. CuEq grades reported in NI 43-101 / S-K 1300 must disclose price assumptions and recovery factors used for each contributing metal. Useful for resource-comparison but always check the underlying assumption — high gold price assumptions can flatter CuEq grades materially.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-finance-equity-debt--copper-equivalent-ton
alternate name: Copper-equivalent ton (CuEq)
is based on: Freeport-McMoRan — 10-K
is based on: First Quantum Minerals — AIF
is based on: CIM Definition Standards § 6.

Defense Ordnance Technology Consortium (DOTC)
type: DefinedTerm
description: US Department of Defense consortium operating under Other Transaction Authority (OTA) — a contracting mechanism outside standard Federal Acquisition Regulation processes that allows faster, more flexible awards for prototype development and follow-on production. DOTC funds projects supporting ordnance, energetics, munitions, and related critical materials. Antimony trisulfide is used as a primer compound in small-arms and artillery ammunition, making domestic antimony supply a DOTC scope item. On 28 May 2025 the Department of Defense awarded up to 6.9 million US dollars to Perpetua Resources via DOTC for domestic antimony trisulfide production. DOTC awards typically precede larger scale-up commitments and serve as validation for downstream investors.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-finance-equity-debt--defense-ordnance-technology-consortium-dotc
alternate name: US Defense Ordnance Technology Consortium — Other Transaction Authority
is based on: Perpetua Resources press release on the 28 May 2025 DOTC award for domestic antimony trisulfide production

Equity dilution
type: DefinedTerm
description: Reduction in existing shareholders' ownership percentage when new shares are issued (placement, bought deal, ATM, warrants, options exercised). Junior mining-exploration companies typical dilution: 20–40 % per year during pre-production financing rounds (the 'mining-explorer death spiral' in down-markets). Anti-dilutive metric: per-share metrics (NAV/share, FCF/share, reserve oz/share) — if absolute NAV grows 30 % but share count grows 50 %, NAV/share has decreased. Mining-equity analysts always compare on per-share basis.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-finance-equity-debt--equity-dilution
alternate name: Equity dilution (mining context)
is based on: CFA Institute curriculum — Equity Asset Valuation
is based on: PDAC presentations on Mining Equity Capital.

Forward sales
type: DefinedTerm
description: Direct sale of future production at a fixed price agreed today, settled physical (deliver metal) or financial (cash settle vs benchmark). Distinct from futures (exchange-cleared) and OTC swaps (synthetic). Mining-specific use: project-finance banks typically require 20–40 % of first 3–5 years of production forward-sold to secure debt repayment. Common in lithium and copper project finance 2020–2025. Disclosed under IFRS 9 / ASC 815 derivative accounting if not designated for hedge treatment.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-finance-equity-debt--forward-sales
alternate name: Forward sales (mining context)
is based on: Big Four mining accounting guides
is based on: IFRS 9 / ASC 815.

Gold-equivalent ounce
type: DefinedTerm
description: Standardized production unit for polymetallic mines: converts all metals to an equivalent quantity of gold using current or assumed ratios. Formula: GEO = Au_oz + (Ag_oz × Ag_price/Au_price) + (Cu_lb × Cu_price/Au_price) + ... GEO enables apples-to-apples production comparisons across mines with different metal mixes. Watch out: GEO ratios assumed (forward-curve, spot, or company assumption?) — companies sometimes use favorable ratios that flatter production volumes. Always check the basis. Wheaton Precious Metals, Pan American Silver, B2Gold publish GEO production using consistent annual ratios.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-finance-equity-debt--gold-equivalent-ounce
alternate name: Gold-equivalent ounce (GEO)
is based on: Pan American Silver — Annual Information Form
is based on: Wheaton Precious Metals — Q-results methodology
is based on: SEC Reg G non-GAAP disclosures.

GRR royalty
type: DefinedTerm
description: Royalty paid on gross revenue without any deductions for smelting, refining, transportation or any operating costs. Most operator-unfriendly royalty structure; rare in modern royalty contracts — most have been converted to NSR. Government royalties in some jurisdictions still operate as gross royalties (e.g. Western Australia state royalty on iron ore is 7.5 % of FOB revenue, structured as a gross royalty). GRR percentages are typically 0.5–3 % because every percentage point is more painful than NSR.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-finance-equity-debt--grr-royalty
alternate name: Gross Royalty (GRR / GVR)
is based on: Government of Western Australia — Mining Act
is based on: Fraser Institute — Annual Survey of Mining Companies (royalty section).

Hedging programme
type: DefinedTerm
description: Forward sales, options or zero-cost collars used by miners to lock in revenues for some portion of future production. Common during project financing (lenders require hedging) or in volatile commodity environments. Hedge ratios: 0–25 % for senior gold miners (most operate fully unhedged), 30–80 % for project-finance copper/lithium projects (lender mandate). Hedge-to-fail risk: if commodity prices rise, hedges create realized losses while spot revenue rises elsewhere — operators with deep hedge books (Barrick pre-2009 had $5B hedge losses) underperform in bull markets. Always disclosed as commodity-price-risk note in 10-K / 20-F.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-finance-equity-debt--hedging-programme
alternate name: Commodity hedging programme
is based on: Big Four mining-sector accounting guides
is based on: CFA Institute — Derivatives & Risk Management curriculum.

Mineral title valuation
type: DefinedTerm
description: Exploration and pre-resource properties are valued using comparable-transaction or appraised-value methods, not DCF (no defined reserves to discount). Three common methods: (1) Recent-deal comparison: $/hectare paid for similar concessions in similar jurisdictions; (2) Geoscientific factors method (Kilburn 1990, used in Australia & Canada); (3) Probabilistic value of exploration target (modifying factors applied to inferred geological potential). Disclosed in technical reports under NI 43-101 Item 22 and SEC S-K 1300 § 1304(b)(7) where applicable.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-finance-equity-debt--mineral-title-valuation
alternate name: Mineral title (concession / lease) valuation
is based on: Kilburn (1990) — Valuation of Mineral Properties
is based on: CIM Mineral Property Valuation Standards (CIMVal 2003)
is based on: SAMVAL Code (South Africa).

NSR royalty
type: DefinedTerm
description: Royalty calculated as a percentage of gross revenue from a mine, less off-site refining, smelting, transportation and insurance costs (the 'smelter return'). Typical NSR rates: 1–4 % for major precious-metal projects, 0.5–2 % for base metals, 1–5 % for critical minerals. Sliding-scale royalties tied to commodity price are common. NSR is in front of operating costs, taxes and capex — paid even when the mine is unprofitable — making it more secure than equity or debt in the cash-flow waterfall. Distinct from GRR (Gross Royalty: % of gross revenue without deductions) and NPI (Net Profit Interest: % of net income).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-finance-equity-debt--nsr-royalty
alternate name: Net Smelter Return (NSR) royalty
is based on: CIM — Royalty and Streaming definitions
is based on: PDAC presentations on Royalty Structures
is based on: SEC S-K 1300 § 229.1303(b)(7).

Off-take agreement
type: DefinedTerm
description: Long-term contract obligating buyer to purchase a specified quantity of future production from a seller at a price formula (typically benchmark-indexed). Distinct from sales contracts (single shipment) and forward sales (financial commitment). Off-take is the standard commercial backbone for mining-project debt financing: project lenders typically require 60–100 % of nameplate production locked into off-takes with investment-grade counterparties. Pricing formulas reference benchmark (LME, IODEX, Argus, FastMarkets) plus or minus a fixed differential. Common in lithium, nickel, cobalt, rare earths and aluminium project finance.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-finance-equity-debt--off-take-agreement
alternate name: Off-take agreement (long-term commodity supply)
is based on: LMA — Off-take Agreement standard form
is based on: IFC Mining Project Finance handbook.

Prepaid forward
type: DefinedTerm
description: Operator receives upfront cash today in exchange for committing to deliver a fixed quantity of metal (or its USD-equivalent) at a future date or schedule. Pricing typically locks the metal at a discount to expected forward curve. Tax-efficient versus a loan (no interest deduction worry), but introduces production-delivery risk for the buyer. Used by Newmont, Glencore, First Quantum and others for mid-life cycle financing. Accounting treatment under IFRS 15 (deferred revenue) and US GAAP ASC 606 affects reported EBITDA.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-finance-equity-debt--prepaid-forward
alternate name: Prepaid forward sale (metal prepay)
is based on: Big Four audit guidance (Deloitte, EY, KPMG, PwC) — Mining Industry Accounting
is based on: IFRS 15 implementation papers.

Price deck
type: DefinedTerm
description: Set of forward commodity-price assumptions used in DCF and reserve-economic estimates. Four common decks: (1) Consensus deck — mean of sell-side analyst forecasts (published quarterly by Reuters, Bloomberg, S&P Global); (2) Analyst-specific deck — proprietary forecast from a single bank; (3) Company-internal deck — the operator's own planning assumptions, often disclosed in technical reports; (4) Spot/forward deck — current spot or forward-curve prices for short-horizon analyses. Reserve declarations under SEC S-K 1300 must disclose the deck used and justify long-term assumptions, typically referenced to a multi-year average.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-finance-equity-debt--price-deck
alternate name: Price deck (consensus / analyst / company / spot)
is based on: SEC S-K 1300 § 229.1303(b)(2)
is based on: CIM Definition Standards § 6.1
is based on: CRU Group, Wood Mackenzie quarterly consensus reports.

Project finance limited recourse
type: DefinedTerm
description: Debt structure in which the lender's recourse is limited to the cash flows and assets of the specific project, not the parent company's broader balance sheet. Senior secured project loans against single mining projects typically: 50–70 % of total capex; tenor matching mine life (often 7–12 years); interest 250–500 bps over benchmark; mandatory hedging of 30–60 % of first 3–5 years of production; debt-service reserve account of 6 months. Common in lithium, copper greenfield and iron-ore projects. Lenders: ECAs (Export Development Canada, EFIC, KfW), commercial-bank syndicates (BNP Paribas, Standard Chartered, Crédit Agricole), DFIs (IFC, EBRD, AfDB).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-finance-equity-debt--project-finance-limited-recourse
alternate name: Project finance — limited or non-recourse
is based on: International Finance Corporation — Project Finance in the Extractive Sector handbook
is based on: Loan Market Association — Mining Project Finance templates.

Reserve replacement ratio
type: DefinedTerm
description: Annual change in mineral reserves divided by annual production. RRR > 100 % = mine extending life; RRR < 100 % = depleting. Calculated as: (closing reserves − opening reserves + production) / production. Disclosed in annual reports as a key sustainability metric. Industry context: gold producers struggle to maintain RRR > 100 % long-term (typical 60–90 %); diversified miners (BHP, Rio, Vale) typically 100–130 %; lithium and copper developers often > 200 % during ramp-up. Distinct from oil & gas RRR (which uses 1P/2P reserve categories).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-finance-equity-debt--reserve-replacement-ratio
alternate name: Reserve replacement ratio (RRR)
is based on: S&P Global — Mining Industry Sustainability Indicators
is based on: ICMM Mining Performance Indicators.

Silver-equivalent ounce
type: DefinedTerm
description: Primary-silver miners (Pan American, MAG Silver, First Majestic, Hecla, Coeur) report production as AgEq: converts by-product gold, lead, zinc and copper to silver-equivalent at assumed ratios. AgEq = Ag_oz + (Au_oz × Au/Ag ratio) + (Pb_lb × Pb_price/Ag_price) + ... Au/Ag ratio is the most-watched input; gold-silver ratio (currently ~75–85:1) determines whether a silver miner's gold by-product is overstated or understated. AgEq guidance is a non-GAAP measure under SEC Reg G — reconciliation to physical ounces is required.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-finance-equity-debt--silver-equivalent-ounce
alternate name: Silver-equivalent ounce (AgEq)
is based on: Pan American Silver — 10-K methodology
is based on: First Majestic Silver — AIF.

Streaming agreement
type: DefinedTerm
description: Contract whereby a financing company (streamer) makes an upfront cash payment to a mining operator in exchange for the right to purchase a percentage of future production at a low ongoing per-unit price (e.g. $400/oz gold, 20 % of spot silver). Streams are typically structured on by-product metals (silver from a copper mine, gold from a lead/zinc mine). Major streamers: Wheaton Precious Metals, Franco-Nevada, Royal Gold, Osisko Gold Royalties. From the operator's view, streams provide non-dilutive capital but transfer commodity-price upside on the streamed metal. Treated as debt-like by credit-rating agencies; reported as deferred revenue / liability under IFRS 15.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-finance-equity-debt--streaming-agreement
alternate name: Metal streaming agreement
is based on: Wheaton Precious Metals — Annual Information Form
is based on: Franco-Nevada — Form 40-F
is based on: Moody's — Streaming and Royalty Methodology (2020).

US Export-Import Bank (EXIM) — Critical Mineral Financing
type: DefinedTerm
description: The Export-Import Bank of the United States (EXIM) is the official US export credit agency. In 2022 EXIM established the China and Transformational Exports Program (CTEP), which authorises direct loans, loan guarantees, and insurance for US-origin exports and for select domestic projects in critical technology and critical mineral sectors when necessary to counter competition from strategic rivals. Under CTEP, EXIM has become a primary financier of US critical-mineral projects. On 21 May 2026 EXIM approved a 2.9 billion US dollar direct loan to Perpetua Resources' Stibnite Gold-Antimony Project in Idaho — the largest single EXIM commitment to a US critical mineral asset to date. EXIM disbursements are milestone-contingent and require project completion of construction, environmental, and production benchmarks.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-finance-equity-debt--us-export-import-bank-exim-critical-mineral-financing
alternate name: US Export-Import Bank — Critical Mineral Project Financing
is based on: CreativeWork
  name: US Export-Import Bank official site; — corroborating news of the Perpetua $2.9B loan: CNBC, 21 May 2026; https://www.cnbc.com/2026/05/21/miner-perpetua-resources-secures-2point9-billion-us-loan-for-idaho-gold-antimony-project.html

Aggregate Limit Exhaustion
type: DefinedTerm
description: The point at which total paid losses across all insured events during a policy period reach the aggregate limit stated in the policy, extinguishing further insurer liability for the remainder of that period. Lloyd's policy wordings distinguish aggregate limits from per-occurrence limits; once the aggregate is exhausted, the insured bears all subsequent losses unless reinstatement provisions apply. See Lloyd's policy wording guidance at lloyds.com/conduct-of-business.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--aggregate-limit-exhaustion
is based on: Lloyd's policy wording, lloyds.com

Bank Guarantee / URDG 758
type: DefinedTerm
description: An irrevocable and independent written undertaking by a guarantor bank to pay the beneficiary a stated sum upon presentation of a complying demand, without requiring the guarantor to investigate whether the underlying obligation has actually been breached. Demand guarantees are governed by the ICC Uniform Rules for Demand Guarantees, Publication No. 758 (URDG 758, 2010), which establishes rules on issuance, presentation, extend-or-pay demands, and counter-guarantees for international trade transactions including commodity contracts.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--bank-guarantee-urdg-758
alternate name: Independent Demand Guarantee (URDG 758)
is based on: ICC URDG 758 (Uniform Rules for Demand Guarantees, ICC Publication No. 758, 2010), iccwbo.org

Bankers Blanket Bond (BBB)
type: DefinedTerm
description: Composite fidelity and crime insurance policy covering financial institutions against employee dishonesty, in-transit and on-premises loss of cash and securities, forgery and altered instruments, computer crime, and safe deposit box losses. LMA-based wording, typically arranged with primary and excess layers up to USD 1bn+ for global banks. Historical origin: Fidelity & Casualty Company of New York, early 20th century. Standard for banks holding physical bullion or metal warehouse receipts as loan collateral.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--bankers-blanket-bond-bbb
is based on: American Bankers Association (ABA) 'BBB Wordings' (aba.com)
is based on: LMA BBB standard wordings (lmalloyds.com)
is based on: Basel Committee 'Operational Risk — Sound Practices'

Business Interruption (BI) Insurance
type: DefinedTerm
description: Coverage for loss of net profit and continuing fixed expenses incurred by an insured following physical damage that interrupts business operations, measured over an indemnity period. BI is triggered by material damage to insured property and is subject to a maximum indemnity period negotiated at inception. Lloyd's market BI wordings are available at lloyds.com.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--business-interruption-bi-insurance
is based on: Lloyd's market wordings, lloyds.com
is based on: LMA — Lloyd's Market Association, lmalloyds.com

Captive Insurer
type: DefinedTerm
description: A licensed insurance entity wholly owned by one or more non-insurance companies to insure or reinsure the risks of its parent(s), enabling direct access to reinsurance markets and retention of underwriting profit. Captives are regulated as insurance entities under the domicile jurisdiction (e.g., Bermuda, Cayman Islands, Vermont) and classified as pure captives, group captives, or rent-a-captives. IRMI's Captive Insurance glossary is available at irmi.com/term/insurance-definitions/captive-insurer.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--captive-insurer
is based on: IRMI — International Risk Management Institute, irmi.com

Cargo Worldwide Limit (CWL)
type: DefinedTerm
description: A Lloyd's market clause (CL380) that imposes a single maximum aggregate recovery for all cargo losses arising from one event or occurrence at any one location, preventing disproportionate accumulation exposure across multiple cargo interests. The limit is declared by the insured and must reflect the maximum foreseeable aggregation of goods at any one location. Reference text at lmalloyds.com.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--cargo-worldwide-limit-cwl
alternate name: Cargo Worldwide Limit (Lloyd's CL380)
is based on: Lloyd's CL380 clause, lmalloyds.com

Coinsurance
type: DefinedTerm
description: Insurance arrangement in which two or more insurers share a single risk under one policy pro-rata to agreed shares (e.g., lead 40% / follower 30% / follower 30%). Each insurer is directly liable to the insured only for its share. Distinct from reinsurance (where the primary insurer alone contracts with the insured and then cedes). Common in high-value marine cargo (Cargo Worldwide Limits above USD 500m), specie (bullion), and mining property placements. Governed by broker slip / Lloyd's Market Reform Contract (MRC).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--coinsurance
is based on: Lloyd's Market Reform Contract (MRC) standard (lloyds.com)
is based on: LMA Coinsurance Clause Wording
is based on: IUA co-insurance guidance

Construction All-Risks (CAR) / Erection All-Risks (EAR)
type: DefinedTerm
description: All-risks property insurance covering physical loss or damage to a construction or erection project (civil works = CAR; mechanical/electrical plant = EAR) during the construction period plus a testing and commissioning phase. IMIA guidelines set standard scope, sub-limits, and exclusions; the policy typically includes two sections — material damage and third-party liability. IMIA working papers are available at imia.com.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--construction-all-risks-car-erection-all-risks-ear
is based on: IMIA — International Association of Engineering Insurers, imia.com
is based on: IMIA working papers

Contingency Insurance
type: DefinedTerm
description: Cover triggered by the occurrence (or non-occurrence) of a specific defined event, rather than by a physical loss or liability claim — e.g., prize indemnity (hole-in-one, lottery), event cancellation, weather-triggered payouts, deal-contingent M&A insurance, and cash-payments-in-transit covers. In commodities, used for prize/discount promotions tied to metals prices, and for deal-contingent hedge unwinds during M&A. Rated actuarially, not by asset value.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--contingency-insurance
is based on: LMA Contingency Class wordings (lmalloyds.com)
is based on: IUA 'Contingency Business Handbook' (iua.co.uk)
is based on: Swiss Re 'Special Lines — Contingency' sigma reports

Credit insurance
type: DefinedTerm
description: Insurance covering non-payment by buyers due to insolvency or protracted default. Major insurers regulated and reported via the Berne Union (International Union of Credit & Investment Insurers).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--credit-insurance
alternate name: Trade credit insurance
is based on: International Union of Credit & Investment Insurers

Crime & K&R Insurance
type: DefinedTerm
description: Crime insurance covers first-party financial losses from employee dishonesty, computer fraud, forgery, and theft of money or securities. Kidnap and Ransom (K&R) insurance indemnifies ransom payments, negotiation costs, and related expenses arising from kidnapping, extortion, or unlawful detention of personnel. Both lines are written in the Lloyd's Crime market under specialist wordings. See lloyds.com.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--crime-k-r-insurance
alternate name: Crime & Kidnap and Ransom (K&R) Insurance
is based on: Lloyd's Crime market, lloyds.com

Cyber Insurance
type: DefinedTerm
description: Insurance covering first- and third-party losses arising from cyber events including data breaches, ransomware, business interruption from system outage, and cyber extortion. Lloyd's Cyber market wordings define covered cyber events and require insureds to maintain specified security controls; mandatory cyber exclusions for state-backed attacks were introduced via Lloyd's Market Bulletin Y5381 (2022). See lloyds.com.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--cyber-insurance
is based on: Lloyd's Cyber market, lloyds.com
is based on: Lloyd's Market Bulletin Y5381, lloyds.com

Deductible / Excess
type: DefinedTerm
description: The amount of a covered loss that the insured retains before insurance coverage responds; expressed as a monetary amount or a percentage of the insured value. A deductible is deducted from each and every loss, while a franchise is only deducted if the loss falls below the threshold (above which the insurer pays in full). Lloyd's policy wordings set out the applicable deductible structure at lloyds.com.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--deductible-excess
is based on: Lloyd's policy wording, lloyds.com

Directors & Officers (D&O) Liability
type: DefinedTerm
description: Liability insurance protecting individual directors and officers against claims alleging wrongful acts in their management capacity, and indemnifying the company for amounts it pays on their behalf. D&O policies typically contain Side A (personal coverage), Side B (corporate reimbursement), and Side C (entity securities coverage) insuring agreements. Lloyd's D&O market wordings are available at lloyds.com.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--directors-officers-d-o-liability
alternate name: Directors & Officers (D&O) Liability Insurance
is based on: Lloyd's D&O market, lloyds.com

Documentary Collection
type: DefinedTerm
description: A bank-intermediated payment mechanism in which a seller's bank (remitting bank) forwards shipping documents and a collection instruction to the buyer's bank (presenting bank) with directions to release documents either against payment (D/P – documents against payment) or against acceptance of a bill of exchange (D/A – documents against acceptance). Documentary collections are governed by the ICC Uniform Rules for Collections, Publication No. 522 (URC 522, 1995), and carry more risk than a letter of credit since the bank does not guarantee payment.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--documentary-collection
alternate name: Documentary Collection (URC 522)
is based on: ICC URC 522 (Uniform Rules for Collections, ICC Publication No. 522, 1995), iccwbo.org

DSO
type: DefinedTerm
description: Average number of days a company takes to collect payment after a sale. Formula: (Accounts Receivable / Revenue) × Days. Direct driver of working capital financing cost.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--dso
alternate name: Days Sales Outstanding
is based on: CFA Institute — financial reporting and analysis curriculum

Environmental Impairment Liability (EIL)
type: DefinedTerm
description: Liability insurance covering third-party claims for bodily injury, property damage, and cleanup costs arising from sudden or gradual pollution and environmental impairment originating from an insured site or operation. IMIA has published a working paper on environmental liability for engineering insurers setting out scope and exclusions. See imia.com/working-papers.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--environmental-impairment-liability-eil
is based on: IMIA Environmental Liability working paper

Escrow Account
type: DefinedTerm
description: A bank or trust account held by a neutral third party (escrow agent) on behalf of two contracting parties, with funds released only upon satisfaction of agreed contractual conditions (e.g., delivery of title documents, passage of quality inspection, or fulfilment of regulatory approvals). Escrow arrangements in commodity trade are based on common-law trust principles and are typically documented under a tripartite escrow agreement; ICC provides guidance on escrow structures in its Model Contracts and Standard Clauses.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--escrow-account
alternate name: Escrow Account (Third-Party Holding)
is based on: Common-law trust and escrow principles
is based on: ICC Standard Contracts and Clauses guidance, iccwbo.org

Factoring
type: DefinedTerm
description: Sale of accounts receivable to a third party (factor) at a discount, in exchange for immediate cash. Governed by FCI General Rules for International Factoring (GRIF).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--factoring
is based on: Factors Chain International (FCI) — global factoring framework

Factoring with recourse
type: DefinedTerm
description: Factoring where the seller retains credit risk: if the buyer defaults, the factor returns the receivable to the seller. Lower discount rate than non-recourse.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--factoring-with-recourse
alternate name: Recourse factoring
is based on: Factors Chain International — recourse provisions

Factoring without recourse
type: DefinedTerm
description: Factoring where the factor takes the buyer's credit risk. If the buyer defaults, the factor cannot reclaim from the seller. Higher discount rate than recourse.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--factoring-without-recourse
alternate name: Non-recourse factoring
is based on: Factors Chain International — non-recourse provisions

Financing (TCO total)
type: DefinedTerm
description: Sum of inventory-in-transit financing, hedge roll cost, factoring/discounting fees and other working-capital carrying costs in the TCO model. Driven by DSO (days sales outstanding), funding cost (SOFR/EURIBOR + spread) and the QP/transit duration.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--financing-tco-total
alternate name: Financing (Total Cost of Ownership — TCO)
is based on: Internal TSM methodology
is based on: WACC principles per Brealey, Myers & Allen

Fine Art & Specie
type: DefinedTerm
description: Specialty insurance market covering high-value transportable objects and their storage: bullion and precious metals (specie), coins and banknotes, jewellery and gems, cultural artefacts and museum art, and general 'valuable articles.' All-risks worldwide cover written on Lloyd's and company forms with agreed-value clauses. Underwriters include Lloyd's syndicates (Hiscox, XL Catlin, Talbot, Beazley), AXA XL, Chubb, Marsh. Rated on individual object value, storage location security rating, transit mode, and shipper track record.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--fine-art-specie
alternate name: Fine Art & Specie Insurance
is based on: Lloyd's 'Fine Art and Specie' underwriting guide (lloyds.com)
is based on: LMA Fine Art clauses
is based on: Lloyd's Coverholder standards

General Average
type: DefinedTerm
description: A principle of maritime law under which extraordinary sacrifices or expenditures voluntarily and reasonably incurred to preserve a ship and its cargo from a common peril are shared proportionately by all cargo interests and shipowner. General Average is adjusted under the York-Antwerp Rules 2016 (YAR 2016), the latest revision published by the Comité Maritime International. The YAR 2016 text is available at comitemaritime.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--general-average
is based on: York-Antwerp Rules 2016, Comité Maritime International, comitemaritime.org

Indemnity Principle
type: DefinedTerm
description: The foundational insurance principle, codified in Sections 1 and 5 of the Marine Insurance Act 1906 (UK), that a contract of insurance is one of indemnity under which the insured may not recover more than their actual financial loss, preventing unjust enrichment. The principle underlies the requirement for an insurable interest and caps recoveries at the insured value or actual loss, whichever is lower. The Act is accessible at legislation.gov.uk/ukpga/Edw7/6/41.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--indemnity-principle
is based on: Marine Insurance Act 1906 Sections 1 and 5, legislation.gov.uk

Institute Cargo Clauses A / B / C
type: DefinedTerm
description: Three standard sets of marine cargo insurance clauses drafted by the Joint Cargo Committee (Lloyd's Market Association / International Underwriting Association) on 1 January 2009: Clauses A provide the broadest 'all risks' cover (subject to named exclusions); Clauses B cover a defined list of named perils including fire, stranding, collision, and earthquake; Clauses C cover the most limited range of major casualties only. All three include the Transit Clause (Clause 8) extending cover warehouse-to-warehouse.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--institute-cargo-clauses-a-b-c
alternate name: Institute Cargo Clauses (ICC-A, ICC-B, ICC-C) – 2009 Edition
is based on: Institute Cargo Clauses A, B, C (1/1/09), Lloyd's Market Association (LMA) / International Underwriting Association (IUA) Joint Cargo Committee; referenced in LME trade documentation

Institute Strikes Clauses (Cargo)
type: DefinedTerm
description: Standard IUA/LMA cargo insurance clauses providing coverage for loss or damage to cargo caused by strikers, locked-out workmen, persons taking part in labour disturbances, riots, or civil commotions, and acts of terrorism. This cover is ordinarily excluded from Institute Cargo Clauses A, B, and C (which contain a general strikes exclusion) and must be added separately. The current edition is CL 386 (1/1/2009); the earlier edition was CL 258 (1/1/1982).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--institute-strikes-clauses-cargo
alternate name: Institute Strikes Clauses (Cargo) — CL 386 / formerly CL 258
is based on: Institute Strikes Clauses (Cargo) CL 386 (1 January 2009), Clause 1.1 (Risks Covered), issued by the International Underwriting Association (IUA) / Lloyd's Market Association (LMA)
is based on: Institute Cargo Clauses (A) CL 382, Clause 7 (General Exclusions — strikes)

Inventory-in-transit financing
type: DefinedTerm
description: Financing cost of capital tied up in goods while in transit, computed as CIF value × WACC × (voyage days / 365). A real economic cost that grows linearly with transit time.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--inventory-in-transit-financing
alternate name: Transit financing
is based on: Industry concept; references: CFA Institute working capital management materials

JCC War & Strikes Clauses
type: DefinedTerm
description: Standard Lloyd's market clauses issued by the Joint Cargo Committee (JCC) that extend marine cargo insurance to cover war, strikes, riots, and civil commotions risks explicitly excluded from the base Institute Cargo Clauses. The JCC War Clauses (Cargo) and JCC Strikes Clauses (Cargo) provide back-to-back cover to the ICC A set. Current JCC wording is maintained by the Lloyd's Market Association at lmalloyds.com.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--jcc-war-strikes-clauses
alternate name: JCC War & Strikes Clauses (Joint Cargo Committee)
is based on: Joint Cargo Committee / Lloyd's Market Association, lmalloyds.com

LC confirmation
type: DefinedTerm
description: Additional undertaking by a second bank (typically in the seller's country) to honour the LC even if the issuing bank or its country defaults. Fee priced by issuing-bank country risk.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--lc-confirmation
alternate name: Letter of Credit confirmation
is based on: ICC UCP 600 — Article 8 (confirmation)

LC issuance
type: DefinedTerm
description: Issuing bank's commission for opening a documentary credit in favour of the seller, governed by ICC UCP 600. Typical fee: 0.1–0.5% of LC face value per quarter.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--lc-issuance
alternate name: Letter of Credit issuance
is based on: ICC Uniform Customs and Practice for Documentary Credits (Publication 600)

Letter of Credit (L/C)
type: DefinedTerm
description: An irrevocable undertaking by an issuing bank, made at the request of a buyer (applicant), to pay the seller (beneficiary) a specified sum against presentation of stipulated documents within a defined time, regardless of the underlying commercial contract. Letters of credit are governed by ICC Uniform Customs and Practice for Documentary Credits, Publication No. 600 (UCP 600, 2007), which defines the roles of issuing, confirming, and nominated banks, and the strict compliance standard for document examination.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--letter-of-credit-l-c
alternate name: Documentary Letter of Credit (UCP 600)
is based on: ICC UCP 600 (Uniform Customs and Practice for Documentary Credits, ICC Publication No. 600, 2007), iccwbo.org

Loss Adjuster / CILA
type: DefinedTerm
description: An independent professional appointed by an insurer (or insured) to investigate, quantify, and negotiate settlement of insurance claims; their function is to establish coverage, determine quantum, and ensure the indemnity principle is applied correctly. In the UK, loss adjusters may be Fellows or Members of the Chartered Institute of Loss Adjusters (CILA), the professional body that sets competency standards and the Code of Conduct. See cila.co.uk.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--loss-adjuster-cila
alternate name: Loss Adjuster / Chartered Institute of Loss Adjusters (CILA)
is based on: Chartered Institute of Loss Adjusters (CILA), cila.co.uk

Loss of Hire / Loss of Profit
type: DefinedTerm
description: Marine insurance covering the shipowner's loss of hire earnings during a period when the vessel is off-hire due to an insured peril causing physical damage. Cover is written on a per-day basis up to a maximum number of days (the indemnity period) and is subject to a waiting-period deductible. IUMI Ocean Hull and Loss of Hire statistics and guidelines are available at iumi.com.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--loss-of-hire-loss-of-profit
alternate name: Loss of Hire / Loss of Profit Insurance
is based on: IUMI — International Union of Marine Insurance, iumi.com

Machinery Breakdown (MBD) Insurance
type: DefinedTerm
description: Engineering insurance covering sudden and unforeseen physical damage to machinery and mechanical/electrical equipment caused by internal perils (e.g., operator error, short circuit, material defect) that are excluded from fire and property policies. IMIA Working Group Paper WGP 13 provides technical guidance on MBD underwriting, loss adjustment, and sublimit structures. See imia.com/working-papers.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--machinery-breakdown-mbd-insurance
is based on: IMIA WGP 13

Marine Cargo Insurance
type: DefinedTerm
description: Insurance covering physical loss or damage to goods in transit by sea (and typically air and land legs of the same journey), underwritten under Institute Cargo Clauses (A, B, or C) or equivalent policy forms. The International Union of Marine Insurance (IUMI) represents marine cargo underwriters globally; cover attaches from the time goods leave the warehouse at origin and terminates on delivery to the final warehouse at destination, subject to the Transit Clause.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--marine-cargo-insurance
is based on: IUMI (International Union of Marine Insurance) position papers on cargo insurance
is based on: Institute Cargo Clauses (1/1/09)

Marine Hull Insurance
type: DefinedTerm
description: Insurance covering physical loss of or damage to a vessel (hull and machinery) caused by perils of the sea, fire, explosion, collision, and other named or all-risks perils. The standard market form is the Institute Time Clauses — Hulls (ITC-H 1983/1995) or the International Hull Clauses (IHC 2003). IUMI publishes annual Ocean Hull market statistics at iumi.com.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--marine-hull-insurance
is based on: IUMI Ocean Hull statistics, iumi.com
is based on: International Hull Clauses 2003, lmalloyds.com

Open Account vs CAD
type: DefinedTerm
description: Open account (O/A) is a settlement method where the exporter ships goods and invoices the buyer, who pays after an agreed credit period (e.g., 30–90 days), placing maximum risk on the seller. Cash against documents (CAD / D/P) requires the buyer to pay before the presenting bank releases title documents, offering moderate seller protection without a bank payment guarantee. ICC places both methods on the trade-finance risk spectrum between open account (highest seller risk) and confirmed L/C (lowest).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--open-account-vs-cad
alternate name: Open Account vs Cash Against Documents
is based on: ICC Trade Finance for SMEs guide
is based on: ICC URC 522 (documentary collections), iccwbo.org

Operational Mining Insurance
type: DefinedTerm
description: A package of engineering and property insurance lines specifically tailored to operational mining facilities, covering mobile mining equipment, processing plant, conveyors, crushers, and associated infrastructure against physical damage and machinery breakdown. IMIA WGP 105 sets out underwriting considerations, accumulation management, and loss estimation for operational mining risks. See imia.com/working-papers.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--operational-mining-insurance
is based on: IMIA WGP 105

Particular Average
type: DefinedTerm
description: A partial loss of an insured subject-matter that falls on the owner of the damaged property without contribution from others, as distinct from General Average which is shared. Section 64 of the Marine Insurance Act 1906 (UK) defines particular average and distinguishes it from total loss and general average. The Act is accessible at legislation.gov.uk/ukpga/Edw7/6/41.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--particular-average
is based on: Marine Insurance Act 1906 Section 64, legislation.gov.uk

Payment terms
type: DefinedTerm
description: Number of days between invoice and payment due (e.g., Net 30, Net 60, Net 90, Cash Against Documents). Drives Days Sales Outstanding (DSO) and working capital tie-up.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--payment-terms
alternate name: Credit terms
is based on: International Chamber of Commerce — trade finance rules

Performance Bond
type: DefinedTerm
description: A bond or guarantee issued by a bank or surety in favour of a contract owner (obligee) requiring the guarantor to pay a specified sum if the principal (contractor or seller) fails to perform contractual obligations. In international commodity trade, performance bonds are typically structured as independent demand guarantees subject to URDG 758, enabling the beneficiary to call the guarantee upon presentation of a complying demand without proving the underlying default; under English law, performance bonds may be conditional (requiring proof of breach) or on-demand (unconditional).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--performance-bond
alternate name: Performance Bond / Guarantee
is based on: ICC URDG 758, Articles 2 and 15
is based on: English law on demand guarantees (Meritz Fire & Marine Insurance Co Ltd v Jan de Nul NV [2011] EWCA Civ 827)

Political Risk Insurance (PRI)
type: DefinedTerm
description: Insurance covering losses sustained by investors and lenders from political events in a host country, including expropriation, currency inconvertibility and transfer restriction, war and civil disturbance, and breach of contract by a sovereign entity. PRI is provided by multilateral institutions (MIGA), export credit agencies, and private Lloyd's underwriters; Berne Union members collectively track global PRI exposure. See miga.org, dfc.gov, and berneunion.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--political-risk-insurance-pri
is based on: MIGA — Multilateral Investment Guarantee Agency, miga.org
is based on: Berne Union, berneunion.org
is based on: US DFC, dfc.gov

Property All-Risks (PAR)
type: DefinedTerm
description: All-risks property insurance covering sudden and accidental physical loss or damage to property from any cause not explicitly excluded, as opposed to a named-perils policy. PAR policies for industrial and mining properties are governed by IMIA guidelines and typically include sub-limits for flood, earthquake, and named-storm perils. IMIA resources are at imia.com.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--property-all-risks-par
is based on: IMIA — International Association of Engineering Insurers, imia.com

Reinstatement Clause
type: DefinedTerm
description: A clause in a property insurance policy that automatically restores the sum insured to its original level after a loss payment, typically subject to the insured paying an additional reinstatement premium calculated pro rata to the time remaining on the policy. Without a reinstatement clause, the sum insured is reduced by the amount of each loss payment. Lloyd's property policy wordings including reinstatement provisions are available at lloyds.com.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--reinstatement-clause
is based on: Lloyd's Property market wordings, lloyds.com

Reinsurance — Treaty vs Facultative
type: DefinedTerm
description: Reinsurance is the transfer of insurance risk from a ceding insurer to a reinsurer under a contractual arrangement. Treaty reinsurance covers an agreed portfolio of risks automatically without individual underwriting by the reinsurer; facultative reinsurance covers a single risk on a case-by-case basis negotiated separately. Swiss Re's sigma series provides annual global reinsurance market analysis at swissre.com/institute.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--reinsurance-treaty-vs-facultative
is based on: Swiss Re sigma series

Specie Insurance
type: DefinedTerm
description: Insurance for high-value portable property including bullion, precious metals, gemstones, fine art, cash in transit, and collectibles, covering physical loss or damage in transit and at specified locations. Specie insurance is written under Lloyd's Specie market wordings, which define covered perils, valuation basis (agreed value or market value), and transit conditions. Governance and market practice are detailed at lloyds.com.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--specie-insurance
alternate name: Specie / High-Value Goods Insurance
is based on: Lloyd's Specie market wording, lloyds.com
is based on: IUMI, iumi.com

Standby Letter of Credit (SBLC)
type: DefinedTerm
description: A bank undertaking to pay a beneficiary if the applicant fails to perform a contractual or financial obligation, functioning as a performance or payment guarantee rather than a primary payment mechanism. SBLCs may be subject to either ICC UCP 600 or, more specifically, the ICC International Standby Practices (ISP98, ICC Publication No. 590), which defines the rules for standby letters of credit including presentation, honour, and transfer; they are also sometimes governed by URDG 758 when structured as demand guarantees.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--standby-letter-of-credit-sblc
alternate name: Standby Letter of Credit
is based on: ICC ISP98 (International Standby Practices, ICC Publication No. 590, 1998)
is based on: ICC UCP 600 Article 1

Stock Throughput Policy (STP)
type: DefinedTerm
description: A single all-risks marine and storage insurance policy covering commodity stocks continuously from supplier origin through transit, storage, processing, and onward distribution to the buyer, replacing a chain of separate cargo and warehouse policies. STPs are particularly common in metals, chemicals, and agricultural commodities; IUMI provides technical guidance on STP underwriting at iumi.com.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--stock-throughput-policy-stp
is based on: IUMI — International Union of Marine Insurance, iumi.com

Subrogation
type: DefinedTerm
description: The right of an insurer that has indemnified an insured for a loss to step into the insured's legal shoes and pursue recovery against any third party legally liable for that loss, preventing the insured from recovering twice for the same loss. Subrogation in marine insurance is codified in Section 79 of the Marine Insurance Act 1906 (UK). The Act is accessible at legislation.gov.uk/ukpga/Edw7/6/41.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--subrogation
is based on: Marine Insurance Act 1906 Section 79, legislation.gov.uk

Sum Insured
type: DefinedTerm
description: The maximum amount payable under an insurance policy for a single loss or in aggregate over the policy period — sets the upper bound of the insurer's obligation regardless of actual loss size. In marine cargo it is typically CIF + 10% (invoice + insured markup); in specie/vault covers, the value of bullion + agreed margin; in property, the replacement or agreed value of the assets. Distinct from Deductible (lower bound, insured retention) and from Sum Assured (used in life insurance).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--sum-insured
alternate name: Sum Insured (Insured Value / Policy Limit)
is based on: ICC (Institute Cargo Clauses) A/B/C 2009 wording (iua.co.uk)
is based on: IUMI (International Union of Marine Insurance) technical bulletins (iumi.com)
is based on: Lloyd's Market Association standards

Surety Bond
type: DefinedTerm
description: A three-party guarantee instrument in which a surety (bonding company) promises to pay the obligee (project owner or beneficiary) if the principal (contractor or obligor) fails to fulfil a contractual or legal obligation; distinct from a Performance Bond in that the surety is not an insurer but guarantees performance itself. The Surety & Fidelity Association of America (SFAA) publishes model surety bond forms and market statistics at surety.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--surety-bond
is based on: Surety & Fidelity Association of America (SFAA), surety.org

SWIFT charges
type: DefinedTerm
description: Fee for international wire transfers via the SWIFT network. Charged per message by both originating and beneficiary banks; correspondents may deduct further fees in transit.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--swift-charges
alternate name: Bank wire charges (SWIFT)
is based on: Society for Worldwide Interbank Financial Telecommunication

Tailings Storage Facility (TSF) Liability
type: DefinedTerm
description: Liability insurance and environmental coverage for losses arising from the structural failure, breach, or overflow of a tailings storage facility at a mine site, including third-party bodily injury, property damage, and pollution cleanup costs. The Global Industry Standard on Tailings Management (GISTM), developed under auspices of UNEP/ICMM/PRI, defines the governance and safety requirements that underwriters use to assess TSF risk. GISTM is available at globaltailingsreview.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--tailings-storage-facility-tsf-liability
is based on: GISTM — Global Industry Standard on Tailings Management, globaltailingsreview.org

Trade Credit Insurance
type: DefinedTerm
description: Insurance protecting a seller against non-payment of trade receivables by a buyer due to insolvency or protracted default, covering short-term open-account or documentary trade credit granted in commercial transactions. Trade Credit Insurance is distinct from generic 'credit insurance' in that it is specifically structured around buyer credit limits, credit periods, and discretionary credit limits set against approved buyer lists. Major market participants publish underwriting frameworks at allianz-trade.com, atradius.com, and coface.com.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--trade-credit-insurance
is based on: Allianz Trade, allianz-trade.com
is based on: Atradius, atradius.com
is based on: Coface, coface.com

Vault Operators' Liability
type: DefinedTerm
description: Specialty liability policy carried by precious-metals vaults, bullion depositories, gem/watch safes, and armoured-carriage terminals covering their legal responsibility for loss, damage, or mysterious disappearance of clients' bailed property. Distinct from the vault's own property/specie cover — VOL protects the operator against third-party claims. Rated on turnover, average value on hand, security grade (UL TL-30, EN 1143-1 Grade IV+), transit exposure, and control regime (SSAE 18/SOC 2, LBMA GDL for gold vaults).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--vault-operators-liability
alternate name: Vault Operators' Liability Insurance
is based on: LMA (Lloyd's Market Association) 'Fine Art and Specie' wordings
is based on: LBMA 'Good Delivery List — Vault Operator Standards' (lbma.org.uk)
is based on: Lloyd's 'Marine and Aviation Bureau' handbook

WACC
type: DefinedTerm
description: Blended cost of debt and equity weighted by capital structure: WACC = (E/V)·Re + (D/V)·Rd·(1−tax). Used as discount rate for inventory-in-transit and DCF valuations.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--wacc
alternate name: Weighted Average Cost of Capital
is based on: CFA Institute — Corporate Finance curriculum

Warehouse-to-Warehouse Clause
type: DefinedTerm
description: Clause 8 of the Institute Cargo Clauses A, B, and C (1/1/09) which extends marine cargo cover from the time goods leave the warehouse or place of storage at the origin named in the certificate, throughout the ordinary course of transit, until delivered to the consignee's warehouse or final place of storage at the destination named. Cover terminates on expiry of 60 days after discharge of goods from the overseas vessel at the final port of discharge, whichever occurs first.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--warehouse-to-warehouse-clause
alternate name: Transit (Warehouse-to-Warehouse) Clause
is based on: Institute Cargo Clauses A, B, C (1/1/09), Clause 8 – Transit Clause
is based on: LMA/IUA Joint Cargo Committee

Working capital tied
type: DefinedTerm
description: Total cost of capital tied up in receivables and inventory: AR × WACC × (DSO/365) + Inventory × WACC × (Inventory days/365). Drives the financing cost line in TCO.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--working-capital-tied
alternate name: Working capital cost
is based on: CFA Institute — Working Capital Management

Working capital tied (peak)
type: DefinedTerm
description: Maximum cash locked in a deal at any point between procurement and invoice collection. In the TCO model: peak invoice exposure = material + logistics + customs + accrued financing, held over DSO days. Used to size credit lines and compute return on tied capital.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: insurance-tradefinance--working-capital-tied-peak
alternate name: Working Capital Tied (Peak)
is based on: Internal TSM methodology; general trade finance working capital principles

Aggregate Limit Exhaustion
type: DefinedTerm
description: The scenario in which cumulative losses from multiple insured events exhaust an aggregate policy limit within a policy year, leaving the insured without further coverage for the remainder of the period. Risk managers must model aggregate loss distributions and maintain reserve funds or excess-of-loss covers to address aggregate limit exhaustion. Lloyd's policy wording guidance at lloyds.com.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--aggregate-limit-exhaustion
alternate name: Aggregate Limit Exhaustion (Risk Management)
is based on: Lloyd's policy wording, lloyds.com

Arbitration
type: DefinedTerm
description: A private, binding dispute resolution procedure in which parties submit their dispute to an arbitral tribunal whose final award is enforceable in over 170 states under the 1958 New York Convention. ICC Arbitration under the Rules of Arbitration (effective 1 January 2021) is described as 'a formal procedure leading to a binding decision from a neutral arbitral tribunal'; the ICC International Court of Arbitration administers the proceedings, provides scrutiny of draft awards, and is the most widely used international arbitral institution for commodity and trade disputes.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--arbitration
alternate name: International Commercial Arbitration
is based on: ICC Rules of Arbitration 2021 (effective 1 January 2021), Foreword and Article 1
is based on: LME Rulebook (arbitration under LME Rules)

Basis Risk
type: DefinedTerm
description: The risk that the price of a hedging instrument (e.g., an LME futures contract for Grade A copper) does not move in perfect correlation with the price of the physical commodity being hedged (e.g., a specific copper concentrate grade or delivery location), resulting in residual P&L exposure even after hedging. Basis risk arises from differences in grade, location, timing (contango/backwardation), and quality between the hedge and the physical position, and cannot be eliminated by standard exchange-traded hedges.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--basis-risk
alternate name: Basis Risk (Hedge-Physical Mismatch)
is based on: LME Insight publications on hedging and basis risk
is based on: CME Group education resources on commodity hedging

Berne Union Country Tier Framework
type: DefinedTerm
description: A risk classification system maintained by the Berne Union (International Union of Credit and Investment Insurers) that categorises countries into risk tiers based on political stability, transfer and convertibility risks, and sovereign creditworthiness, used by member export credit agencies to set country exposure limits and premium rates. The Berne Union publishes country risk data and annual statistics at berneunion.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--berne-union-country-tier-framework
is based on: Berne Union, berneunion.org

Breach of Contract — Sovereign
type: DefinedTerm
description: A form of political risk in which a host-country government repudiates or arbitrarily modifies a contractual obligation owed to a foreign investor, causing financial loss not addressable through the host-country judicial system. MIGA (Multilateral Investment Guarantee Agency) provides coverage for breach-of-contract losses where the investor has been unable to obtain an award under an arbitration clause or the host government refuses to pay the award. See miga.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--breach-of-contract-sovereign
alternate name: Breach of Contract — Sovereign (MIGA Coverage)
is based on: MIGA — Multilateral Investment Guarantee Agency, miga.org

Catastrophe (Cat) Risk
type: DefinedTerm
description: The risk of severe loss arising from a single low-frequency, high-severity event such as a major earthquake, tropical cyclone, flood, or pandemic that simultaneously affects many insured risks or counterparties. Swiss Re's sigma publication series provides annual global natural catastrophe loss data and modelling frameworks. Available at swissre.com/institute.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--catastrophe-cat-risk
is based on: Swiss Re sigma

Concentration Risk
type: DefinedTerm
description: The risk of loss arising from over-exposure to a single counterparty, sector, geography, or asset class that is correlated such that a single adverse event can impair a disproportionate share of a portfolio. Basel III (CRR/CRD IV in the EU) addresses concentration risk through large exposure limits (Regulation EU 575/2013, Part Four) and Pillar 2 internal capital assessments. Framework documents at bis.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--concentration-risk
is based on: Basel III / BIS, bis.org

Counterparty Risk
type: DefinedTerm
description: The risk that a counterparty to a financial transaction or commodity contract could default before the final settlement of the transaction's cash flows, resulting in an economic loss if the portfolio or transaction has a positive economic value at the time of default. Unlike credit risk on a loan (which is unilateral), counterparty credit risk is bilateral—the market value of the transaction can be positive or negative to either party—and is addressed by netting agreements, collateral, and central clearing (Basel Committee, Basel II/III framework).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--counterparty-risk
alternate name: Counterparty Credit Risk
is based on: Basel Committee on Banking Supervision, 'International Convergence of Capital Measurement and Capital Standards: A Revised Framework' (Basel II, BCBS128, June 2006), Part 2, Section II.A

Country risk
type: DefinedTerm
description: Risk of loss due to political instability, expropriation, capital controls, or sovereign default in the destination/origin country. OECD Country Risk Classification (0–7) is the official reference for export-credit insurers.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--country-risk
alternate name: Sovereign country risk
is based on: Organisation for Economic Co-operation and Development

Currency Inconvertibility & Transfer Restriction (CITR)
type: DefinedTerm
description: A political risk in which a host-country government prevents or delays the conversion of local currency into foreign exchange or the transfer of funds across borders, causing investors or lenders to be unable to repatriate profits, service debt, or receive contract payments. MIGA provides CITR coverage under its political risk guarantee programme at miga.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--currency-inconvertibility-transfer-restriction-citr
is based on: MIGA — Multilateral Investment Guarantee Agency, miga.org

Default / Breach of Contract
type: DefinedTerm
description: A default occurs when a party fails to fulfil one or more of its contractual obligations—such as failure to deliver metal, make payment, or meet quality specifications—giving rise to a breach of contract under applicable law. Under LME Rulebook Part 9, a member's default triggers suspension, appointment of a default committee, close-out netting of open positions, and use of the LME's default fund and guarantees to ensure market continuity; damages for breach follow common-law principles of expectation loss.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--default-breach-of-contract
alternate name: Default and Breach of Contract
is based on: LME Rulebook, Part 9 (Default Procedures); general commercial law on breach of contract

Dispute Resolution / Governing Law
type: DefinedTerm
description: Contract clauses specifying (a) the forum for resolving disputes—typically arbitration under ICC, LCIA, LMAA, or SIAC rules, or litigation in a named court—and (b) the law governing the substantive rights and obligations of the parties (e.g., English law, New York law, or Swiss law). The ICC Arbitration Rules 2021 allow parties to agree on the rules of law to be applied; in the absence of agreement, the tribunal applies the rules it determines appropriate, taking into account the contract and relevant trade usages.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--dispute-resolution-governing-law
alternate name: Dispute Resolution Clause and Governing Law
is based on: ICC Rules of Arbitration 2021, Article 21 (Applicable Rules of Law), iccwbo.org
is based on: ICC Standard Contracts and Clauses

Expropriation Risk
type: DefinedTerm
description: The risk that a host-country government will seize, nationalise, or expropriate an investor's assets without prompt, adequate, and effective compensation, including 'creeping expropriation' through cumulative discriminatory measures. MIGA (Multilateral Investment Guarantee Agency), established under the MIGA Convention, covers direct expropriation and creeping expropriation in its political risk guarantee products. See miga.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--expropriation-risk
is based on: MIGA Convention, miga.org

Force Majeure
type: DefinedTerm
description: Under the ICC Force Majeure Clause 2020, 'Force Majeure' means an event or circumstance that prevents or impedes a party from performing contractual obligations, provided the affected party proves: (a) the impediment is beyond its reasonable control; (b) it could not reasonably have been foreseen at contract conclusion; and (c) its effects could not reasonably be avoided or overcome. A party successfully invoking the clause is relieved from performance and from liability in damages from the time of the impediment, subject to timely notification.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--force-majeure
alternate name: Force Majeure (ICC Clause 2020)
is based on: ICC Force Majeure Clause 2020 (Long Form), Paragraph 1

Hardship Clause
type: DefinedTerm
description: The ICC Hardship Clause 2020 applies where a party proves continued performance has become excessively onerous due to an event beyond its reasonable control that was unforeseeable at contract conclusion and whose consequences could not be avoided. Unlike force majeure (which excuses performance), hardship triggers an obligation on both parties to renegotiate terms; if renegotiation fails, parties may choose between party-initiated termination, court/arbitral adaptation, or court/arbitral termination depending on the option elected.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--hardship-clause
alternate name: ICC Hardship Clause 2020
is based on: ICC Hardship Clause 2020, Paragraphs 1–3

Liquidity Risk
type: DefinedTerm
description: The risk that an institution cannot meet its financial obligations as they fall due without incurring unacceptable losses. Basel III addresses short-term liquidity risk through the Liquidity Coverage Ratio (LCR), which requires banks to hold sufficient unencumbered high-quality liquid assets (HQLA) to survive a 30-day stress scenario; the Net Stable Funding Ratio (NSFR) addresses structural funding risk over a one-year horizon. The LCR became a minimum 100% requirement from 1 January 2019.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--liquidity-risk
alternate name: Liquidity Risk (Basel III LCR / NSFR Framework)
is based on: Basel Committee on Banking Supervision, 'Basel III: The Liquidity Coverage Ratio and Liquidity Risk Monitoring Tools' (BCBS238, January 2013)

Model Risk
type: DefinedTerm
description: The potential for adverse consequences arising from decisions based on flawed or misapplied financial models, including incorrect model specification, estimation error, inappropriate use, or implementation mistakes. The U.S. Federal Reserve's Supervisory Guidance on Model Risk Management (SR 11-7 / OCC 2011-12) is the authoritative framework for model risk governance in financial institutions. Available at federalreserve.gov.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--model-risk
is based on: Federal Reserve SR 11-7 / OCC 2011-12, federalreserve.gov

OECD Country Risk Classification
type: DefinedTerm
description: A seven-tier (0–7) country risk classification system maintained by the OECD that determines the minimum premium rates applicable to official export credit insurance and guarantees under the OECD Arrangement on Officially Supported Export Credits. Classifications are updated annually based on sovereign default risk and transfer/convertibility risk assessments. Available at oecd.org/trade/topics/export-credits.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--oecd-country-risk-classification
is based on: OECD Arrangement on Officially Supported Export Credits, oecd.org

Operational buffer
type: DefinedTerm
description: Provision added to total landed cost to absorb unforeseen operational events (delays, handling errors, minor claims). Typically 1–3% of landed cost; not insurable, just budgeted.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--operational-buffer
alternate name: Contingency reserve
is based on: Industry concept; references: PMI Project Management Body of Knowledge (PMBOK) on contingency reserves

Operational Risk
type: DefinedTerm
description: Operational risk is defined by the Basel Committee as the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events; it includes legal risk but excludes strategic and reputational risk. The Basel Committee's 'Principles for the Sound Management of Operational Risk' (BCBS195, June 2011) establishes governance and management principles; operational risk is inherent in all banking products, activities, processes, and systems.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--operational-risk
alternate name: Operational Risk (Basel Committee Definition)
is based on: CreativeWork
  name: Basel Committee on Banking Supervision, 'International Convergence of Capital Measurement and Capital Standards' (BCBS128, 2006), Part 2 Section V.A, ; 'Principles for the Sound Management of Operational Risk' (BCBS195, 2011), bis.org/publ/bcbs195.htm

Political Risk / Sovereign Risk
type: DefinedTerm
description: Political risk encompasses the probability that government actions or political events—including expropriation, nationalisation, currency inconvertibility, sanctions, civil unrest, and regulatory change—will adversely affect the value of a cross-border commercial or investment position. Sovereign risk is the related credit risk that a national government will default on its obligations. The Multilateral Investment Guarantee Agency (MIGA) and OECD Country Risk Classifications provide frameworks for assessing and pricing these risks in trade finance and investment insurance.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--political-risk-sovereign-risk
alternate name: Political Risk and Sovereign Risk
is based on: MIGA (World Bank Group Multilateral Investment Guarantee Agency), Political Risk Insurance
is based on: OECD Arrangement on Officially Supported Export Credits and Country Risk Classification methodology, oecd.org

Settlement Risk (Herstatt Risk)
type: DefinedTerm
description: Settlement risk is the risk that a party to a transaction delivers its obligation (securities or currency) but does not receive the corresponding payment or delivery from its counterparty; in foreign exchange this is known as Herstatt risk, named after the 1974 collapse of Bankhaus Herstatt which failed between European and US dollar settlement legs. The BIS CPSS/CPMI has extensively studied FX settlement risk since 1996 and promotes payment-versus-payment (PvP) mechanisms to eliminate principal risk in FX settlement.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--settlement-risk-herstatt-risk
alternate name: Settlement Risk / Herstatt Risk (FX Transactions)
is based on: BIS CPSS, 'Settlement Risk in Foreign Exchange Transactions' (March 1996)
is based on: BIS/BCBS128, Annex 3 (Settlement Risk in Failed Trades)

Strike Risk
type: DefinedTerm
description: The risk that production, transportation, or delivery of a commodity is disrupted by strike, lock-out, go-slow, or other collective labour action, potentially causing non-performance of contractual obligations. Under the ICC Force Majeure Clause 2020 paragraph 3(g), 'general labour disturbance such as boycott, strike and lock-out, go-slow, occupation of factories and premises' is a presumed force majeure event, meaning the affected party need not prove the event was beyond control or unforeseeable.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--strike-risk
alternate name: Strike Risk / Labour Industrial Action Risk
is based on: ICC Force Majeure Clause 2020, paragraph 3(g): Presumed Force Majeure Events; iccwbo.org (published March 2020)

Tail Risk
type: DefinedTerm
description: The risk of portfolio losses exceeding what would be predicted by a normal distribution, arising from extreme events in the left tail of the return distribution; measured by Conditional Value-at-Risk (CVaR / Expected Shortfall). Basel III's Fundamental Review of the Trading Book (FRTB) replaced Value-at-Risk with Expected Shortfall to better capture tail risk in market risk capital requirements. BIS FRTB framework at bis.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--tail-risk
is based on: Basel III FRTB, bis.org

War, Civil Disturbance & Terrorism Risk
type: DefinedTerm
description: The risk of physical damage to assets, cargo, or personnel, or of business interruption, caused by acts of war, invasion, civil war, insurrection, riot, civil commotion, or terrorism. Lloyd's War Risks market writes specialist war, strikes, riots, and civil commotion (WSRCC) covers for marine, aviation, and property classes, and the Lloyd's Joint War Committee maintains Hull War Risk trading areas. See lloyds.com.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--war-civil-disturbance-terrorism-risk
is based on: Lloyd's War Risks market, lloyds.com

Warehouse / Collateral Fraud Risk
type: DefinedTerm
description: The risk that warehouse receipts or warrants are used as collateral for multiple simultaneous loans against the same physical metal (double- or multiple-pledging), or that fraudulent receipts are issued for non-existent inventory. The 2014 Qingdao metals financing scandal—in which warehouse receipts for copper and aluminium were allegedly pledged multiple times to different banks—highlighted this risk in non-LME warehouses; the LME subsequently strengthened its warehouse approval and collateral management policies requiring electronic warrant tracking via the LMEshield platform.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: risk-management--warehouse-collateral-fraud-risk
alternate name: Warehouse Receipt and Collateral Fraud Risk
is based on: LME Warehousing Regulations and LMEshield electronic warrant system, lme.com
is based on: Reuters, 'Two years after Qingdao scandal, LME bets on electronic tracking of metal' (June 2016)

API3 First-Party Oracle / dAPI
type: DefinedTerm
description: An oracle design by API3 in which the data provider itself operates the oracle node (first-party), eliminating third-party intermediaries; dAPIs are managed data feeds aggregated from first-party Airnode beacons and governed by the API3 DAO. This architecture reduces attack surface by removing an extra trust layer. Documentation at docs.api3.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--api3-first-party-oracle-dapi
alternate name: API3 First-Party Oracle / Decentralised API (dAPI)
is based on: API3, docs.api3.org

Atomic Settlement
type: DefinedTerm
description: Atomic settlement is the simultaneous, all-or-nothing exchange of an asset and its corresponding payment on a distributed ledger, structured so that either both legs of the transaction complete or neither does. This mechanism eliminates principal risk in delivery-versus-payment (DvP) transactions by ensuring no party can deliver without receiving, and vice versa.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--atomic-settlement
is based on: Based on: BIS and FSB official documentation

Attestation
type: DefinedTerm
description: A tamper-evident, cryptographically signed statement by an issuer asserting one or more facts about a subject—such as reserve balances, identity, or compliance status. The W3C Verifiable Credentials Data Model 1.1 defines a verifiable credential as 'a tamper-evident credential whose authorship can be cryptographically verified.' In the context of tokenised metals, attestations from auditors or custodians may be encoded as Verifiable Credentials or relayed on-chain via oracles.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--attestation
alternate name: Verifiable Attestation / Digitally Signed Credential
is based on: W3C Verifiable Credentials Data Model 1.1 (W3C Recommendation, 3 March 2022), Section 2 Terminology (definition of 'verifiable credential')

AVS — Actively Validated Service
type: DefinedTerm
description: A service built on EigenLayer that leverages restaked ETH as economic security for off-chain computations or external systems, including oracle networks, bridges, and data availability layers; EigenLayer operators validate AVS tasks and are subject to slashing if they misbehave. AVS specifications and registry are documented at docs.eigenlayer.xyz.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--avs-actively-validated-service
alternate name: AVS — Actively Validated Service (EigenLayer)
is based on: EigenLayer, docs.eigenlayer.xyz

CBDC
type: DefinedTerm
description: Digital form of a country’s fiat currency issued and backed directly by the central bank. Distinct from cryptocurrencies, CBDCs are legal tender and centrally controlled. Two main types: retail CBDC (for public use) and wholesale CBDC (for interbank settlement). Over 130 countries are researching or piloting CBDCs; live examples include China’s e-CNY, Nigeria’s eNaira, and the Bahamas Sand Dollar.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--cbdc
alternate name: Central Bank Digital Currency
is based on: Source: Bank for International Settlements CBDC papers
is based on: IMF CBDC tracker

Chainlink CCIP — Cross-Chain Interoperability Protocol
type: DefinedTerm
description: A Chainlink protocol providing a standardised interface for cross-chain messaging and token transfers, secured by Chainlink's decentralised oracle network and an independent Risk Management Network that monitors for anomalous activity. CCIP enables smart contracts on different blockchains to exchange data and tokens. Documentation at docs.chain.link/ccip.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--chainlink-ccip-cross-chain-interoperability-protocol
is based on: Chainlink

Chainlink Data Feed
type: DefinedTerm
description: An on-chain reference contract maintained by Chainlink that aggregates price or other data from multiple independent node operators, providing a decentralised, tamper-resistant data point consumed by smart contracts. Feeds use a deviation threshold and heartbeat frequency to trigger on-chain updates. Documentation at docs.chain.link/data-feeds.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--chainlink-data-feed
is based on: Chainlink

Chainlink Proof of Reserve
type: DefinedTerm
description: A Chainlink product that verifies on-chain whether a tokenised asset (e.g., wrapped token, stablecoin, or tokenised commodity) is backed by sufficient off-chain or cross-chain reserves, using oracle attestation from custodians or auditors. PoR feeds can trigger circuit-breaker smart contracts if reserve shortfalls are detected. Documentation at chain.link/proof-of-reserve.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--chainlink-proof-of-reserve
alternate name: Chainlink Proof of Reserve (PoR)
is based on: Chainlink

Chronicle Oracle
type: DefinedTerm
description: A decentralised oracle protocol originating as MakerDAO's internal price oracle system, now operating independently as Chronicle Labs, providing verifiable data feeds where each oracle publisher cryptographically signs data and a smart contract aggregates medianised values. Chronicle emphasises verifiability through on-chain Schnorr signature verification. Documentation at chroniclelabs.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--chronicle-oracle
alternate name: Chronicle Oracle (formerly MakerDAO Oracles)
is based on: Chronicle Labs, chroniclelabs.org

Custody (Digital Assets)
type: DefinedTerm
description: Digital asset custody refers to the safekeeping and management of the private cryptographic keys that control access to, and transfer of, digital assets recorded on a distributed ledger. Because digital assets are accessed and transferred through these private keys, custodians are responsible for securing the keys themselves rather than holding physical certificates or instruments.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--custody-digital-assets
alternate name: Digital Asset Custody
is based on: Based on: FSB and Hogan Lovells official documentation

Data Feed / Price Oracle
type: DefinedTerm
description: A continuously updated on-chain data stream providing real-world asset prices or other reference data to smart contracts. Chainlink Data Feeds aggregate data from multiple sources using a decentralised oracle network and Offchain Reporting protocol, publishing updates on-chain when the price deviates beyond a threshold or the heartbeat interval expires. Consuming contracts query the aggregator via the AggregatorV3Interface latestRoundData() function.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--data-feed-price-oracle
alternate name: Chainlink Data Feed / On-Chain Price Oracle
is based on: Chainlink Data Feeds Documentation ( 'Chainlink Data Feeds are the quickest way to connect your smart contracts to real-world data such as asset prices, reserve balances, and L2 sequencer health.'

DIA Open Source Oracle
type: DefinedTerm
description: An open-source oracle platform that fetches, validates, and delivers financial data directly from primary sources (exchange trade data, on-chain DEX data) into smart contracts; DIA's methodology is publicly auditable and customisable by any project. Documentation at docs.diadata.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--dia-open-source-oracle
alternate name: DIA (Decentralised Information Asset) Open Source Oracle
is based on: DIA, docs.diadata.org

Digital Bond
type: DefinedTerm
description: A digital bond is a debt security whose issuance, ownership record, and lifecycle management are conducted using distributed ledger technology or blockchain, rather than through traditional centralised securities infrastructure. Digital bonds can be issued natively on-chain as security tokens, or they can be tokenised representations of conventionally issued bonds held by a custodian.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--digital-bond
is based on: Based on: ICMA official documentation

DLT
type: DefinedTerm
description: Distributed Ledger Technology (DLT) refers to the protocols and supporting infrastructure that allow computers in different locations to propose, validate, and record transactions in a synchronised way across a network, without relying on a central trusted authority. Blockchain is one type of DLT in which data is organised into a chain of connected and cryptographically secured blocks.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--dlt
alternate name: Distributed Ledger Technology
is based on: Based on: Bank for International Settlements (BIS) official documentation

eOracle — EigenLayer AVS Oracle
type: DefinedTerm
description: An oracle network built as an Actively Validated Service (AVS) on EigenLayer, using restaked ETH as cryptoeconomic security for oracle node operators who deliver validated data on-chain; slashing conditions apply to dishonest operators. Documentation at docs.eoracle.network.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--eoracle-eigenlayer-avs-oracle
alternate name: eOracle — EigenLayer AVS-Based Oracle
is based on: eOracle, docs.eoracle.network

Fractionalization
type: DefinedTerm
description: Fractionalization is the process of dividing ownership of a single high-value asset into multiple smaller, independently tradeable units through tokenization on a blockchain. By lowering the minimum investment threshold, fractionalization can increase market liquidity and broaden access to asset classes that were previously available only to large investors.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--fractionalization
alternate name: Asset Fractionalization
is based on: Based on: FSB and ICMA official documentation

Off-chain Worker (OCW) — Polkadot/Substrate
type: DefinedTerm
description: A Substrate runtime feature that enables pallet logic to execute off-chain computations (e.g., HTTP requests, data parsing, cryptographic operations) and submit the results back to the chain as signed or unsigned transactions, enabling oracle-like data ingestion without consensus-layer overhead. OCW design and security model are documented at wiki.polkadot.network.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--off-chain-worker-ocw-polkadot-substrate
is based on: Polkadot/Substrate, wiki.polkadot.network

Oracle
type: DefinedTerm
description: A system or service that delivers external (off-chain) data to a smart contract on a blockchain, bridging the gap between on-chain logic and real-world information. Chainlink's decentralised oracle network aggregates data from multiple independent node operators and publishes it on-chain via aggregator contracts, reducing single-point-of-failure risk. Oracles are essential for RWA tokenisation as they relay asset prices, reserve balances, and compliance attestations.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--oracle
alternate name: Blockchain Oracle — Off-Chain Data Provider
is based on: Chainlink Data Feeds Documentation (
is based on: Chainlink Proof of Reserve Documentation (

Oracle Deviation Threshold
type: DefinedTerm
description: A configurable parameter in a price oracle system specifying the minimum percentage change in the off-chain reference price that triggers an on-chain price update, balancing gas cost efficiency against data freshness; often combined with a heartbeat frequency so that updates occur on deviation OR time elapsed. Chainlink deviation threshold configuration is documented at docs.chain.link/data-feeds.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--oracle-deviation-threshold
is based on: Chainlink

Oracle Heartbeat Frequency
type: DefinedTerm
description: The maximum time interval between successive on-chain price updates from an oracle feed, ensuring that even in the absence of a price deviation the on-chain value is refreshed at a defined cadence (e.g., every 24 hours or 1 hour) to prevent stale data. Heartbeat frequency is a key parameter documented for each Chainlink data feed at docs.chain.link/data-feeds.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--oracle-heartbeat-frequency
is based on: Chainlink

Oracle Manipulation Attack
type: DefinedTerm
description: An exploit in which an attacker artificially distorts the price or data reported by an on-chain oracle (typically by manipulating a DEX spot price used as the oracle source) to trigger favourable liquidations, minting, or payouts in a DeFi protocol. Trail of Bits and Chainlink's security blog have published foundational analysis of oracle manipulation vectors and mitigations. See trailofbits.com/blog and blog.chain.link.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--oracle-manipulation-attack
is based on: Trail of Bits, trailofbits.com
is based on: Chainlink security blog, blog.chain.link

Proof of Reserve
type: DefinedTerm
description: A mechanism by which on-chain verifiable proof is provided that a tokenised asset is fully backed by off-chain reserves. Chainlink Proof of Reserve Feeds provide the status of reserves for assets including cross-chain and off-chain holdings, sourced via third-party auditors, direct custodian data feeds, or (with additional risk) issuer self-reporting. Smart contracts implement PoR using the AggregatorV3Interface.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--proof-of-reserve
alternate name: Proof of Reserve (PoR) — Cryptographic Reserve Attestation
is based on: Chainlink Proof of Reserve Documentation (, including feed types: Third-party, Custodian, Self-reported, Wallet address manager

Push vs Pull Oracle
type: DefinedTerm
description: The two primary oracle update models: push oracles (e.g., Chainlink) proactively push price updates on-chain when a deviation threshold or heartbeat fires, providing always-current on-chain state at continuous gas cost; pull oracles (e.g., Pyth) require the end-user's transaction to explicitly fetch and verify the latest signed price data from an off-chain source, reducing gas overhead by updating only when needed. See docs.chain.link and docs.pyth.network.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--push-vs-pull-oracle
alternate name: Push vs Pull Oracle Architecture
is based on: Chainlink
is based on: Pyth Network, docs.pyth.network

Pyth Indices
type: DefinedTerm
description: A suite of proprietary 24/7 reference-price indices launched by Pyth Network in June 2026, covering U.S. equities (NVDA, TSLA, AAPL, MSFT, GOOGL, INTC, HOOD, MSTR, CRCL), oil (WTI, Brent), metals (Gold XAU, Silver XAG), FX pairs (EUR/USD, GBP/USD, USD/JPY), and thematic baskets (AI10, Defense10, China10, Tech100 — co-developed with MarketVector, a VanEck company). Each index is a standalone product with a published methodology, built on Pyth's first-party price feeds aggregated from institutional publishers. Early integrators include Coinbase, Kraken, dYdX, and Nado. Available for licensing across derivatives settlement, benchmarking, and ETF/ETP products. Distinct from TSM's TS-GMRI family: Pyth Indices track spot prices of the physical underlyings (bullion), while TS-GMRI tracks tokenized representations of those assets.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--pyth-indices
alternate name: Pyth Indices — 24/7 Proprietary Reference-Price Suite
is based on: Pyth Network
is based on: Business Wire, 10 June 2026

Pyth Network Pull-Model Oracle
type: DefinedTerm
description: A decentralised oracle network using a pull-model architecture in which price updates are published to the Pythnet appchain and consumers pull the latest price into their target chain's smart contract at transaction time (rather than paying for continuous on-chain pushes), enabling low-latency, low-cost data delivery. Documentation at docs.pyth.network.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--pyth-network-pull-model-oracle
is based on: Pyth Network, docs.pyth.network

RedStone Modular Oracle
type: DefinedTerm
description: An oracle protocol delivering data using a modular architecture with three delivery models: push (Core), pull (Classic), and a composable low-latency mode; data packages are signed off-chain by provider nodes and cached in a decentralised cache layer, with on-chain verification only when consumed. Documentation at docs.redstone.finance.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--redstone-modular-oracle
is based on: RedStone, docs.redstone.finance

Restaking-Secured Oracle
type: DefinedTerm
description: An oracle network whose node operators stake already-staked ETH (or LSTs) via EigenLayer's restaking protocol to provide additional cryptoeconomic security for their oracle attestations; dishonest attestation may trigger slashing of both the original Ethereum stake and the restaked security. EigenLayer's restaking documentation is at docs.eigenlayer.xyz.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--restaking-secured-oracle
is based on: EigenLayer, docs.eigenlayer.xyz

RWA
type: DefinedTerm
description: Real World Assets (RWA) is a term used in blockchain and digital finance to describe tangible or traditional financial assets — such as commodities, real estate, bonds, or equities — that are represented as digital tokens on a distributed ledger. Tokenizing RWAs aims to bridge traditional finance and decentralized finance by making these assets programmable, divisible, and tradable on-chain.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--rwa
alternate name: Real World Assets
is based on: Based on: FSB and industry standard documentation

Security Token
type: DefinedTerm
description: A security token is a digital token that is classified as a security under applicable financial regulations, representing ownership rights, investment interests, or economic entitlements in an underlying asset or enterprise. Because security tokens are treated as securities, their issuance and trading are subject to the same investor protection and disclosure requirements as traditional securities.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--security-token
is based on: Based on: SEC and ESMA official documentation

Smart Contract
type: DefinedTerm
description: A smart contract is a self-executing programme stored on a blockchain that automatically enforces and executes the terms of an agreement when predefined conditions are met, without requiring human intervention or a trusted intermediary. Once deployed on a blockchain, a smart contract is immutable and its execution is transparent and auditable by participants on the network.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--smart-contract
is based on: Based on: Ethereum Foundation and ICMA official documentation

STO
type: DefinedTerm
description: A Security Token Offering (STO) is a regulated method of raising capital in which a company issues digital tokens on a blockchain that are classified as securities and represent ownership rights, profit participation, or other investment interests. Unlike unregulated token sales, STOs are subject to applicable securities laws in each jurisdiction, including disclosure, registration, and investor eligibility requirements.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--sto
alternate name: Security Token Offering
is based on: Based on: SEC and ESMA official documentation

Supra Cross-Chain Oracle
type: DefinedTerm
description: An oracle and cross-chain solution by Supra providing high-throughput, low-latency price feeds across multiple Layer-1 and Layer-2 networks using a distributed verification network (DORA) and a cross-chain Hyper-Relayer for bridging; Supra publishes feeds for traditional financial data as well as crypto assets. Documentation at supra.com/docs.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--supra-cross-chain-oracle
is based on: Supra

Switchboard Cross-Chain Oracle
type: DefinedTerm
description: A permissionless, customisable oracle protocol initially built on Solana and expanded cross-chain, where anyone can create a data feed by defining sources and aggregation logic, with node operators running Trusted Execution Environments (TEEs) for tamper-proof execution. Documentation at docs.switchboard.xyz.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--switchboard-cross-chain-oracle
is based on: Switchboard, docs.switchboard.xyz

Tellor Decentralised Oracle
type: DefinedTerm
description: A decentralised oracle protocol on Ethereum in which data reporters stake TRB tokens to submit data values; a dispute mechanism allows any party to challenge a submitted value within a dispute window, with staked tokens slashed on successful disputes, creating crypto-economic data integrity incentives. Documentation at docs.tellor.io.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--tellor-decentralised-oracle
is based on: Tellor, docs.tellor.io

Time-Weighted Average Price (TWAP) Oracle
type: DefinedTerm
description: An on-chain price oracle that computes the arithmetic mean of asset prices weighted by time over a defined period, making manipulation significantly more expensive for short-duration attacks; Uniswap V3 implements TWAP via cumulative price accumulators in its liquidity pools. Uniswap V3 TWAP oracle documentation is at docs.uniswap.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--time-weighted-average-price-twap-oracle
is based on: Uniswap V3, docs.uniswap.org

Tokenization
type: DefinedTerm
description: Tokenization is the process of converting ownership rights or claims to a real-world or financial asset into a digital token recorded on a distributed ledger or blockchain. The resulting token can represent full or fractional ownership, and its transfer constitutes a transfer of the underlying rights in accordance with the applicable legal structure.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--tokenization
alternate name: Asset Tokenization
is based on: Based on: FSB and ICMA official documentation

UMA Optimistic Oracle
type: DefinedTerm
description: An oracle protocol that uses an optimistic verification game: a proposer posts a data value with a bond, and if no disputer challenges the value within a liveness window the answer is accepted on-chain; contested values escalate to UMA's Data Verification Mechanism (DVM) for token-holder arbitration. Documentation at docs.uma.xyz.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rwa-tokenization--uma-optimistic-oracle
is based on: UMA, docs.uma.xyz

EMIR
type: DefinedTerm
description: EU Regulation 648/2012 (EMIR) requires counterparties and CCPs to report details of any derivative contract (conclusion, modification, or termination) to a registered trade repository by the following working day. It also mandates central clearing for standardised OTC derivatives through an authorised CCP and bilateral risk mitigation for non-centrally cleared trades. CFTC Part 43/45 rules impose analogous real-time and regulatory reporting obligations in the US under Dodd-Frank Title VII.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: data-standards--emir
alternate name: European Market Infrastructure Regulation — OTC Derivative Trade Reporting
is based on: EU Regulation 648/2012 (EMIR), Articles 2(7), 4, 9
is based on: CFTC Rules 17 CFR Parts 43 and 45 (Dodd-Frank Title VII swap reporting)

IFRS
type: DefinedTerm
description: Set of accounting standards issued by the International Accounting Standards Board (IASB) and adopted in 140+ jurisdictions including the EU, UK, Australia, Canada, and Hong Kong. Aims to provide a common global language for business affairs so financial statements are understandable and comparable across international boundaries. Notable metals-relevant standards: IFRS 6 (Exploration for and Evaluation of Mineral Resources), IAS 2 (Inventories), IFRS 13 (Fair Value Measurement).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: data-standards--ifrs
alternate name: International Financial Reporting Standards
is based on: Source: IFRS Foundation official standards (

ISO
type: DefinedTerm
description: Independent, non-governmental international standard-setting body composed of representatives from national standards organisations of 170+ member countries. Publishes over 24,000 international standards covering products, services, materials, systems, and processes. In metals context: ISO 15366 (platinum bullion assay), ISO 22000 (management), ISO/IEC 17025 (testing laboratory competence), ISO 20400 (sustainable procurement), and standards underpinning LBMA and LPPM Good Delivery frameworks.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: data-standards--iso
alternate name: International Organization for Standardization
is based on: Source: ISO official standards catalogue (

ISO 20022
type: DefinedTerm
description: An international standard published by ISO Technical Committee TC68 (Financial Services) providing a common platform and methodology for developing financial messaging. It uses a business-modelling approach to produce XML and ASN.1-based message formats for payments, securities, trade services, and derivatives. SWIFT is migrating cross-border payments messaging (CBPR+) to ISO 20022, with the transition period through 2025.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: data-standards--iso-20022
alternate name: ISO 20022 — Universal Financial Industry Message Scheme
is based on: ISO 20022 (Financial Services — Universal financial industry message scheme), TC68; iso20022.org
is based on: SWIFT ISO 20022 migration programme

LEI
type: DefinedTerm
description: A unique 20-character alphanumeric code that unambiguously identifies a legal entity engaging in financial transactions globally, based on ISO 17442 standard managed by GLEIF (Global Legal Entity Identifier Foundation). Each LEI is linked to verified reference data (Level 1: 'who is who'; Level 2: 'who owns whom'). LEIs are mandatory for derivative reporting under EMIR, MiFIR, and Dodd-Frank.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: data-standards--lei
alternate name: Legal Entity Identifier (ISO 17442)
is based on: ISO 17442 Parts 1 and 2
is based on: GLEIF 'Introducing the Legal Entity Identifier', gleif.org
is based on: EU EMIR Article 9 and MiFIR Article 26 (LEI requirement)

MCS
type: DefinedTerm
description: Annual publication by the United States Geological Survey summarising world production, reserves, resources, and market data for approximately 90 mineral commodities. Released each January/February, MCS is the authoritative primary source for country-level reserve and production statistics used throughout the TSM Hub metals ecosystem. Data cutoff is typically end-of-previous-year with revisions to prior years.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: data-standards--mcs
alternate name: Mineral Commodity Summaries (USGS)
is based on: Source: USGS Mineral Commodity Summaries (

MiFID II
type: DefinedTerm
description: EU Directive 2014/65/EU and its accompanying regulation MiFIR (Regulation 600/2014) establish the regulatory framework for investment services across EU financial markets. Key provisions include authorisation requirements for investment firms, pre- and post-trade transparency obligations, best execution duties (Article 27), systematic internaliser regime, position limits for commodity derivatives (Article 57), and weekly position reporting.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: data-standards--mifid-ii
alternate name: Markets in Financial Instruments Directive II
is based on: EU Directive 2014/65/EU (MiFID II), Articles 4(1), 27, 57, 58
is based on: EU Regulation 600/2014 (MiFIR), Articles 20–21; europa.eu

OTSFA
type: DefinedTerm
description: TSM editorial principle: every quantitative data point on TSM Hub and TSM www must trace back to a single, named primary source — the regulator, exchange, statistical agency or company filing that originally produced the figure. No aggregator citations, no derivative figures, no re-typed third-party numbers. Every metals page and dataset is OTSFA-audited.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: data-standards--otsfa
alternate name: One True Source for All
is based on: TSM editorial principle

Primary source
type: DefinedTerm
description: The first publisher of a piece of data — the regulator, exchange, statistical agency, standard-setter or company that originally produced it. Examples: LME for LME official prices; USGS Mineral Commodity Summaries for country reserves; SEC EDGAR for US-listed company filings; LBMA for Good Delivery Lists. Contrasted with secondary sources (aggregators, news outlets, third-party databases) which TSM avoids per OTSFA principle.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: data-standards--primary-source
is based on: TSM editorial; aligned with IFLA / scholarly sourcing conventions

Capping Rule
type: DefinedTerm
description: A constraint in index construction that limits any single constituent's weight to a specified maximum (e.g. 10% or 20%) at rebalance, preventing over-concentration; common in sector indices where one or two dominant companies could otherwise represent the majority of the index.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tsm-indices--capping-rule
alternate name: Constituent Capping Rule (Index)
is based on: FTSE Russell, 'FTSE Global Equity Index Series Ground Rules' (2024), ftserussell.com
is based on: S&P Dow Jones Indices, 'S&P DJI Index Mathematics Methodology', spglobal.com.

Eligibility Criteria
type: DefinedTerm
description: The quantitative and qualitative requirements a security must meet to be included in an index, typically covering minimum market capitalisation, liquidity (average daily traded value), listing status, legal domicile, free float percentage, and revenue or asset exposure to the target sector.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tsm-indices--eligibility-criteria
alternate name: Index Eligibility Criteria
is based on: MSCI, 'MSCI Index Calculation Methodology' (2023)
is based on: FTSE Russell, 'Ground Rules for the FTSE4Good Index Series' (2024), ftserussell.com.

Free Float Adjustment
type: DefinedTerm
description: A factor applied to a company's total market capitalisation to exclude shares that are not readily available for public trading (e.g. government-held, founder-held, cross-held), computing the free-float market capitalisation used for index weight determination; employed by MSCI, FTSE Russell, S&P Dow Jones, and the TSM Mining Indices.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tsm-indices--free-float-adjustment
alternate name: Free Float Adjustment (Index Construction)
is based on: MSCI, 'MSCI Index Calculation Methodology' (2023)
is based on: FTSE Russell, 'Ground Rules for FTSE All-World Index Series', ftserussell.com.

Rebalance Frequency
type: DefinedTerm
description: The scheduled interval at which index constituents and their weights are reviewed and adjusted; common frequencies are quarterly (most sector indices), semi-annual (FTSE GEIS), and annual (some thematic indices). Between scheduled reviews, extraordinary reviews may occur if a constituent undergoes a corporate action.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tsm-indices--rebalance-frequency
alternate name: Index Rebalance Frequency
is based on: MSCI, 'MSCI Index Calculation Methodology' (2023)
is based on: FTSE Russell, 'Ground Rules' (2024).

TS-GMRI
type: DefinedTerm
description: Flagship benchmark for the tokenized-metals asset class. Market-cap-weighted aggregate of 18 metal-backed Real-World-Asset tokens (gold, silver, uranium concentrate) plus on-chain physical claims, base value 100 on 22 June 2026. As of June 2026 TS-GMRI is the first and only publicly published index dedicated to tokenized metals — Bloomberg, S&P, MSCI and CoinDesk do not publish an equivalent. Daily computation. Cap-weighted reflects money-weighted market exposure (XAUT and PAXG dominate). The equal-weighted sibling is TS-GMRI EW. Constituents, weights, and methodology are open at www.truesourcemetals.com/gmri.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tsm-indices--ts-gmri
alternate name: Global Metals RWA Index (cap-weighted)
is based on: TrueSource Metals (constituent data: CoinGecko)

TS-GMRI-AG
type: DefinedTerm
description: Subset of the TS-GMRI family restricted to tokens backed by physical silver: KAG (Kinesis) and XAGM (Matrixdock). Cap-weighted, base 100 on 22 June 2026. Publication threshold lowered from N>=3 to N>=2 since silver has two established issuers across distinct jurisdictions and custody models. Mirrors TS-GMRI-AU symmetry (gold sleeve). Replaces the former TS-GMRI-NONAU which mixed silver (monetary) with uranium (nuclear fuel) without coherent portfolio logic — XU3O8 retained in the TS-GMRI primary universe; future home is the TS-GMRI-CRT critical-materials slot. Live value at /data/gmri/latest.json (family.live['TS-GMRI-AG']). Methodology v1.3 at www.truesourcemetals.com/gmri/methodology.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tsm-indices--ts-gmri-ag
alternate name: TS-GMRI Silver
is based on: TrueSource Metals (constituent data: CoinGecko)

TS-GMRI-AU
type: DefinedTerm
description: Subset of the TS-GMRI family restricted to tokens backed by physical gold (15 of the 18 constituents as of 15 June 2026). Cap-weighted, base 100 on 22 June 2026. Functions as the pure gold-token benchmark — useful for separating gold-specific moves from broader tokenized-metals breadth (silver and uranium are excluded here, see TS-GMRI-AG and TS-GMRI-PRE for the complements). Live value at /data/gmri/latest.json (family.live['TS-GMRI-AU']).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tsm-indices--ts-gmri-au
alternate name: TS-GMRI Gold
is based on: TrueSource Metals (constituent data: CoinGecko)

TS-GMRI-BASE
type: DefinedTerm
description: Registered methodology slot in the TS-GMRI family for base metals: copper, aluminium, nickel, zinc, lead, tin. As of 15 June 2026 no live retail tokens exist for any of these metals at the base date — N=0. The slot is registered for prior-art protection, but no value is published until the N>=3 threshold is met (industry-standard honesty: rules fixed, numbers withheld). When the threshold is first crossed, the sub-index goes live with the same definition; any pre-publication history is shown as BACKTEST / PRO-FORMA — reconstructed using CoinGecko historical caps. Methodology v1.0 at www.truesourcemetals.com/gmri/methodology.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tsm-indices--ts-gmri-base
alternate name: TS-GMRI Base Metals (methodology slot — registered, value withheld)
is based on: TrueSource Metals

TS-GMRI-BTR
type: DefinedTerm
description: Registered methodology slot in the TS-GMRI family for battery metals: lithium, cobalt, manganese, battery-grade nickel, natural graphite. Battery metals are the dominant narrative in commodity tokenization (energy transition, EV supply chain). As of 15 June 2026 no live retail tokens exist for any of these metals at the base date — N=0. The slot is registered for prior-art protection on 15 June 2026; no value is published until the N>=3 threshold is met. When the threshold is first crossed the sub-index goes live with the same definition; any pre-publication history is shown as BACKTEST / PRO-FORMA — reconstructed using CoinGecko historical caps. Methodology v1.0 at www.truesourcemetals.com/gmri/methodology.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tsm-indices--ts-gmri-btr
alternate name: TS-GMRI Battery Metals (methodology slot — registered, value withheld)
is based on: TrueSource Metals

TS-GMRI-CAP20
type: DefinedTerm
description: Sibling of the TS-GMRI flagship that prevents single-issuer dominance. Same 18-constituent universe, base 100 on 22 June 2026, cap-weighted — but if any single issuer's combined weight exceeds 20%, that issuer's tokens are scaled to the cap and the excess is redistributed pro-rata across uncapped tokens, iteratively until stable. Conservative honesty rule: issuers whose public disclosure cannot be corroborated (verified=false) are treated as their own standalone issuer rather than artificially merged. Conceptually similar to MSCI Issuer-Capped and S&P Capped index families. Live value at /data/gmri/latest.json (family.live['TS-GMRI-CAP20']). Methodology v1.0 at www.truesourcemetals.com/gmri/methodology.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tsm-indices--ts-gmri-cap20
alternate name: TS-GMRI Issuer-Capped 20%
is based on: TrueSource Metals (constituent data: CoinGecko)

TS-GMRI-CRT
type: DefinedTerm
description: Registered methodology slot in the TS-GMRI family for critical materials: uranium, lithium, cobalt, manganese, rare earths, neodymium. As of 15 June 2026 only one eligible constituent exists (XU3O8 uranium concentrate) — N=1, below the N>=3 publication threshold. Slot registered for prior-art protection; no value published until threshold is met. When live, the sub-index will capture the tokenized critical-materials slice of the energy-transition supply chain. Methodology v1.0 at www.truesourcemetals.com/gmri/methodology.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tsm-indices--ts-gmri-crt
alternate name: TS-GMRI Critical Materials (methodology slot — registered, value withheld)
is based on: TrueSource Metals

TS-GMRI-EW
type: DefinedTerm
description: Equal-weighted sibling of the TS-GMRI flagship: every active constituent token contributes 1/N of the index regardless of market cap, base value 100 on 22 June 2026. Captures breadth of the tokenized-metals universe — mid- and small-cap tokens (KAG, XAGM, XU3O8, regional gold tokens) move the gauge as much as XAUT or PAXG. Published daily alongside the cap-weighted TS-GMRI; both variants share the same constituent universe, primary-source data discipline, and OTSFA principle. Methodology v1.0 open at www.truesourcemetals.com/gmri.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tsm-indices--ts-gmri-ew
alternate name: Global Metals RWA Index — Equal-Weighted
is based on: TrueSource Metals (constituent data: CoinGecko)

TS-GMRI-FA
type: DefinedTerm
description: Registered methodology slot in the TS-GMRI family for ferroalloys: ferrochrome, ferromanganese, ferrosilicon, ferromolybdenum, ferrovanadium, ferronickel. Ferroalloys are essential steelmaking inputs. As of 15 June 2026 no live retail tokens exist at the base date — N=0. The slot is registered for prior-art protection; no value is published until the N>=3 threshold is met. When the threshold is first crossed the sub-index goes live with the same definition; any pre-publication history is shown as BACKTEST / PRO-FORMA — reconstructed using CoinGecko historical caps. Methodology v1.0 at www.truesourcemetals.com/gmri/methodology.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tsm-indices--ts-gmri-fa
alternate name: TS-GMRI Ferroalloys (methodology slot — registered, value withheld)
is based on: TrueSource Metals

TS-GMRI-FE
type: DefinedTerm
description: Registered methodology slot in the TS-GMRI family for bulk ferrous: iron ore (hematite, magnetite), DRI pellets. Iron ore is the largest mined commodity by volume globally. As of 15 June 2026 no live retail tokens exist at the base date — N=0. The slot is registered for prior-art protection; no value is published until the N>=3 threshold is met. When the threshold is first crossed the sub-index goes live with the same definition; any pre-publication history is shown as BACKTEST / PRO-FORMA — reconstructed using CoinGecko historical caps. Methodology v1.0 at www.truesourcemetals.com/gmri/methodology.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tsm-indices--ts-gmri-fe
alternate name: TS-GMRI Bulk Ferrous (methodology slot — registered, value withheld)
is based on: TrueSource Metals

TS-GMRI-JUR
type: DefinedTerm
description: Registered methodology slot in the TS-GMRI family for per-jurisdiction breakdowns of the constituent universe — counting verified issuers grouped by regulator jurisdiction. As of 15 June 2026 the universe has 1 verified issuer per jurisdiction across CH-vault/BVI, US-NYDFS, KY/LI, SG, LI, AE-Dubai. Publication threshold: >=2 verified issuers per jurisdiction. Slot registered for prior-art protection; per-jurisdiction values will publish once the threshold is met in any jurisdiction. Methodology v1.0 at www.truesourcemetals.com/gmri/methodology.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tsm-indices--ts-gmri-jur
alternate name: TS-GMRI by Jurisdiction (methodology slot — registered, value withheld)
is based on: TrueSource Metals

TS-GMRI-LT
type: DefinedTerm
description: Registered methodology slot in the TS-GMRI family for light metals: aluminium, magnesium, titanium, beryllium. The slot allows segmentation of the aerospace and EV body-panel narrative independently from broader base or critical material baskets. As of 15 June 2026 no live retail tokens exist at the base date — N=0. The slot is registered for prior-art protection; no value is published until the N>=3 threshold is met. When the threshold is first crossed the sub-index goes live with the same definition; any pre-publication history is shown as BACKTEST / PRO-FORMA — reconstructed using CoinGecko historical caps. Methodology v1.0 at www.truesourcemetals.com/gmri/methodology.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tsm-indices--ts-gmri-lt
alternate name: TS-GMRI Light Metals (methodology slot — registered, value withheld)
is based on: TrueSource Metals

TS-GMRI-MN
type: DefinedTerm
description: Registered methodology slot in the TS-GMRI family for minor metals: bismuth, antimony, indium, gallium, germanium, selenium, tellurium, cadmium. Minor metals trade thinly and largely as by-products of base and precious metal production. As of 15 June 2026 no live retail tokens exist at the base date — N=0. The slot is registered for prior-art protection; no value is published until the N>=3 threshold is met. When the threshold is first crossed the sub-index goes live with the same definition; any pre-publication history is shown as BACKTEST / PRO-FORMA — reconstructed using CoinGecko historical caps. Methodology v1.0 at www.truesourcemetals.com/gmri/methodology.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tsm-indices--ts-gmri-mn
alternate name: TS-GMRI Minor Metals (methodology slot — registered, value withheld)
is based on: TrueSource Metals

TS-GMRI-PRE
type: DefinedTerm
description: Subset of the TS-GMRI family restricted to precious-metals tokens: gold + silver + platinum + palladium. As of 15 June 2026 there are 17 active constituents (15 gold + 2 silver; platinum and palladium have no live retail tokens yet). Cap-weighted, base 100 on 22 June 2026. Broader than TS-GMRI-AU, narrower than the full TS-GMRI — captures the classical precious-metals slice of the tokenized-metals market. Live value at /data/gmri/latest.json (family.live['TS-GMRI-PRE']).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tsm-indices--ts-gmri-pre
alternate name: TS-GMRI Precious
is based on: TrueSource Metals (constituent data: CoinGecko)

TS-GMRI-REF
type: DefinedTerm
description: Registered methodology slot in the TS-GMRI family for refractory metals: tungsten, molybdenum, tantalum, niobium, rhenium, vanadium. These metals are strategic inputs for high-temperature alloys, defence electronics, and superalloy turbines. As of 15 June 2026 no live retail tokens exist at the base date — N=0. The slot is registered for prior-art protection; no value is published until the N>=3 threshold is met. When the threshold is first crossed the sub-index goes live with the same definition; any pre-publication history is shown as BACKTEST / PRO-FORMA — reconstructed using CoinGecko historical caps. Methodology v1.0 at www.truesourcemetals.com/gmri/methodology.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tsm-indices--ts-gmri-ref
alternate name: TS-GMRI Refractory Metals (methodology slot — registered, value withheld)
is based on: TrueSource Metals

TS-GMRI-STL
type: DefinedTerm
description: Registered methodology slot in the TS-GMRI family for steel: rebar, hot-rolled coil (HRC), billet, stainless steel. Steel is the most produced metal in the world by tonnage. SGX iron-ore-linked products and limited futures contracts exist, but no live retail tokenization of finished steel products as of 15 June 2026 — N=0. The slot is registered for prior-art protection; no value is published until the N>=3 threshold is met. When the threshold is first crossed the sub-index goes live with the same definition; any pre-publication history is shown as BACKTEST / PRO-FORMA — reconstructed using CoinGecko historical caps. Methodology v1.0 at www.truesourcemetals.com/gmri/methodology.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tsm-indices--ts-gmri-stl
alternate name: TS-GMRI Steel (methodology slot — registered, value withheld)
is based on: TrueSource Metals

TrueAtlas
type: DefinedTerm
description: The interactive world map of the metals supply chain published by TrueSource Metals™ at hub.truesourcemetals.com/maps/. Toggleable layers: USGS-reported country reserves (25 metals with country-level reserves data, graduated bubbles), exchange warehouse cities (LME network, LBMA London, COMEX NY, SHFE Shanghai bonded), 11 metal-trading exchanges (LME, CME/COMEX, SHFE, SGE, TOCOM, MCX, HKEX, DGCX, Borsa Istanbul, MOEX, B3), top producer HQs, top mines & smelters at operator-published coordinates, major commodity ports, top dry-bulk sea routes (UNCTAD), six metals-relevant rail corridors (Trans-Sib, BAM, China–Europe, Middle Corridor, INSTC, Malmbanan), 50 LBMA Good Delivery refineries, named precious-metal vaults (LBMA London 8 + COMEX NY), 13 sovereign mints, metals-trading free zones & freeports, and 60 mining/metallurgy universities. Renders with Leaflet on OpenStreetMap tiles — no vendor SDKs, no API keys. Every marker links to its primary publisher. First branded as TrueAtlas™ on 17 June 2026.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: brand-identity--trueatlas
alternate name: TrueAtlas™ — the TrueSource Metals interactive map
is based on: TrueSource Metals Constitution §17 (True* universe rollout); git commit b511792 (Hub W3: TrueAtlas™ rename).

TrueCalc
type: DefinedTerm
description: The ten-instrument calculator suite published by TrueSource Metals™ at hub.truesourcemetals.com/calculators/, plus the standalone RWA Tokenization Pro cost-structure calculator. Tools: Unit Price (10 units across USD/t, USD/oz, USD/lb, USD/kg, RMB/t, EUR/t, troy oz, MTU, karat, gram), Purity, Freight (11 Incoterms with FCL/LCL and demurrage), TCO Aggregator, TCO Pro (80+ field standalone), Mining Recovery & Concentrate Yield (SME / Wills & Finch), NPV / IRR, AISC Builder (WGC 2013), Arbitration Cost Estimator (10 institutions: HKIAC, SIAC, ICC, SCC, CIETAC, VIAC, DIAC, ICDR, LCIA, LME), Demurrage / Despatch (BIMCO 2013 + GENCON 13(a)). All math runs locally in the browser — no inputs sent to any server, no signup, no paywall, live-price auto-fill from the Hub. First branded as TrueCalc™ on 17 June 2026.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: brand-identity--truecalc
alternate name: TrueCalc™ — the TrueSource Metals calculator suite
is based on: TrueSource Metals Constitution §17 (True* universe rollout); git commit b511792 (Hub W3: TrueCalc™ rename).

TrueGlossary
type: DefinedTerm
description: The 610-term cross-domain metals glossary published by TrueSource Metals™ at hub.truesourcemetals.com/glossary/. Covers 33 domains across metals & commodities, RWA & tokenization, regulation & policy, sustainability (ESG), trade & shipping (full Incoterms 2020 plus 75 logistics terms), financial instruments, logistics & physical handling, TSM Indices and Brand Identity. Every entry maps to a primary-source publisher (LME, LBMA, USGS, ICC, IMO, BIPM, UNECE, ISO, etc.); each term includes attribution and a stable slug for citation. Cross-linked with TrueCalc™ tools, metal pages, the TrueAtlas™ map and the live news feed. First branded as TrueGlossary™ on 17 June 2026.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: brand-identity--trueglossary
alternate name: TrueGlossary™ — the TrueSource Metals reference glossary
is based on: TrueSource Metals Constitution §17 (True* universe rollout); git commit 61886ae (Hub W2: TrueGlossary™ rename).

TrueTokenize
type: DefinedTerm
description: The six-phase educational roadmap for tokenizing physical metals published by TrueSource Metals™ at www.truesourcemetals.com/how-to-tokenize. Configurable for 13 metals (precious: gold, silver, platinum, palladium; base: copper, aluminium, nickel, zinc, lead, tin; battery: lithium, cobalt, manganese), 7 jurisdictions (HK SFC, MAS Singapore, VARA Dubai, FINMA Switzerland, MiCA EU, SEC USA, JFSA Japan) and 7 chains (Ethereum, Polygon, Base, Arbitrum, Avalanche, Solana, Stellar). Includes a RACI matrix of roles vs phases, a generated personalized checklist with copy-as-Markdown and print, and a live RWA news widget pulling the Hub's curated tokenization / RWA / regulator news feed (Tier 0–Tier 2 only — no aggregators). Not financial advice. First branded as TrueTokenize™ on 17 June 2026.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: brand-identity--truetokenize
alternate name: TrueTokenize™ — the TrueSource Metals tokenization roadmap
is based on: TrueSource Metals Constitution §17 (True* universe rollout); git commit 4d139a7 (WWW W3: TrueTokenize™ rename).

TSM Signature Teal
type: DefinedTerm
description: The proprietary teal shade #2d9da5 (dark mode) / #15656c (light mode), RGB 45·157·165, HSL 184°·57%·41%, Pantone reference 2222 C, used since 23 March 2026 as the unique chromatic identifier of TrueSource Metals across all branded surfaces — wordmark, monogram T/H favicons, header pills, primary buttons, links, splash-screen frame, and merchandise. Used in combination with TSM Gold #c9a84c, Graphite #0f1419 and Cream #f5f4f0, but the teal alone is the protectable element. Distinct from any other metals-information service: Bloomberg Black/Orange, Refinitiv Orange, Fastmarkets Magenta, Platts Blue, Argus Red, LME Grey/Blue, LBMA Gold, CME Green — no recognised competitor uses this teal as primary identifier. First public declaration of brand identity: 14 June 2026 at https://hub.truesourcemetals.com/brand/.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: brand-identity--tsm-signature-teal
alternate name: TrueSource Metals — Signature Teal (Brand Colour)
is based on: TrueSource Metals Operations Manual §15.5 (Brand Identity); first-use evidence — git commits b1b21ca, 62fa987 and tag v1.0-stable-hk-2026-04-22; public declaration page
is based on: Internet Archive snapshot

Kuznetsov, Andrey
type: DefinedTerm
description: Andrey Kuznetsov is the founder of TrueSource Metals and the creator of the TS-GMRI (Global Metals RWA Index) methodology — the first publicly documented weighted composite index for tokenized precious metals. He works at the intersection of physical metals markets, tokenized real-world assets, and index methodology — building the infrastructure to bring the traditional world of physical metals into the tokenized real-world asset era.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: brand-identity--kuznetsov-andrey
alternate name: Andrey Kuznetsov — Founder, TrueSource Metals
is based on: TrueSource Metals — First Edition (Preface / About the Author, June 2026)

AML
type: DefinedTerm
description: Anti-Money Laundering (AML) refers to the body of laws, regulations, and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income. Financial institutions are required to implement AML programmes that include customer due diligence, transaction monitoring, suspicious activity reporting, and record-keeping.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--aml
alternate name: Anti-Money Laundering
is based on: Based on: FATF official documentation

AMLD6
type: DefinedTerm
description: EU directive harmonising the criminalisation of money laundering across member states. AMLD6 expands the list of predicate offences to 22 categories, extends criminal liability to legal persons, and raises maximum prison terms to four years. National transposition deadlines: 3 Dec 2020 (transpose), 3 Jun 2021 (apply).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--amld6
alternate name: Sixth EU Anti-Money Laundering Directive (Directive (EU) 2018/1673)
is based on: Source: Directive (EU) 2018/1673

BaFin
type: DefinedTerm
description: BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) is Germany's integrated financial regulator supervising banks, insurers, securities trading and, since 2020, the crypto-custody business. Under the German Banking Act (KWG §1 (1a)), crypto-custody is a regulated financial service requiring BaFin licence. BaFin also acts as the German competent authority for MiCA.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--bafin
alternate name: Federal Financial Supervisory Authority (Germany)
is based on: Source: BaFin official website ( and German Banking Act (KWG) §1 (1a)

BMR
type: DefinedTerm
description: EU Regulation 2016/1011 and its UK-retained equivalent governing the provision, contribution to, and use of financial benchmarks. Requires administrators to be authorised or registered by a competent authority (FCA in the UK, national regulators in the EU) and to publish a methodology, governance framework, and control policies. Critical benchmarks are subject to additional requirements. Applies to indices used to reference financial instruments, financial contracts, or investment fund performance.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--bmr
alternate name: Benchmarks Regulation (UK/EU)
is based on: Source: Regulation (EU) 2016/1011
is based on: FCA Handbook Chapter BENCH

BSA
type: DefinedTerm
description: The Bank Secrecy Act of 1970, codified at 31 USC §5311 et seq., is the foundational US AML statute. It establishes recordkeeping and reporting requirements (Currency Transaction Reports, Suspicious Activity Reports, FBAR) for financial institutions, including MSBs registered with FinCEN. The Anti-Money Laundering Act of 2020 modernised the BSA, expanding scope to certain antiquities dealers and authorising the Beneficial Ownership Register under the Corporate Transparency Act.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--bsa
alternate name: Bank Secrecy Act (United States)
is based on: Source: 31 USC §5311 et seq.
is based on: Anti-Money Laundering Act of 2020 (NDAA 2021)

CFT
type: DefinedTerm
description: The body of laws, regulations and procedures to detect, prevent and report the financing of terrorism. CFT is the companion regime to AML, normally referenced jointly as AML/CFT. FATF's 40 Recommendations cover both; Recommendations 5-8 specifically target terrorist-financing.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--cft
alternate name: Counter-Financing of Terrorism (CFT/CTF)
is based on: Source: FATF Recommendations 5-8

CFTC
type: DefinedTerm
description: The CFTC is the US federal agency that regulates derivatives markets including futures, options, and swaps on commodities. The CFTC has asserted jurisdiction over Bitcoin and Ether as commodities under the Commodity Exchange Act (7 USC §1a(9)). Token issuers offering derivatives or margin retail products typically require CFTC registration or rely on exemptions.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--cftc
alternate name: Commodity Futures Trading Commission (United States)
is based on: Source: Commodity Exchange Act 7 USC §1a(9)
is based on: CFTC official site (

DPT Licence
type: DefinedTerm
description: Licence category under Singapore's PSA for providers of Digital Payment Token services — including dealing in DPTs, exchange of DPTs, transfer of DPTs, custodial services in DPTs, and arrangement-of-DPT-exchange. From 4 April 2024, MAS expanded scope to capture cross-border services and custodial activities; legacy exemptions ended.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--dpt-licence
alternate name: Digital Payment Token Service Licence (Singapore)
is based on: Source: MAS PSA Amendment 2021
is based on: MAS PSN02 Notice on Prevention of Money Laundering

EDD
type: DefinedTerm
description: Higher-intensity customer due diligence triggered by elevated AML risk — PEP status, high-risk jurisdictions, complex ownership structures, or unusually large/structured transactions. FATF R.10 (Customer Due Diligence) and R.12 (PEPs) require EDD measures including senior-management approval, source-of-wealth verification, enhanced ongoing monitoring.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--edd
alternate name: Enhanced Due Diligence
is based on: Source: FATF Recommendations 10 and 12

ESMA
type: DefinedTerm
description: ESMA is the EU authority responsible for enhancing investor protection and promoting stable, orderly financial markets. Under MiCA (Regulation (EU) 2023/1114), ESMA maintains the public register of authorised Crypto-Asset Service Providers (CASPs) and develops Regulatory Technical Standards. National competent authorities (e.g., BaFin, AMF, CONSOB) issue MiCA licences; ESMA coordinates and supervises significant CASPs.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--esma
alternate name: European Securities and Markets Authority
is based on: Source: Regulation (EU) 2023/1114 (MiCA), Title V
is based on: ESMA official site (

FATF
type: DefinedTerm
description: The Financial Action Task Force (FATF) is an intergovernmental organisation established by the G7 in 1989 to develop and promote policies to combat money laundering, terrorist financing, and proliferation financing. FATF sets international standards through its Recommendations, monitors countries' compliance, and maintains public lists identifying jurisdictions with strategic deficiencies in their AML and counter-terrorist financing regimes.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--fatf
alternate name: Financial Action Task Force
is based on: Based on: FATF official documentation

FATF Black List
type: DefinedTerm
description: FATF's most serious designation — currently North Korea (DPRK) and Iran (Myanmar added Oct 2022). Listing triggers FATF call to apply enhanced due diligence and counter-measures, including possible cessation of correspondent banking relationships.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--fatf-black-list
alternate name: FATF High-Risk Jurisdictions subject to a Call for Action
is based on: Source: FATF Public Statement on High-Risk Jurisdictions

FATF Grey List
type: DefinedTerm
description: Formally titled 'Jurisdictions under Increased Monitoring', the FATF Grey List names countries with strategic AML/CFT deficiencies that have agreed an action plan with FATF. Listing imposes no automatic counter-measures but typically triggers EDD by international banks. Updated each FATF Plenary (Feb / Jun / Oct).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--fatf-grey-list
alternate name: FATF Jurisdictions under Increased Monitoring
is based on: Source: FATF Plenary statements on Jurisdictions under Increased Monitoring

FATF Mutual Evaluation
type: DefinedTerm
description: Peer-review process whereby FATF assesses a country's compliance with the 40 Recommendations across two dimensions: technical compliance (legal framework) and effectiveness (real-world outcomes, 11 Immediate Outcomes). Results determine listing in FATF Grey List (jurisdictions under increased monitoring) or Black List (high-risk jurisdictions subject to call-for-action).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--fatf-mutual-evaluation
alternate name: FATF Mutual Evaluation Report (MER)
is based on: Source: FATF Methodology 2013 (revised)
is based on: FATF Mutual Evaluation Reports (

FATF Travel Rule
type: DefinedTerm
description: FATF Recommendation 16 requires originating and beneficiary VASPs to obtain, hold, and transmit required originator and beneficiary information for virtual-asset transfers above the de-minimis threshold (FATF: USD/EUR 1,000). The June 2019 Interpretive Note extended R.16 to VASPs. Compliance is increasingly enforced via IVMS-101 data schema and Travel Rule messaging protocols (Sumsub, Notabene, TRP, OpenVASP).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--fatf-travel-rule
alternate name: FATF Travel Rule (Recommendation 16)
is based on: Source: FATF Recommendation 16 and 2019 Interpretive Note
is based on: IVMS-101 data standard

FCA
type: DefinedTerm
description: The FCA regulates conduct of UK financial services firms and supervises securities markets. Cryptoasset businesses in the UK must register with the FCA under the Money Laundering Regulations 2017 (MLR) for AML purposes. From October 2023, financial promotion of cryptoassets to UK consumers requires FCA-approved communications or authorised-firm sign-off.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--fca
alternate name: Financial Conduct Authority (United Kingdom)
is based on: Source: UK Money Laundering Regulations 2017 (as amended)
is based on: FCA Cryptoassets register (

FinCEN
type: DefinedTerm
description: FinCEN is the bureau of the US Department of the Treasury responsible for safeguarding the financial system from illicit use. Under 31 CFR 1010.100(ff), money transmitters — including persons accepting and transmitting Convertible Virtual Currency (CVC) — are Money Services Businesses (MSBs) and must register with FinCEN, implement AML programmes, and file CTRs and SARs.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--fincen
alternate name: Financial Crimes Enforcement Network (US Treasury)
is based on: Source: 31 CFR 1010.100(ff)
is based on: FinCEN guidance FIN-2019-G001 on CVCs (

FinCEN MSB
type: DefinedTerm
description: Defined at 31 CFR 1010.100(ff). MSBs include money transmitters, currency dealers, check cashers, and — per FinCEN guidance FIN-2019-G001 — persons who accept and transmit convertible virtual currency (CVC). MSBs must register with FinCEN, implement AML programmes, file SARs (>$2,000) and CTRs (>$10,000), and comply with the Travel Rule (>$3,000).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--fincen-msb
alternate name: Money Services Business (FinCEN registration)
is based on: Source: 31 CFR 1010.100(ff)
is based on: FinCEN guidance FIN-2019-G001 (

FINMA
type: DefinedTerm
description: FINMA is the independent regulator of Switzerland's financial markets. Under the Swiss DLT Act (in force August 2021), FINMA authorises DLT Trading Facilities, recognises tokens of payment, utility or asset type, and supervises crypto-asset custody under the Banking Act. Switzerland's substance-over-form approach means token classification is based on economic function, not form.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--finma
alternate name: Swiss Financial Market Supervisory Authority
is based on: Source: Federal Act on the Adaptation of Federal Law to Developments in DLT (1 Aug 2021)
is based on: FINMA ICO Guidelines 2018

FINMA DLT Trading Facility
type: DefinedTerm
description: A new financial-market-infrastructure category created by Switzerland's DLT Act (in force 1 August 2021). A DLT Trading Facility may multilaterally trade DLT securities and additionally provide post-trade services (custody, clearing, settlement) — combining functions previously requiring separate licences. FINMA grants the authorisation.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--finma-dlt-trading-facility
alternate name: FINMA DLT Trading Facility Licence
is based on: Source: Federal Act on the Adaptation of Federal Law to Developments in DLT (1 Aug 2021)
is based on: FINMA Guidelines

GDPR
type: DefinedTerm
description: EU Regulation 2016/679, in force since 25 May 2018, governing the processing of personal data of individuals in the EU/EEA. Applies extraterritorially to any organisation processing EU data subjects’ information, regardless of the organisation’s location. Key requirements: lawful basis for processing, data-subject rights (access, rectification, erasure, portability), breach notification within 72 hours, and Data Protection Impact Assessments for high-risk processing. Fines up to €20 million or 4% of global turnover.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--gdpr
alternate name: General Data Protection Regulation
is based on: Source: Regulation (EU) 2016/679

GOST · ГОСТ
type: DefinedTerm
description: Inter-state standards of the Eurasian Economic Union (EAEU) governing product specifications, test methods, and quality requirements; for metals, ГОСТ standards specify chemical composition, mechanical properties, shape tolerances and marking for aluminium (ГОСТ 11069), copper (ГОСТ 859), nickel (ГОСТ 849), and other metals traded in Russia and the EAEU.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--gost
alternate name: ГОСТ (Gosudarstvennyy Standart — State Standard, Russia/EAEU)
is based on: Federal Agency for Technical Regulation and Metrology (Rosstandart), gost.ru
is based on: EAEU Technical Regulations, eaeunion.org.

HKMA
type: DefinedTerm
description: The Hong Kong Monetary Authority (HKMA) is Hong Kong's central banking institution, established on 1 April 1993 by merging the Office of the Exchange Fund and the Office of the Commissioner of Banking. Its principal functions include maintaining currency stability, promoting the safety and stability of Hong Kong's banking system, and managing the Exchange Fund.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--hkma
alternate name: Hong Kong Monetary Authority
is based on: Based on: HKMA official documentation

HKSTP
type: DefinedTerm
description: Statutory body established under the Hong Kong Science and Technology Parks Corporation Ordinance (Cap. 565) to develop and manage Science Park, Industrial Estates, and INNOPARK. Runs incubation and acceleration programmes (Ideation, Incu-App, Incu-Tech, Incu-Bio, Leading Enterprises Acceleration Programme) providing funding, workspace, and mentorship for tech startups. Complements Cyberport in HK’s innovation-ecosystem architecture.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--hkstp
alternate name: Hong Kong Science and Technology Parks
is based on: Source: HKSTPC Ordinance (Cap. 565)
is based on: HKSTP annual report

JFSA
type: DefinedTerm
description: The JFSA supervises Japan's financial system. Under Article 2(7) of the Payment Services Act of Japan, crypto assets ("Crypto Asset") are regulated, and exchanges must register as Crypto Asset Exchange Service Providers (CAESP) with the JFSA. JFSA delegates self-regulatory oversight to the Japan Virtual and Crypto assets Exchange Association (JVCEA).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--jfsa
alternate name: Financial Services Agency (Japan)
is based on: Source: Payment Services Act of Japan, Article 2(7)
is based on: JFSA register (

JFSA Crypto Asset Exchange
type: DefinedTerm
description: Registered category under Article 63-2 of Japan's Payment Services Act. Operators must register with the JFSA, segregate customer assets (cold-storage hot-wallet ratio), maintain capital adequacy, and join the JVCEA self-regulatory organisation. Stablecoins were brought under separate regulation by the June 2022 PSA amendment, treating them as Electronic Payment Instruments.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--jfsa-crypto-asset-exchange
alternate name: Crypto Asset Exchange Service Provider (Japan)
is based on: Source: Japan Payment Services Act, Article 63-2
is based on: JFSA register

Kementerian ESDM
type: DefinedTerm
description: Indonesian Ministry of Energy and Mineral Resources — the ultimate rule-making authority for the country's oil, gas, mineral and coal sectors. Two directorates concern metals traders: (1) Direktorat Jenderal Mineral dan Batubara (Ditjen Minerba) — sets and publishes HMA/HPM/HBA reference prices, issues mining permits (IUP, IUPK) and enforces the domestic market obligation (DMO); (2) Direktorat Jenderal Ketenagalistrikan handles power infrastructure that underpins smelter build-outs. All ministerial decrees (KEPMEN) covering HPM formulas, royalty rates and export levies are gazetted through the Ministry's JDIH portal at jdih.esdm.go.id, and daily reference-price tables are published at minerba.esdm.go.id/harga_acuan. Indonesia is the world's largest nickel producer and the ESDM regime is therefore a de-facto global reference for nickel-ore, MHP and NPI pricing.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--kementerian-esdm
alternate name: Kementerian Energi dan Sumber Daya Mineral (Republic of Indonesia)
is based on: Kementerian ESDM Republik Indonesia — esdm.go.id, jdih.esdm.go.id, minerba.esdm.go.id.

KEPMEN ESDM 144/2026
type: DefinedTerm
description: Ministerial Decree of the Indonesian Minister of Energy and Mineral Resources that governs the HPM (Harga Patokan Mineral) formulas for all 19 mineral commodities and four coal grades, effective 15 April 2026 as a replacement for KEPMEN 268.K/MB.01/MEM.B/2025. Key changes vs the 2025 regime: (1) the base nickel-ore corrective factor rises from 17% to 30% at 1.6% Ni; (2) associated minerals Fe, Co and Cr in nickel-laterite ore are now monetised inside the same HPM formula (previously ignored); (3) bauxite ore adds an R-SiO₂ deduction factor (−1 USD/DMT per +0.5% above the 2% reactive silica cap, capped at −3.5 USD/DMT); (4) unit of measurement for ten mineral ores (nickel, bauxite, cobalt, lead, zinc, iron laterite/hematite/magnetite, iron sand, copper, manganese, chromium) switches from USD/DMT to USD/WMT with an explicit (1 − MC) moisture-content multiplier. Every party paying Indonesian royalty, iuran produksi or export levy on covered commodities must use HPM formulas built into 144/2026.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--kepmen-esdm-144-2026
alternate name: Keputusan Menteri ESDM No. 144.K/MB.01/MEM.B/2026
is based on: CreativeWork
  name: Kementerian ESDM Republik Indonesia — full text at ; official sosialisasi at minerba.esdm.go.id/berita/minerba/detil/20260413-kepmen-esdm-144-2026-ditetapkan-penguatan-tata-kelola-harga-patokan-mineral-logam-dan-batubara.

KYB
type: DefinedTerm
description: The corporate-counterparty equivalent of KYC. KYB requires verification of legal-entity identity, registered address, ownership structure, ultimate beneficial owners (UBO), legitimacy of business activity, and source of funds. FATF Recommendation 10 (R.10) requires CDD on legal persons; R.24 requires beneficial-ownership transparency.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--kyb
alternate name: Know Your Business (Customer Due Diligence on legal entities)
is based on: Source: FATF Recommendations 10 and 24 (

KYC
type: DefinedTerm
description: Know Your Customer (KYC) is the mandatory process by which financial institutions verify the identity of their clients, assess their risk profile, and gather information on the nature and purpose of the business relationship. KYC is a foundational component of Anti-Money Laundering compliance frameworks and is required under financial regulations across major jurisdictions.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--kyc
alternate name: Know Your Customer
is based on: Based on: FATF official documentation

MAS
type: DefinedTerm
description: MAS is Singapore's central bank and integrated financial regulator. MAS licences Digital Payment Token (DPT) service providers under the Payment Services Act 2019. Stablecoin issuers fall under the dedicated Stablecoin Regulatory Framework (final guidance issued August 2023) covering SGD- and G10-currency-pegged single-currency stablecoins.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--mas
alternate name: Monetary Authority of Singapore
is based on: Source: Singapore Payment Services Act 2019
is based on: MAS Stablecoin Regulatory Framework (

MAS PSA
type: DefinedTerm
description: The Payment Services Act 2019 (PSA) is Singapore's licensing regime for payment activities, administered by MAS. The PSA recognises seven payment activities; Digital Payment Token (DPT) services — buying/selling tokens or facilitating exchange — are regulated under Section 5. Licensees: Standard Payment Institution (transactions ≤ SGD 3M/month) or Major Payment Institution (above thresholds).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--mas-psa
alternate name: Singapore Payment Services Act (PSA)
is based on: Source: Singapore Payment Services Act 2019 (

MiCA
type: DefinedTerm
description: Markets in Crypto-Assets (MiCA) is a regulation of the European Union that establishes a comprehensive and harmonised regulatory framework for crypto-assets across all EU member states, covering issuers and service providers for asset-referenced tokens, e-money tokens, and other crypto-assets. Adopted by the European Parliament on 20 April 2023, MiCA has been fully applicable since December 2024 and introduces authorisation, disclosure, and investor protection requirements modelled on existing EU financial services legislation.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--mica
alternate name: Markets in Crypto-Assets Regulation
is based on: Based on: European Commission and ESMA official documentation

MiCA CASP
type: DefinedTerm
description: Defined in Article 3(1)(15) of MiCA. A legal person authorised under Title V to provide one or more of ten crypto-asset services in the EU — including custody, exchange, execution, advice, placement, transfer, portfolio management. MiCA Title IV obligations on issuers of asset-referenced and e-money tokens apply from 30 June 2024; full CASP regime from 30 December 2024.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--mica-casp
alternate name: Crypto-Asset Service Provider (MiCA)
is based on: Source: Regulation (EU) 2023/1114 Article 3 and Title V

PEP
type: DefinedTerm
description: An individual entrusted with prominent public functions — heads of state, senior politicians, judges, military officers, executives of state-owned enterprises — plus family members and close associates. FATF R.12 and EU AMLD require EDD on PEPs: senior-management approval to onboard, source-of-wealth checks, enhanced monitoring. Domestic-PEP risk-based approach permitted under FATF R.12(b).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--pep
alternate name: Politically Exposed Person
is based on: Source: FATF Recommendation 12
is based on: EU AMLD 5

Regulatory Sandbox
type: DefinedTerm
description: A regulatory sandbox is a framework established by a financial regulator that allows firms to test innovative products, services, or business models in a live market environment under relaxed regulatory requirements, subject to defined conditions and oversight. The UK's Financial Conduct Authority (FCA) launched the first financial regulatory sandbox in 2015, and the approach has since been adopted by regulators globally, including the HKMA.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--regulatory-sandbox
is based on: Based on: FCA and HKMA official documentation

Rosnedra · Роснедра
type: DefinedTerm
description: The Russian federal executive body under the Ministry of Natural Resources that grants, suspends, and revokes subsoil licences (exploration and production) for solid minerals, oil, gas, and underground waters; it administers the State Subsoil Fund and maintains the State Mineral Resources Balance.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--rosnedra
alternate name: Rosnedra (Federal Agency for Subsoil Use)
is based on: Rosnedra, 'About the Agency', rosnedra.gov.ru
is based on: Law of the Russian Federation 'On the Subsoil' (Zakon o Nedrakh), No. 2395-I (1992, as amended).

Rosstandart · Росстандарт
type: DefinedTerm
description: Russia's national standards body and the competent authority for ГОСТ/ISO harmonisation; it manages the Federal Information Fund of Technical Regulations and Standards and is responsible for accreditation of conformity assessment bodies under Russian technical regulation law.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--rosstandart
alternate name: Rosstandart (Federal Agency for Technical Regulation and Metrology)
is based on: Rosstandart, 'About the Agency'

Rostekhnadzor · Ростехнадзор
type: DefinedTerm
description: The Russian federal regulator for industrial, environmental, and nuclear safety; it issues operating licences for hazardous production facilities (HIF) including mines, processing plants, and tailing storage facilities, and conducts state supervision under Federal Law 116-FZ on Industrial Safety.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--rostekhnadzor
alternate name: Rostekhnadzor (Federal Environmental, Industrial and Nuclear Supervision Service)
is based on: Rostekhnadzor, 'About the Service'
is based on: Federal Law No. 116-FZ 'On Industrial Safety of Hazardous Production Facilities' (1997, as amended).

Russian Subsoil Licence
type: DefinedTerm
description: A state-issued permit granting the right to use a defined subsoil block for geological study, exploration, and/or production of mineral resources in Russia; issued by Rosnedra for a fixed term and specifying work programme obligations, royalty rates, and environmental conditions. Cancellation grounds include failure to meet work programme commitments.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--russian-subsoil-licence
alternate name: Subsoil Use Licence (Russian Subsoil Law)
is based on: Law of the Russian Federation 'On the Subsoil' (Zakon o Nedrakh), No. 2395-I (1992, as amended), rosnedra.gov.ru.

SAR
type: DefinedTerm
description: Mandatory filing by financial institutions (including MSBs in the US, regulated entities in the UK, EU, Singapore, Japan and most FATF jurisdictions) reporting transactions suspected of involving criminal proceeds or terrorism financing. Filed with the FIU (FinCEN, NCA, AUSTRAC, JAFIC, etc.). Generally subject to a 'tipping-off' prohibition — the subject must not be informed.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--sar
alternate name: Suspicious Activity Report
is based on: Source: 31 CFR 1020.320 (US)
is based on: UK Proceeds of Crime Act 2002 §330
is based on: FATF Recommendation 20

SDD
type: DefinedTerm
description: Lower-intensity CDD permitted by FATF R.10 where AML/CFT risk has been formally assessed as low. SDD may reduce frequency or scope of identity verification and ongoing monitoring — but never eliminates them. The EU AMLD permits SDD for specific products (e-money below thresholds, certain insurance contracts) subject to risk-assessment evidence.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--sdd
alternate name: Simplified Due Diligence
is based on: Source: FATF Recommendation 10
is based on: EU AMLD framework

SEC
type: DefinedTerm
description: The SEC regulates US securities markets and primary offerings. Under the Howey Test (SEC v. W.J. Howey Co., 328 U.S. 293 (1946)), a token may constitute an investment contract and thus a security requiring SEC registration unless an exemption (Reg D, Reg S, Reg A+) applies. Many tokenized RWA securities offerings rely on Reg D 506(c) for accredited investors.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--sec
alternate name: Securities and Exchange Commission (United States)
is based on: Source: Securities Act of 1933
is based on: SEC v. W.J. Howey Co. (1946)
is based on: SEC Framework for Investment Contract Analysis of Digital Assets (April 2019)

SFC
type: DefinedTerm
description: The Securities and Futures Commission (SFC) is an independent statutory body established in May 1989 pursuant to the Securities and Futures Commission Ordinance to regulate Hong Kong's securities and futures markets. It derives its investigative, remedial, and disciplinary powers from the Securities and Futures Ordinance and is operationally independent of the Hong Kong Government, funded mainly by transaction levies and licensing fees.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--sfc
alternate name: Securities and Futures Commission
is based on: Based on: SFC official documentation

SFC Type 1
type: DefinedTerm
description: Regulated Activity Type 1 under Schedule 5 of Hong Kong's Securities and Futures Ordinance (Cap. 571). A Type 1 licence permits dealing in securities — including security tokens classified as securities under SFO. Virtual-asset trading platforms offering security tokens to professional investors typically combine Type 1 with Type 7.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--sfc-type-1
alternate name: SFC Type 1 — Dealing in Securities
is based on: Source: Securities and Futures Ordinance (Cap. 571), Schedule 5
is based on: SFC official guidance

SFC Type 7
type: DefinedTerm
description: Regulated Activity Type 7 under Schedule 5 of Hong Kong's SFO. A Type 7 licence is required to operate an Automated Trading Service (ATS) — including a securities-tokens venue. The June 2023 VATP Guidelines created a parallel regime under the AMLO for non-security virtual assets, requiring a VATP licence in addition to or instead of Type 1/Type 7 depending on token classification.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--sfc-type-7
alternate name: SFC Type 7 — Provision of Automated Trading Services
is based on: Source: SFO Cap. 571, Schedule 5
is based on: SFC VATP Guidelines (June 2023)

SFC Type 9
type: DefinedTerm
description: Regulated Activity Type 9 under Schedule 5 of Hong Kong's SFO covers asset management — including discretionary management of virtual-asset portfolios. SFC's October 2023 Circular allows Type 9 managers to invest more than 10% of NAV in virtual assets subject to terms-and-conditions uplift (custody, valuation, risk).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--sfc-type-9
alternate name: SFC Type 9 — Asset Management
is based on: Source: SFO Cap. 571, Schedule 5
is based on: SFC Circular on Virtual Asset Discretionary Account Management (31 Oct 2023)

STR
type: DefinedTerm
description: International/civil-law equivalent of the US SAR. STRs are filed with the national Financial Intelligence Unit when a transaction is suspected of relating to predicate crime or terrorism financing. Filing thresholds and triggers vary by jurisdiction; FATF R.20 mandates STR regime in all member countries.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--str
alternate name: Suspicious Transaction Report
is based on: Source: FATF Recommendation 20

UBO
type: DefinedTerm
description: The natural person(s) who ultimately owns or controls a customer entity, defined by FATF R.10 as ownership ≥25% (jurisdiction-dependent) or otherwise exercising effective control. The EU AMLD established mandatory UBO registers; the US Corporate Transparency Act (effective 1 Jan 2024) requires UBO reporting to FinCEN.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--ubo
alternate name: Ultimate Beneficial Owner
is based on: Source: FATF Recommendation 10 and 24
is based on: EU AMLD 5
is based on: US Corporate Transparency Act 2021

VARA
type: DefinedTerm
description: VARA is the dedicated virtual-asset regulator in the Emirate of Dubai, established under Law No. 4 of 2022. VARA's Rulebooks (Compliance & Risk Management, Custody, Issuance, etc.) set requirements for Virtual Asset Service Providers. Activities are licensed by category — Advisory, Broker-Dealer, Custody, Exchange, Lending & Borrowing, Management & Investment, Transfer & Settlement, and VA Issuance.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--vara
alternate name: Virtual Assets Regulatory Authority (Dubai)
is based on: Source: Dubai Law No. 4 of 2022
is based on: VARA Rulebooks (

VARA Category 1
type: DefinedTerm
description: Lowest VARA licence tier under Dubai's Virtual Asset framework. Category 1 permits Virtual Asset Advisory Services — research, analysis, recommendations — but no custody, no client-money handling, no execution. Capital requirements and conduct rules are correspondingly lower than higher categories.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--vara-category-1
alternate name: VARA Category 1 — Advisory Services
is based on: Source: VARA Rulebooks — Advisory Services (

VARA Category 2
type: DefinedTerm
description: VARA broker-dealer category authorising agency or principal trading of virtual assets on behalf of clients, including order routing and matching. Requires segregated client accounts, conduct-of-business compliance, capital adequacy, and full Compliance & Risk Management Rulebook adherence.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--vara-category-2
alternate name: VARA Category 2 — Broker-Dealer Services
is based on: Source: VARA Rulebooks — Broker-Dealer Services

VASP
type: DefinedTerm
description: A Virtual Asset Service Provider (VASP) is a term defined by the Financial Action Task Force (FATF) to describe any natural or legal person that, as a business on behalf of another, conducts activities such as exchanging virtual assets for fiat currency, transferring virtual assets, or safekeeping and administering virtual assets. VASPs are required under FATF standards to implement the same AML and counter-terrorist financing (CTF) controls as traditional financial institutions.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--vasp
alternate name: Virtual Asset Service Provider
is based on: Based on: FATF official documentation

VATP
type: DefinedTerm
description: Under the June 2023 SFC Guidelines for Virtual Asset Trading Platform Operators, any centralised platform offering trading of virtual assets in Hong Kong must hold a VATP licence under the AMLO. The framework includes mandatory token due diligence, segregated custody (98% cold storage), insurance, and — from August 2024 — retail access for SFC-approved large-cap tokens.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--vatp
alternate name: Virtual Asset Trading Platform (Hong Kong SFC regime)
is based on: Source: SFC VATP Guidelines (June 2023)
is based on: AMLO Cap. 615

Wolfsberg Principles
type: DefinedTerm
description: Voluntary global AML standards published by the Wolfsberg Group — an association of 12 global banks — covering correspondent banking, private banking, trade finance, and digital asset banking. The 2022 Wolfsberg Statement on Digital Assets sets industry expectations for banks providing services to VASPs.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: regulatory-compliance--wolfsberg-principles
alternate name: Wolfsberg AML Principles
is based on: Source: Wolfsberg Group publications (

Accredited Investor Verification
type: DefinedTerm
description: Process of attesting that a wallet belongs to a person meeting jurisdictional thresholds: US Reg D 506(c) (USD 200k income / USD 1M net worth excluding primary residence, or qualifying professional certifications), EU MiFID II Professional Client, HK SFC Professional Investor (HKD 8M portfolio), Singapore Accredited Investor (SGD 2M net assets). On-chain verification typically uses signed attestations from a registered verification agent.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tokenization-compliance--accredited-investor-verification
alternate name: Accredited / Qualified Investor On-chain Verification
is based on: Source: SEC Rule 501
is based on: MiFID II Annex II
is based on: SFC Professional Investor Rules
is based on: MAS Securities and Futures Act

Burn-and-Mint Equivalence
type: DefinedTerm
description: Cross-chain or cross-issuer token movement primitive: tokens are destroyed (burned) on the source ledger and an equivalent quantity is created (minted) on the destination ledger, with both events attested by an authorised operator or oracle. Used in compliance-conserving bridges to ensure conservation of supply and prevent double-spend while honouring jurisdiction-specific whitelists.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tokenization-compliance--burn-and-mint-equivalence
alternate name: Burn-and-Mint (Compliance Bridge Pattern)
is based on: Source: Industry practice
is based on: Chainlink CCIP documentation
is based on: LayerZero OFT design

Compliance Oracle
type: DefinedTerm
description: On-chain data source that provides regulatory-status information (whitelisted address, sanctioned address, jurisdiction restriction, accredited-investor status) to token contracts for transfer-time gating. Compliance oracles are typically operated by KYC providers (Sumsub, Onfido, Persona) or sanctions-data providers (Chainalysis, Elliptic, TRM) and may be cryptographically attested.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tokenization-compliance--compliance-oracle
alternate name: Compliance / Eligibility Oracle
is based on: Source: Chainalysis Sanctions Oracle documentation
is based on: ERC-3643 architecture

Custodian Audit
type: DefinedTerm
description: Periodic verification by an independent third party (typically a Big 4 or specialised audit firm) that the off-chain reserves backing a tokenized RWA match outstanding token supply. Required by MAS Stablecoin Framework (monthly attestation), MiCA for asset-referenced tokens, and NYDFS guidance on USD stablecoin issuance.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tokenization-compliance--custodian-audit
alternate name: Independent Custodian / Reserve Audit
is based on: Source: MAS Stablecoin Regulatory Framework
is based on: MiCA Articles 36-37
is based on: NYDFS BitLicense guidance

ERC-1400
type: DefinedTerm
description: Composite security-token standard combining ERC-1410 (partially fungible token), ERC-1594 (core security-token operations: transfer-with-data, force transfer, document attachment), ERC-1643 (document management), and ERC-1644 (controller operations). Designed for permissioned-transfer scenarios where compliance hooks may block or override transfers.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tokenization-compliance--erc-1400
alternate name: Security Token Standard
is based on: Source: ERC-1400 EIP proposal (Polymath)
is based on: EIP-1410/1594/1643/1644

ERC-20
type: DefinedTerm
description: Technical standard for fungible tokens on the Ethereum blockchain, proposed by Fabian Vogelsteller in November 2015 and formalised as EIP-20. Defines a common interface (six mandatory functions: totalSupply, balanceOf, transfer, transferFrom, approve, allowance; two mandatory events: Transfer, Approval) that all compliant tokens must implement, enabling interoperability with wallets, exchanges, and smart contracts. The vast majority of tokenized metals (PAXG, XAUT, KAG, XAUM) are ERC-20 tokens on Ethereum mainnet.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tokenization-compliance--erc-20
alternate name: Ethereum Request for Comment 20
is based on: Source: Ethereum Improvement Proposal EIP-20 (

ERC-3643
type: DefinedTerm
description: Open-source permissioned-token standard for security tokens, developed by Tokeny and standardised as ERC-3643 in 2023. Combines an ERC-20-compatible token with three pluggable on-chain modules: Identity Registry (ONCHAINID), Compliance contract (transfer rules), and Token contract (state). Adopted by issuers in MiCA-regulated and SFC-licensed contexts.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tokenization-compliance--erc-3643
alternate name: T-REX Token for Regulated EXchanges Standard
is based on: Source: ERC-3643 EIP
is based on: T-REX Protocol documentation (

IVMS-101
type: DefinedTerm
description: Open data standard for FATF Travel Rule originator/beneficiary payloads, published 2020 by the Joint Working Group (InterVASP), comprising FATF VASP delegates and industry. IVMS-101 defines structured fields for natural-person and legal-person identifiers, addresses, account references, and national IDs.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tokenization-compliance--ivms-101
alternate name: InterVASP Messaging Standard 101
is based on: Source: IVMS-101 specification (

MiCA ART
type: DefinedTerm
description: Defined in MiCA Article 3(1)(6): a crypto-asset that aims to maintain stable value by referencing another value or right, or a combination thereof, including one or more official currencies. ART issuers require authorisation under MiCA Title III, with own-funds requirements, custody segregation, and reserves obligations. Applies from 30 June 2024.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tokenization-compliance--mica-art
alternate name: Asset-Referenced Token (MiCA)
is based on: Source: Regulation (EU) 2023/1114 Article 3 and Title III

MiCA EMT
type: DefinedTerm
description: Defined in MiCA Article 3(1)(7): a crypto-asset purporting to maintain a stable value by referencing the value of one official currency. EMTs are treated as electronic money under EU EMD2 and must be issued by an authorised credit institution or e-money institution, with 1:1 reserve in safeguarded accounts. Applies from 30 June 2024.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tokenization-compliance--mica-emt
alternate name: E-Money Token (MiCA)
is based on: Source: Regulation (EU) 2023/1114 Article 3 and Title IV
is based on: Directive 2009/110/EC (EMD2)

Migration Policy
type: DefinedTerm
description: Pre-disclosed framework governing how an issuer may upgrade a deployed token contract — e.g., redeploying to a newer standard (ERC-20 → ERC-3643), migrating to a different chain, or patching a critical bug. Migration mechanisms typically include holder-balance snapshot, redemption window, and migration smart contract. Required disclosure under MiCA whitepaper (Article 6).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tokenization-compliance--migration-policy
alternate name: Token Migration / Upgrade Governance Policy
is based on: Source: MiCA Article 6 (Whitepaper content); industry best practice

OTS
type: DefinedTerm
description: Free, open-source protocol that provides scalable, verifiable, and independent timestamping of arbitrary data by anchoring cryptographic commitments to the Bitcoin blockchain. Created by Peter Todd in 2016. Uses Merkle-tree aggregation so unlimited timestamps can be committed in a single Bitcoin transaction. Once anchored, the timestamp is as immutable as Bitcoin itself. Used by TrueSource Metals to timestamp methodology documents, index snapshots, and priority-date evidence for the TS-GMRI Reference Index.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tokenization-compliance--ots
alternate name: OpenTimestamps
is based on: Source: OpenTimestamps protocol specification (

Permissioned Transfer Hook
type: DefinedTerm
description: Smart-contract function invoked on every token transfer that checks compliance preconditions (whitelist membership of sender and recipient, sanctions screening, jurisdictional restriction, lock-up period) and reverts the transfer if any condition fails. Implemented as `_beforeTokenTransfer` override in OpenZeppelin pattern, or via dedicated Compliance contract in ERC-3643.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tokenization-compliance--permissioned-transfer-hook
alternate name: Permissioned Transfer Hook (Compliance Gate)
is based on: Source: OpenZeppelin token standard
is based on: ERC-3643 Compliance module

Proof-of-Reserve Attestation
type: DefinedTerm
description: On-chain or cryptographically-verifiable evidence that the reserves backing a tokenized asset match (or exceed) outstanding token supply. Methodologies: (1) Merkle-tree liability proof + auditor-signed asset attestation, (2) on-chain reserve wallet with continuous data-feed reporting (Chainlink Proof-of-Reserve), (3) IPFS-pinned attestor reports. Distinct from full audit but complementary.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tokenization-compliance--proof-of-reserve-attestation
alternate name: Proof-of-Reserve Cryptographic Attestation
is based on: Source: Chainlink Proof-of-Reserve documentation; industry post-FTX practice 2023

Token Recovery / Force Transfer
type: DefinedTerm
description: Functions in compliance-aware token standards (ERC-1400 controllerTransfer, ERC-3643 forcedTransfer) that allow the authorised issuer/operator to override a token holder's control under regulatory or court order — for example, returning tokens to a victim following theft, freezing sanctioned addresses, or executing inheritance. The capability differentiates security tokens from purely autonomous ERC-20 assets.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tokenization-compliance--token-recovery-force-transfer
alternate name: Issuer Controller Functions — Force Transfer & Recovery
is based on: Source: ERC-1644 Controller Token Operation Standard
is based on: ERC-3643 specification

Token Whitepaper (MiCA)
type: DefinedTerm
description: Mandatory pre-offer disclosure document under MiCA Article 6 for crypto-assets other than ART/EMT. Must cover issuer information, project description, technology, rights and obligations of holders, risks, energy consumption (Article 6(1)(j)), and a clear summary. Notification to the competent national authority is required; ART and EMT issuers have heavier licensing-grade obligations.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tokenization-compliance--token-whitepaper-mica
alternate name: Crypto-Asset Whitepaper under MiCA
is based on: Source: Regulation (EU) 2023/1114 Article 6 and Annex I

Travel Rule VASP-to-VASP
type: DefinedTerm
description: Protocol-level transmission of originator and beneficiary information between two VASPs before or alongside a virtual-asset transfer above the FATF threshold. Standards: IVMS-101 (data model), TRP / OpenVASP / Sygna / Veriscope / Notabene (messaging). Compliance is enforced by national regulators (FinCEN, MAS, JFSA, FCA).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tokenization-compliance--travel-rule-vasp-to-vasp
alternate name: VASP-to-VASP Travel Rule Messaging
is based on: Source: FATF R.16
is based on: IVMS-101 InterVASP Messaging Standard
is based on: TRP Travel Rule Protocol

Whitelist (token-level KYC)
type: DefinedTerm
description: A list of addresses authorised to hold or transact a permissioned security token, maintained on-chain (typically in the token contract or a paired registry contract). Off-chain KYC/AML verification populates the whitelist; non-whitelisted transfers revert. Examples: ERC-1400, ERC-3643 (T-REX), Polymesh permissioning model.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tokenization-compliance--whitelist-token-level-kyc
alternate name: On-chain Whitelist / Permissioned Token Allowlist
is based on: Source: ERC-3643 (T-REX) standard documentation
is based on: ERC-1400 Securities Standard

AMS
type: DefinedTerm
description: US CBP electronic cargo manifest filed by ocean carriers 24 hours before loading at foreign port. Failure to file incurs $5,000 penalty per shipment.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: taxation-customs--ams
alternate name: Automated Manifest System
is based on: US Customs and Border Protection — cargo security

Anti-dumping duty
type: DefinedTerm
description: Additional duty imposed on imports sold below "normal value" (typically below domestic price in the exporter's home market). Authorised under WTO Anti-Dumping Agreement.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: taxation-customs--anti-dumping-duty
is based on: World Trade Organization — Article VI GATT 1994

Customs broker
type: DefinedTerm
description: Licensed agent acting for an importer/exporter to file customs declarations, pay duties, and submit security data (ISF, ENS, AMS). Regulated by national customs authority.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: taxation-customs--customs-broker
is based on: US Customs and Border Protection — broker licensing

CVD
type: DefinedTerm
description: Additional duty offsetting subsidies granted by the exporter's government. Authorised under WTO Agreement on Subsidies and Countervailing Measures.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: taxation-customs--cvd
alternate name: Countervailing Duty
is based on: World Trade Organization — Subsidies and Countervailing Measures

Duty Drawback
type: DefinedTerm
description: A refund or remission of customs duties paid on imported goods that are subsequently re-exported, used in the manufacture of exported products, or entered into a free zone. The WCO Revised Kyoto Convention Specific Annex F Chapter 1 defines drawback as 'the amount of import duties and taxes repaid under the drawback procedure.'
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: taxation-customs--duty-drawback
alternate name: Duty Drawback / Relief from Import Duties
is based on: WCO Revised Kyoto Convention (1999), Specific Annex F, Chapter 1: Relief from Import Duties and Taxes on Goods for Subsequent Exportation

ENS
type: DefinedTerm
description: EU equivalent of US ISF: pre-arrival security declaration filed under the Union Customs Code before goods enter the EU customs territory. Implemented via the ICS2 system.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: taxation-customs--ens
alternate name: Entry Summary Declaration (EU)
is based on: European Commission — Import Control System 2

Export royalty
type: DefinedTerm
description: Fee levied by the producing country on metals/ore exported, typically a % of FOB value or per-unit charge. Used to capture resource rent (e.g., Chile copper, Indonesia nickel).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: taxation-customs--export-royalty
is based on: Country-specific; references: national mining laws (e.g., Chile Royalty Law 21.591, Indonesia Mining Law)

Free Trade Zone
type: DefinedTerm
description: A designated geographic area—such as a free port, bonded warehouse, or special economic zone—where goods may be stored, processed, or transshipped without payment of customs duties pending re-export or customs clearance. The WCO Revised Kyoto Convention Specific Annex D defines free zones as 'parts of the territory of a Contracting Party where any goods introduced are generally regarded, insofar as import duties and taxes are concerned, as being outside the Customs territory.'
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: taxation-customs--free-trade-zone
alternate name: Free Trade Zone / Bonded Warehouse / Customs-Controlled Area
is based on: WCO Revised Kyoto Convention (1999), Specific Annex D, Chapter 2: Free Zones
is based on: UNCTAD Free Trade Zones guidelines

HS Code
type: DefinedTerm
description: A six-digit international product classification code under the Harmonized Commodity Description and Coding System developed by the World Customs Organization. The HS comprises over 5,000 commodity groups used by more than 200 countries as the basis for customs tariffs and trade statistics; over 98% of world merchandise trade is classified in HS terms. Countries may extend beyond six digits for national tariff purposes.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: taxation-customs--hs-code
alternate name: Harmonized System / Harmonized Tariff Schedule Code
is based on: WCO International Convention on the Harmonized Commodity Description and Coding System; wcoomd.org, 'What is the Harmonized System?'

HTS code
type: DefinedTerm
description: US 10-digit extension of the WCO HS code, maintained by the US International Trade Commission. Determines US import duty rates, anti-dumping orders, and statistical reporting.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: taxation-customs--hts-code
alternate name: Harmonized Tariff Schedule (US)
is based on: US International Trade Commission — Harmonized Tariff Schedule

Import duty
type: DefinedTerm
description: Tax levied on imported goods, computed as % of customs value (ad valorem) or fixed per unit (specific). Rates from national tariff schedules; preferential rates under FTAs.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: taxation-customs--import-duty
alternate name: Customs duty
is based on: WTO Customs Valuation Agreement (Article VII GATT 1994)

Import/Export Duty
type: DefinedTerm
description: Taxes levied by national customs authorities on goods crossing international borders. Import duties are bound in each WTO Member's Schedule of Concessions under GATT Article II; Members may not apply rates above bound levels. Export duties are generally not prohibited by WTO law but are subject to some free-trade agreement disciplines.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: taxation-customs--import-export-duty
alternate name: Customs Import and Export Duty
is based on: WTO General Agreement on Tariffs and Trade (GATT 1994), Article II (Schedules of Concessions)
is based on: WCO International Convention on the Harmonized System

ISF
type: DefinedTerm
description: US CBP filing by the importer 24 hours before vessel loading at foreign port. 10 data elements from importer + 2 from carrier. Late filing penalty up to $5,000.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: taxation-customs--isf
alternate name: Importer Security Filing (10+2)
is based on: US Customs and Border Protection — Importer Security Filing

Rules of Origin
type: DefinedTerm
description: Criteria used to determine the country of origin of a product for purposes of applying trade policy measures including tariff preferences, quotas, anti-dumping duties, and countervailing duties. The WTO Agreement on Rules of Origin (Annex 1A to the WTO Agreement) governs non-preferential rules and established a harmonisation work programme; preferential rules are agreed in FTAs.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: taxation-customs--rules-of-origin
alternate name: Rules of Origin (Preferential and Non-Preferential)
is based on: WTO Agreement on Rules of Origin (Marrakesh Agreement Annex 1A, 1994)
is based on: WCO Revised Kyoto Convention Specific Annex K; wto.org trade topics

Transfer Pricing
type: DefinedTerm
description: The prices charged between associated enterprises (affiliates of a multinational group) for goods, services, or intangibles. The OECD arm's length principle—codified in OECD Transfer Pricing Guidelines 2022—requires that these prices reflect what independent parties would agree. BEPS Actions 8–10 aligned transfer pricing outcomes with value creation; Action 13 introduced country-by-country reporting (CbCR).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: taxation-customs--transfer-pricing
alternate name: Transfer Pricing (OECD BEPS Actions 8–10 and 13)
is based on: OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations 2022
is based on: OECD BEPS Action Plan Actions 8–10 (2015 Final Reports) and Action 13 (CbCR); oecd.org

VAT recoverable
type: DefinedTerm
description: Portion of import VAT that the importer can reclaim against output VAT in the destination country. Non-recoverable VAT becomes a real cost; recovery rates depend on the importer's VAT registration status.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: taxation-customs--vat-recoverable
alternate name: Recoverable VAT
is based on: European Commission — VAT on imports

VAT/GST on Metals
type: DefinedTerm
description: Indirect tax levied on the supply of goods and services. Under EU VAT Directive 2006/112/EC Article 344, investment-grade gold (minimum 995 fineness for bars, 900 for coins) is VAT-exempt. The UK VAT Terminal Markets Order extends relief to transactions on LBMA-listed and LME markets. GST treatment varies by jurisdiction and metal type.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: taxation-customs--vat-gst-on-metals
alternate name: Value Added Tax / Goods and Services Tax on Metal Trades
is based on: EU Council Directive 2006/112/EC (VAT Directive), Articles 344–356 (special scheme for investment gold)
is based on: UK VAT Act 1994 and Terminal Markets Order (SI 1973/173 as amended)

WTO Customs Valuation
type: DefinedTerm
description: The WTO Agreement on Implementation of Article VII of GATT 1994 establishes a fair, uniform, and neutral system for valuing imported goods for customs duty purposes. The primary method is transaction value (price actually paid or payable); five fallback methods apply sequentially. The Agreement prohibits arbitrary or fictitious customs values.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: taxation-customs--wto-customs-valuation
alternate name: WTO Agreement on Customs Valuation (Article VII GATT Implementation)
is based on: WTO Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade 1994 (Customs Valuation Agreement), Articles 1–7; wto.org

CBAM
type: DefinedTerm
description: The Carbon Border Adjustment Mechanism (CBAM) is the European Union's regulatory tool that places a carbon price on imports of carbon-intensive goods entering the EU, ensuring that the carbon cost of imports is equivalent to that borne by EU producers under the EU Emissions Trading System. CBAM initially covers cement, iron and steel, aluminium, fertilisers, electricity, and hydrogen, with importers required to purchase CBAM certificates corresponding to the embedded emissions in their goods.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trade-policy--cbam
alternate name: Carbon Border Adjustment Mechanism
is based on: Based on: European Commission official documentation

Critical Minerals
type: DefinedTerm
description: Critical minerals are minerals or elements designated as essential to a nation's economic or national security, characterised by supply chains that are vulnerable to disruption and an absence of viable substitutes in key applications. The United States formally defined critical minerals in the Energy Act of 2020 as those essential to the economy or national security with a supply chain vulnerable to disruption; the EU maintains a parallel list under the Critical Raw Materials Act.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trade-policy--critical-minerals
is based on: Based on: U.S. Geological Survey and European Commission official documentation

CRMA
type: DefinedTerm
description: The Critical Raw Materials Act (CRMA) is a European Union regulation adopted in 2024 that aims to secure the EU's access to a sustainable supply of critical and strategic raw materials essential for green, digital, defence, and aerospace technologies. It establishes domestic benchmarks for extraction, processing, and recycling of strategic raw materials, streamlines permitting for critical raw materials projects, diversifies import sources, and creates a European Critical Raw Materials Board to coordinate implementation.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trade-policy--crma
alternate name: Critical Raw Materials Act
is based on: Based on: European Commission official documentation

Export Controls
type: DefinedTerm
description: Export controls are government-imposed legal restrictions on the export, re-export, or transfer of specific goods, software, technology, and services to foreign countries or persons, typically to protect national security, foreign policy objectives, or prevent proliferation of weapons. In the United States, export controls on dual-use items are administered by the Bureau of Industry and Security (BIS) under the Export Administration Regulations (EAR).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trade-policy--export-controls
is based on: Based on: U.S. Department of Commerce BIS official documentation

IRA
type: DefinedTerm
description: The Inflation Reduction Act (IRA) is a U.S. federal law enacted in 2022 that includes significant provisions for clean energy manufacturing and critical minerals. Among its key mechanisms is a tax credit under Section 45X for domestic producers of critical minerals, and eligibility requirements for electric vehicle tax credits that mandate a specified percentage of battery critical minerals be extracted or processed in the United States or countries with a U.S. free trade agreement.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trade-policy--ira
alternate name: Inflation Reduction Act
is based on: Based on: U.S. Department of the Treasury and IRS official documentation

OECD
type: DefinedTerm
description: Intergovernmental economic organisation of 38 member countries founded 1961 to stimulate economic progress and world trade. Publishes standards, guidelines, and comparative statistics used in policy design worldwide. In metals context: the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas is the reference framework adopted by LBMA Responsible Gold Guidance, LPPM Responsible Platinum & Palladium Guidance, and the London Metal Exchange Responsible Sourcing standard.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trade-policy--oecd
alternate name: Organisation for Economic Co-operation and Development
is based on: Source: OECD Due Diligence Guidance
is based on: OECD statistics portal

OECD Due Diligence Guidance
type: DefinedTerm
description: The OECD Due Diligence Guidance is a voluntary framework developed by the Organisation for Economic Co-operation and Development (OECD) that provides detailed recommendations to help companies identify and mitigate risks of contributing to conflict, human rights abuses, or other harms through their mineral sourcing decisions. It outlines a five-step risk-based due diligence process and is recognised internationally as the baseline standard for responsible mineral supply chain management.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trade-policy--oecd-due-diligence-guidance
alternate name: OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas
is based on: Based on: OECD official documentation

Sanctions
type: DefinedTerm
description: Sanctions are coercive measures imposed by governments or international bodies that restrict or prohibit financial transactions, trade, or other dealings with designated countries, entities, or individuals, typically to achieve foreign policy, national security, or human rights objectives. Sanctions can take the form of asset freezes, trade embargoes, travel bans, or restrictions on specific sectors such as banking, energy, or arms.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trade-policy--sanctions
alternate name: Economic and Trade Sanctions
is based on: Based on: U.S. Department of the Treasury OFAC and UN official documentation

Tariff
type: DefinedTerm
description: A tariff is a tax levied by a government on goods imported from other countries, typically expressed as a percentage of the goods' value (ad valorem) or as a fixed amount per unit (specific tariff). Tariffs are used to generate government revenue, protect domestic industries from foreign competition, and as instruments of trade policy.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trade-policy--tariff
is based on: Based on: WTO official documentation

WTO
type: DefinedTerm
description: The World Trade Organization (WTO), established on 1 January 1995 pursuant to the Marrakesh Agreement, is the principal intergovernmental organisation that regulates and facilitates international trade among its member countries. It provides a framework for negotiating trade agreements, operates a binding dispute settlement system, and administers a set of agreements covering trade in goods, services, and intellectual property.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trade-policy--wto
alternate name: World Trade Organization
is based on: Based on: WTO official documentation

Ad Hoc vs Institutional Arbitration
type: DefinedTerm
description: In ad hoc arbitration, parties manage the procedure themselves without an administering institution, often using the UNCITRAL Arbitration Rules as a procedural framework. In institutional arbitration, a designated institution (LCIA, ICC, HKIAC, SIAC, etc.) administers the case, appoints arbitrators, and reviews awards. The UNCITRAL Rules 2013 are used in both modes.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: arbitration-dispute--ad-hoc-vs-institutional-arbitration
alternate name: Ad Hoc Arbitration versus Institutional Arbitration
is based on: UNCITRAL Arbitration Rules 2013 (UN General Assembly Resolution 68/109): Article 1, paragraph 4; uncitral.un.org

Choice of Law Clause
type: DefinedTerm
description: A contract provision specifying which national legal system governs the interpretation and enforcement of the agreement. English law is the dominant governing law for international metals trading contracts, LME standard forms, and LCIA-referred disputes; New York law governs many SEC-registered project bonds. The choice of governing law is separate from the seat of arbitration: a contract may be governed by English law but seated in Singapore. In offtake contracts with African state-owned miners, governing law determines whether sovereign immunity or stabilisation clauses are operative.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: arbitration-dispute--choice-of-law-clause
is based on: UNCITRAL — New York Convention (1958)

Emergency Arbitrator
type: DefinedTerm
description: A procedural mechanism available in most major institutional rules (LCIA 2020 Article 9, HKIAC 2024, SIAC 2025, ICC 2021) allowing a party to obtain urgent interim relief — asset freezing orders, injunctions, or preservation orders — before the main tribunal is constituted. The emergency arbitrator is appointed within 24–48 hours and must issue a decision within 14–15 days. In metals trade, emergency arbitrator relief is used to prevent disposal of a cargo, freeze funds held in escrow, or stop a wrongful drawdown under a standby letter of credit pending the full arbitration.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: arbitration-dispute--emergency-arbitrator
is based on: LCIA Arbitration Rules 2020, Article 9

Expert Determination
type: DefinedTerm
description: A binding resolution procedure where a qualified independent expert (rather than an arbitral tribunal) determines a specific technical or factual issue—such as an assay dispute—and the decision is contractually final. The LBMA Good Delivery Rules use LBMA-appointed referees to resolve conflicting assays; LME contracts may refer quality disputes to an expert rather than full arbitration.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: arbitration-dispute--expert-determination
alternate name: Expert Determination / Technical Expert Referee
is based on: LBMA Good Delivery Rules (2025 edition), Section 4.1 and Annex C (Referee procedures)
is based on: LME Rulebook Part 8 (arbitration) and market practice for technical quality disputes

HKIAC
type: DefinedTerm
description: A leading Asian arbitration institution administering disputes under the HKIAC Administered Arbitration Rules 2018 (in force 1 November 2018). The 2018 Rules introduced shortened emergency arbitrator time limits (appointment within 24 hours), an early-determination procedure, and third-party funding provisions. The default seat is Hong Kong absent party agreement.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: arbitration-dispute--hkiac
alternate name: Hong Kong International Arbitration Centre
is based on: HKIAC Administered Arbitration Rules 2018, Schedule 4 (Emergency Arbitrator Procedure), paragraphs 4 and 9; hkiac.org

ICC
type: DefinedTerm
description: World business organisation founded 1919, based in Paris. Publishes the Incoterms rules (11 standardised trade terms defining seller/buyer obligations for cost, risk, and logistics — latest revision Incoterms 2020), UCP 600 (Uniform Customs and Practice for Documentary Credits), URDG 758 (Uniform Rules for Demand Guarantees), and administers the ICC International Court of Arbitration — one of the world’s leading arbitral institutions for cross-border commercial disputes, including metals-trade cases.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: arbitration-dispute--icc
alternate name: International Chamber of Commerce
is based on: Source: ICC official publications (

ICC Arbitration
type: DefinedTerm
description: Arbitration administered by the ICC International Court of Arbitration under the ICC Arbitration Rules 2021 (in force 1 January 2021). The ICC Court does not itself resolve disputes but scrutinises and approves all awards rendered. The date of commencement is when the Secretariat receives the Request; the arbitral tribunal draws up Terms of Reference under Article 23.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: arbitration-dispute--icc-arbitration
alternate name: International Chamber of Commerce Arbitration
is based on: ICC Rules of Arbitration 2021, Articles 1, 4(2), 23; iccwbo.org

LCIA
type: DefinedTerm
description: One of the world's leading international arbitration institutions, administering disputes under the LCIA Arbitration Rules 2020 (in force 1 October 2020). The LCIA Court oversees case administration, appoints and challenges arbitrators, and sets procedural timetables. Rules permit an Emergency Arbitrator application before or concurrent with the Request for Arbitration.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: arbitration-dispute--lcia
alternate name: London Court of International Arbitration
is based on: LCIA Arbitration Rules 2020, effective 1 October 2020 (Articles 1, 5, 9B)

LMAA Arbitration
type: DefinedTerm
description: Arbitration conducted by members of the London Maritime Arbitrators Association under the LMAA Terms 2021 (in force 1 May 2021). Unlike administered institutions, LMAA is a self-regulatory body: parties appoint individual LMAA members directly, without institutional supervision. It is the dominant forum for dry bulk and tanker charter party disputes — including disputes over demurrage, NOR, laytime, and cargo loss arising from iron ore, coal, bauxite, and copper concentrate shipments. Awards are made under the English Arbitration Act 1996.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: arbitration-dispute--lmaa-arbitration
alternate name: LMAA Arbitration (LMAA)
is based on: LMAA Terms 2021

LME Arbitration
type: DefinedTerm
description: A mandatory dispute-resolution procedure under the LME Rulebook for disputes between Members arising out of LME contracts. Part 8 of the LME Rulebook establishes the arbitration framework, appointing an arbitral tribunal whose award is binding on the parties; disputes may also be referred to an Appeal Arbitration Panel.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: arbitration-dispute--lme-arbitration
alternate name: London Metal Exchange Arbitration (Part 8 LME Rulebook)
is based on: LME Rulebook (30 March 2026 release), Part 8: Arbitration and Appeals

Mediation
type: DefinedTerm
description: A consensual, confidential process in which a neutral mediator facilitates negotiated settlement between disputing parties without imposing a binding decision. The ICC Mediation Rules 2021 (successor to the 2014 Rules) provide an institutional framework; parties may request mediation before or during arbitration. HKIAC also administers mediation proceedings.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: arbitration-dispute--mediation
alternate name: International Commercial Mediation
is based on: ICC Mediation Rules 2021 (updated from ICC Mediation Rules 2014), Article 1; iccwbo.org

New York Convention
type: DefinedTerm
description: The principal multilateral treaty governing the enforcement of foreign arbitral awards, adopted by the United Nations on 10 June 1958 and entered into force 7 June 1959. Contracting States must recognise and enforce arbitral awards made in other Contracting States as if they were domestic awards, and must give effect to arbitration agreements by staying court proceedings. Refusal grounds are limited (Article V).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: arbitration-dispute--new-york-convention
alternate name: Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958)
is based on: UN Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958), Articles I, II, V, XII; uncitral.un.org

SCC
type: DefinedTerm
description: The Arbitration Institute of the Stockholm Chamber of Commerce administers international commercial and investment arbitrations. The SCC Board (not a court of arbitration) administers cases and may refer disputes to a sole arbitrator or tribunal; the SCC also has an emergency arbitrator procedure. Stockholm is a frequently chosen neutral seat for East-West and energy disputes.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: arbitration-dispute--scc
alternate name: Stockholm Chamber of Commerce Arbitration Institute
is based on: SCC Arbitration Rules (2017 edition); sccinstitute.com

Seat of Arbitration
type: DefinedTerm
description: The legal domicile of an arbitration, determining the applicable curial (procedural) law, the supervisory courts, and the nationality of the award for enforcement purposes. The seat is distinct from the physical venue of hearings. Under ICC Rules 2021 Article 18(1), the ICC Court fixes the seat absent party agreement; under SIAC Rules 2016 Rule 21.1, the Tribunal determines it absent agreement.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: arbitration-dispute--seat-of-arbitration
alternate name: Juridical Seat of Arbitration
is based on: ICC Arbitration Rules 2021, Article 18(1), Article 32(3)
is based on: SIAC Rules 2016, Rule 21.1
is based on: HKIAC Rules 2018, Schedule 4 paragraph 9

SIAC
type: DefinedTerm
description: A leading Asian arbitration institution administering disputes under the SIAC Rules 2016 (6th Edition, in force 1 August 2016). Key features include an expedited procedure (Rule 5) with a six-month award deadline, an emergency arbitrator procedure requiring appointment within one business day (Schedule 1), and an early dismissal procedure (Rule 29).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: arbitration-dispute--siac
alternate name: Singapore International Arbitration Centre
is based on: SIAC Arbitration Rules 2016, Rules 1.3, 5.1, 5.2, 29, Schedule 1 paragraphs 3 and 8; siac.org.sg

Sovereign Immunity
type: DefinedTerm
description: The doctrine that a state or its instrumentalities (including state-owned mining companies) cannot be sued or have their assets seized without consent. In offtake agreements with DRC, Guinea, Zambia, or Chilean state miners, counterparties must obtain an express waiver of sovereign immunity and agreement to arbitrate in the contract. The UK State Immunity Act 1978 and the US Foreign Sovereign Immunities Act 1976 both allow waivers; without one, enforcement of an arbitral award against state assets is severely constrained. This is a critical drafting consideration in any African or Latin American sovereign-linked mining deal.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: arbitration-dispute--sovereign-immunity
is based on: UNCITRAL — New York Convention (1958)

UNCITRAL Arbitration Rules
type: DefinedTerm
description: A comprehensive set of procedural rules for international arbitration published by the UN Commission on International Trade Law, widely used in ad hoc and institutionally administered arbitrations. The 2013 revision added Article 1(4) incorporating the UNCITRAL Transparency Rules for treaty-based investor-State arbitrations commenced under investment treaties on or after 1 April 2014.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: arbitration-dispute--uncitral-arbitration-rules
alternate name: UNCITRAL Arbitration Rules (2013 Revision)
is based on: UNCITRAL Arbitration Rules (with Article 1(4) as adopted in 2013), UN General Assembly Resolution 68/109; uncitral.un.org

Carbon Intensity (CI)
type: DefinedTerm
description: Carbon Intensity is the quantity of greenhouse-gas emissions (expressed as t CO₂-equivalent) released per unit of refined metal output (typically per tonne; for gold per troy ounce). Reported separately by Scope 1 (direct), Scope 2 (purchased energy), and sometimes Scope 3 (value-chain). Industry benchmark global averages: aluminium 15.1 t CO₂e/t (IAI 2022), steel 1.92 t CO₂/t (worldsteel 2024), copper 4.6 t CO₂e/t (ICA 2022), gold 792 kg CO₂e/oz (S&P/Skarn 2023), nickel 13 t CO₂e/t (Argus/CarbonChain 2024). Facility-level CI is the metric that exposes the spread between fossil-powered smelters (e.g. coal-grid aluminium at 15-20 t/t) and hydropower/renewable facilities (e.g. Hydro REDUXA at <4 t/t, SSAB HYBRIT at <0.05 t/t). TSM Maps Carbon Intensity Atlas colours each producer marker by ratio versus its metal's global average so comparisons are honest across metals with different absolute scales.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--carbon-intensity-ci
alternate name: Carbon Intensity per Unit of Metal Produced
is based on: Based on: IAI, worldsteel, ICA, S&P Global, Argus/CarbonChain primary sector reports

Carbon Neutrality / Net Zero
type: DefinedTerm
description: Carbon neutrality refers to a state in which a company or entity's greenhouse gas emissions are balanced by equivalent carbon offset activities, typically focused on carbon dioxide. Net zero is a more comprehensive standard requiring that all greenhouse gas emissions across Scopes 1, 2, and 3 are reduced as far as possible and that any residual emissions are counterbalanced through verified carbon removal rather than avoidance offsets.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--carbon-neutrality-net-zero
alternate name: Carbon Neutrality and Net Zero
is based on: Based on: Science Based Targets initiative (SBTi) and IPCC official documentation

Circular Economy
type: DefinedTerm
description: A circular economy is an economic model designed to eliminate waste and pollution by keeping products, components, and materials in use at their highest value for as long as possible, in contrast to the traditional linear take-make-waste model. It is based on three principles: eliminate waste and pollution, circulate products and materials, and regenerate natural systems.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--circular-economy
is based on: Based on: Ellen MacArthur Foundation official documentation

Conflict Minerals
type: DefinedTerm
description: Conflict minerals are minerals mined in conflict-affected and high-risk areas (CAHRAs) where their extraction has been linked to the financing of armed groups or to serious human rights violations. The term is most commonly associated with tin, tungsten, tantalum, and gold (collectively 3TG), which are subject to mandatory supply chain due diligence disclosure requirements under U.S. law (Dodd-Frank Act Section 1502) and EU regulation.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--conflict-minerals
is based on: Based on: SEC, EU Conflict Minerals Regulation, and OECD official documentation

CSRD
type: DefinedTerm
description: EU Directive 2022/2464 requiring large companies and listed SMEs to report sustainability information under European Sustainability Reporting Standards (ESRS) starting from financial years 2024–2026 depending on company size; it introduces mandatory double-materiality assessments and third-party assurance.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--csrd
alternate name: Corporate Sustainability Reporting Directive (EU)
is based on: European Commission, Directive 2022/2464/EU (CSRD)

Double Materiality
type: DefinedTerm
description: A reporting principle requiring companies to assess both financial materiality (how sustainability issues affect the company's financial performance) and impact materiality (how the company's activities affect society and the environment); mandated under the EU CSRD/ESRS framework and distinct from the single-materiality approach of IFRS S1/S2.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--double-materiality
alternate name: Double Materiality (ESG Reporting)
is based on: EFRAG, 'ESRS 1 General Requirements' (2023), §§ 22–47, efrag.org.

EITI — Extractive Industries Transparency Initiative
type: DefinedTerm
description: Global multi-stakeholder standard that requires implementing countries to disclose payments by extractive companies and revenues received by governments from oil, gas and mining, alongside the contracts, licences and beneficial ownership underlying those revenues. Founded in 2003; as of the latest EITI Standard (2023) over 50 implementing countries publish annual EITI Reports. Mineral-producing EITI countries include DRC, Zambia, Mongolia, Peru, Mexico, Mozambique, Indonesia, Kazakhstan and many others.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--eiti-extractive-industries-transparency-initiative

Embedded CO₂e
type: DefinedTerm
description: CO₂-equivalent emissions per tonne of metal produced, covering Scope 1 + Scope 2 (and sometimes Scope 3 upstream). Reported under CBAM for EU imports and Battery Regulation for batteries.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--embedded-co-e
alternate name: Embedded carbon emissions
is based on: European Commission — Carbon Border Adjustment Mechanism (Reg. 2023/956)

Equator Principles
type: DefinedTerm
description: A voluntary risk-management framework adopted by financial institutions (Equator Principles Financial Institutions, EPFIs) for determining, assessing and managing environmental and social risk in project finance. Applies to projects with a total capital cost of US$10 million or more. Aligned with IFC Performance Standards. As of 2024, 138 EPFIs in 38 countries have adopted the framework. Mining and metals projects frequently require Equator-aligned environmental and social impact assessment (ESIA) for senior debt.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--equator-principles

ESG
type: DefinedTerm
description: ESG stands for Environmental, Social, and Governance — a framework used to evaluate a company's management of risks and opportunities related to environmental stewardship, social responsibility, and corporate governance. ESG criteria are used by investors, regulators, and other stakeholders to assess a company's long-term sustainability, ethical conduct, and potential non-financial risks.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--esg
alternate name: Environmental, Social, and Governance
is based on: Based on: UN Principles for Responsible Investment and ESMA official documentation

ESG levies (TCO total)
type: DefinedTerm
description: Sum of CBAM certificate cost, EU Battery Passport compliance fees and other ESG-driven levies applied to a shipment in the TCO model. CBAM phase-in: free allowances reduce from 97.5% (2026) to 0% (2034); reporting mandatory since Oct 2023, financial obligation from Jan 2026.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--esg-levies-tco-total

EU Battery Passport
type: DefinedTerm
description: Mandatory digital record of every EV/industrial battery sold in the EU from 2027, containing material origin, carbon footprint, recycled content, and supply-chain due-diligence data. Required under EU Battery Regulation 2023/1542.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--eu-battery-passport
alternate name: Battery Passport
is based on: European Parliament and Council — Regulation (EU) 2023/1542

EU Taxonomy
type: DefinedTerm
description: A classification system established by EU Regulation 2020/852 defining which economic activities are environmentally sustainable across six environmental objectives; it requires large companies in scope of the NFRD/CSRD to disclose what proportion of their turnover, capex, and opex is Taxonomy-aligned.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--eu-taxonomy
alternate name: EU Taxonomy for Sustainable Activities
is based on: European Commission, Regulation (EU) 2020/852

GRI Standards
type: DefinedTerm
description: A modular set of international reporting standards published by the Global Reporting Initiative that companies use to disclose their environmental, social, and governance (ESG) impacts to stakeholders; the 2021 Universal Standards (GRI 1, 2, 3) replaced the G4 framework and require a double-materiality assessment.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--gri-standards
alternate name: Global Reporting Initiative Standards
is based on: Global Reporting Initiative, 'GRI Universal Standards 2021'

IFC Performance Standards
type: DefinedTerm
description: Eight performance standards published by the International Finance Corporation (IFC, World Bank Group) defining clients' responsibilities for managing environmental and social risks. PS1 (assessment and management system), PS2 (labour), PS3 (resource efficiency), PS4 (community health and safety), PS5 (land acquisition and involuntary resettlement), PS6 (biodiversity and ecosystem services), PS7 (Indigenous Peoples) and PS8 (cultural heritage). PS3, PS5, PS6 and PS7 are routinely invoked in metals-mining project finance and form the basis of the Equator Principles.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--ifc-performance-standards

IFRS S1
type: DefinedTerm
description: An ISSB standard effective for annual reporting periods beginning 1 January 2024 that requires companies to disclose material sustainability-related risks and opportunities in line with the TCFD framework; it establishes general requirements applicable across all sustainability topics.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--ifrs-s1
alternate name: IFRS S1: General Requirements for Disclosure of Sustainability-related Financial Information
is based on: ISSB/IFRS Foundation, 'IFRS S1' (2023)

IFRS S2
type: DefinedTerm
description: An ISSB standard effective 1 January 2024 that mandates disclosure of climate-related risks and opportunities including governance, strategy (physical and transition scenarios), risk management, and metrics including Scope 1, 2, and 3 greenhouse gas emissions; closely aligned with TCFD recommendations.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--ifrs-s2
alternate name: IFRS S2: Climate-related Disclosures
is based on: ISSB/IFRS Foundation, 'IFRS S2' (2023)

IRMA
type: DefinedTerm
description: The Initiative for Responsible Mining Assurance (IRMA) is a multi-stakeholder, non-profit organisation that operates an independent, third-party assurance programme for industrial-scale mine sites, covering all mined materials. IRMA's standard assesses mine performance across environmental and social criteria, and its governance includes equal representation from industry, civil society, affected communities, and purchasers of mined materials.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--irma
alternate name: Initiative for Responsible Mining Assurance
is based on: Based on: IRMA official documentation

ISO 14001
type: DefinedTerm
description: International standard for environmental management systems (EMS). Certifies that an organisation has a structured approach to identifying, controlling, and reducing environmental impacts.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--iso-14001
alternate name: Environmental Management System
is based on: International Organization for Standardization

ISO 9001
type: DefinedTerm
description: International standard for quality management systems. Certifies that an organisation's products and services consistently meet customer and regulatory requirements.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--iso-9001
alternate name: Quality Management System
is based on: International Organization for Standardization

ISSB
type: DefinedTerm
description: A body established by the IFRS Foundation in 2021 to develop a global baseline of investor-focused sustainability disclosure standards; it absorbed the SASB, CDSB, TCFD, and IASB climate projects and published IFRS S1 and IFRS S2 in 2023.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--issb
alternate name: International Sustainability Standards Board
is based on: IFRS Foundation, 'About the ISSB'

LBMA RGG
type: DefinedTerm
description: Mandatory due-diligence framework for LBMA Good Delivery refiners, requiring chain-of-custody audits to prevent conflict gold. Aligned with OECD Due Diligence Guidance Annex II.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--lbma-rgg
alternate name: LBMA Responsible Gold Guidance
is based on: London Bullion Market Association — responsible sourcing

LCA
type: DefinedTerm
description: A Life Cycle Assessment (LCA) is a standardised methodology, codified in ISO 14040 and ISO 14044, for evaluating the environmental impacts of a product, process, or service across its entire life cycle — from raw material extraction through production, use, and end-of-life disposal or recycling. LCA follows four defined phases: goal and scope definition, life cycle inventory analysis, life cycle impact assessment, and interpretation.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--lca
alternate name: Life Cycle Assessment
is based on: Based on: ISO 14040 and ISO 14044 official documentation

Product Carbon Footprint (PCF)
type: DefinedTerm
description: Quantified greenhouse-gas emissions associated with a single unit of a specific product over a defined life-cycle scope (cradle-to-gate or cradle-to-grave), expressed in kg CO₂-equivalent per unit (e.g., kg CO₂e / tonne of refined copper cathode). Methodology defined under ISO 14067 and the GHG Protocol Product Standard. PCF is the unit of measure used by LMEpassport, the EU Battery Regulation, and emerging metals-passport disclosures, distinct from corporate-level Scope 1/2/3 inventories.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--product-carbon-footprint-pcf

Responsible Sourcing
type: DefinedTerm
description: Responsible sourcing is a commitment by companies to account for the social, environmental, and governance risks associated with the procurement of materials and services throughout their supply chains. In the context of metals and minerals, responsible sourcing typically involves supply chain due diligence, traceability, third-party audits, and adherence to internationally recognised frameworks such as the OECD Due Diligence Guidance.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--responsible-sourcing
is based on: Based on: OECD and RJC official documentation

SASB Materiality Map
type: DefinedTerm
description: A visual tool published by SASB (now integrated into the IFRS Foundation) that identifies which ESG topics are likely to be financially material for companies in each of 77 industry classifications; it is used to focus sustainability disclosures on issues most relevant to investors within a given sector such as metals and mining.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--sasb-materiality-map
alternate name: SASB Materiality Map (Sustainability Accounting Standards Board)
is based on: SASB/IFRS Foundation, 'SASB Standards' (2023)

Scope 1/2/3 Emissions
type: DefinedTerm
description: The Greenhouse Gas Protocol Corporate Standard defines three scopes for classifying a company's greenhouse gas emissions: Scope 1 covers direct emissions from sources owned or controlled by the company; Scope 2 covers indirect emissions from the generation of purchased energy; and Scope 3 covers all other indirect emissions across the company's value chain, including both upstream and downstream activities.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--scope-1-2-3-emissions
alternate name: Scope 1, Scope 2, and Scope 3 Greenhouse Gas Emissions
is based on: Based on: GHG Protocol Corporate Standard official documentation

Scope 4 Emissions
type: DefinedTerm
description: A voluntary accounting category beyond the GHG Protocol that quantifies the emissions avoided by a product or service compared to a reference scenario; for metals companies it is used to demonstrate climate benefits of high-conductivity copper in electric vehicles or lightweight aluminium in aerospace, though there is no standardised methodology.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-sustainability--scope-4-emissions
alternate name: Scope 4 (Avoided Emissions)
is based on: World Resources Institute, 'Avoided Emissions: Exploring the Evidence Base' (2020), wri.org.

ASM
type: DefinedTerm
description: Artisanal and Small-scale Mining (ASM) refers to formal or informal mining operations characterised by predominantly simplified forms of exploration, extraction, processing, and transportation, typically low in capital intensity and high in labour intensity. ASM operations range from legally recognised cooperative associations to informal groups operating without authorisation, and their legal status varies by national jurisdiction. ASM is a significant source of production for cobalt in the Democratic Republic of Congo, as well as tantalum, gold, and tin globally, and is associated with elevated occupational health, safety, and human rights risks.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: battery-critical-minerals--asm
alternate name: Artisanal and Small-scale Mining
is based on: Based on: Responsible Jewellery Council (RJC) — Standards Guidance: Artisanal and Small-Scale Mining official documentation
is based on: ICMM — Working Together: How Large-Scale Mining Can Engage with Artisanal and Small-Scale Miners official documentation

Battery materials
type: DefinedTerm
description: Battery materials are the chemical precursors and intermediates used to manufacture lithium-ion battery cells. Cathode materials include lithium carbonate (Li2CO3) and lithium hydroxide (LiOH·H2O) feeding NCM (nickel-cobalt-manganese), NCA (nickel-cobalt-aluminium), LFP (lithium iron phosphate), and LMFP chemistries; key inputs are nickel sulphate (NiSO4·6H2O), cobalt sulphate (CoSO4·7H2O), and manganese sulphate (MnSO4·H2O). Anode materials are predominantly synthetic and natural graphite, with silicon-graphite composites emerging. Battery-grade purity requirements (typically 99.5%+ for sulphates, 99.5%+ Li2CO3, 56.5% min Li content for LiOH) exceed metallurgical grade and command a premium. Pricing is published by Fastmarkets, Benchmark Mineral Intelligence, and Argus on a CIF China or EXW China basis.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: battery-critical-minerals--battery-materials
alternate name: Battery materials (cathode, anode, electrolyte precursors)
is based on: IEA — Global EV Outlook (current edition)
is based on: Fastmarkets MB Battery Materials methodology
is based on: Benchmark Mineral Intelligence — Lithium Price Assessment methodology
is based on: Argus Battery Materials methodology

Benchmark Pricing
type: DefinedTerm
description: Benchmark pricing for metals refers to independent price assessments published by specialist price reporting agencies (PRAs) such as Fastmarkets, Asian Metal, and S&P Global Commodity Insights (Platts), which establish the prevailing tradeable level at which a commodity of a stated specification has, or could be expected to have, transacted over a defined assessment period. These assessments are based on data collected from a broad sample of market participants—producers, consumers, traders, and intermediaries—through direct reporting rather than exchange-based trading. Benchmark prices serve as reference prices for physical contracts, financial instruments, and transfer pricing for metals that are not traded on formal exchanges such as the LME.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: battery-critical-minerals--benchmark-pricing
is based on: Based on: Fastmarkets — Price Assessment Methodology official documentation

CAM
type: DefinedTerm
description: Cathode Active Material (CAM) is the electrochemically active component of the positive electrode (cathode) in a lithium-ion battery cell, responsible for storing and releasing lithium ions during charge and discharge cycles. CAM accounts for approximately half of battery cell costs and its chemical composition determines the cell's energy density, thermal stability, cycle life, and cost profile. Principal commercial CAM chemistries include lithium iron phosphate (LFP) and lithium nickel manganese cobalt oxide (NMC).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: battery-critical-minerals--cam
alternate name: Cathode Active Material
is based on: Based on: Faraday Institution — Faraday Insights: Developments in Lithium-Ion Battery Cathodes official documentation

Cobalt Sulphate
type: DefinedTerm
description: Cobalt sulphate (CoSO₄) is a water-soluble cobalt salt produced by dissolving cobalt in sulphuric acid, classified under tariff item 2833.29.1000. It is the primary cobalt chemical feedstock used in the synthesis of precursor cathode active materials for NMC and NCA lithium-ion battery cells. Battery-grade cobalt sulphate purity requirements are stringent, with metal impurity levels typically required below 10 ppm for use in electric vehicle battery supply chains.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: battery-critical-minerals--cobalt-sulphate
is based on: Based on: U.S. Geological Survey (USGS) Mineral Commodity Summaries 2024 — Cobalt and USGS Minerals Yearbook 2022 — Cobalt official documentation

Critical Minerals
type: DefinedTerm
description: Under the U.S. Energy Act of 2020, a critical mineral is defined as any mineral, element, substance, or material designated as critical by the Secretary of the Interior, acting through the Director of the U.S. Geological Survey, on the basis that it is essential to economic and national security, has a supply chain vulnerable to disruption, and serves an essential function in manufacturing where its absence would have significant consequences. The European Union's Critical Raw Materials Act (CRMA) similarly identifies critical raw materials as those of high economic importance to the EU economy that are subject to high supply risk. The USGS published a list of 50 critical minerals in 2022, revised every three years pursuant to the Act.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: battery-critical-minerals--critical-minerals
is based on: Based on: U.S. Department of Energy — What Are Critical Minerals and Materials official documentation
is based on: European Commission — Critical Raw Materials Act official documentation

DRC
type: DefinedTerm
description: The Democratic Republic of Congo (DRC) is the world's leading producer of mined cobalt, accounting for approximately 74% of global cobalt mine production in 2023, with estimated output of 170,000 metric tons of cobalt content. The country's cobalt is produced primarily as a byproduct of copper mining from copper-cobalt ores in the Katanga (Lualaba) province. The DRC holds estimated cobalt reserves of 6,000,000 metric tons, representing the largest national cobalt reserve base in the world.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: battery-critical-minerals--drc
alternate name: Democratic Republic of Congo
is based on: Based on: U.S. Geological Survey (USGS) Mineral Commodity Summaries 2024 — Cobalt official documentation

Ferro-alloy
type: DefinedTerm
description: Ferro-alloys are a group of alloys of iron with a high proportion of one or more other elements—principally chromium, manganese, silicon, or vanadium—produced for addition to steel and cast iron melts during steelmaking. They serve as a primary means of introducing alloying and deoxidising elements into molten steel to achieve specified mechanical and chemical properties. Major ferro-alloy types include ferrochromium, ferromanganese, ferrosilicon, and ferrovanadium, each named for the dominant non-iron element.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: battery-critical-minerals--ferro-alloy
is based on: Based on: U.S. Geological Survey (USGS) Mineral Commodity Summaries 2024 — Manganese and Vanadium official documentation

LFP
type: DefinedTerm
description: Lithium Iron Phosphate (LFP), with the formula LiFePO₄, is an iron-based olivine cathode active material used in lithium-ion batteries. LFP offers low cost, good thermal stability, superior cycle and calendar life, and excellent round-trip efficiency, and is cobalt-free; it is widely deployed in electric vehicles and battery energy storage systems. Its lower cell-level energy density compared to nickel-rich chemistries is a trade-off against its safety and longevity advantages.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: battery-critical-minerals--lfp
alternate name: Lithium Iron Phosphate
is based on: Based on: Faraday Institution — Faraday Insights: Developments in Lithium-Ion Battery Cathodes official documentation

Lithium Carbonate
type: DefinedTerm
description: Lithium carbonate (Li₂CO₃) is the most common commercial form of refined lithium, produced from lithium brine or hard-rock spodumene concentrate via carbonate precipitation. It is the standard feedstock for manufacturing lithium iron phosphate (LFP) cathode active material and serves as a precursor to lithium hydroxide production. Pharmaceutical-grade and battery-grade lithium carbonate are traded as distinct specifications under tariff item 2836.91.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: battery-critical-minerals--lithium-carbonate
is based on: Based on: U.S. Geological Survey (USGS) Mineral Commodity Summaries 2024 — Lithium official documentation

Lithium Hydroxide
type: DefinedTerm
description: Lithium hydroxide (LiOH) is an inorganic lithium compound produced from lithium carbonate or directly from spodumene concentrate via an alkaline processing route. It is the preferred lithium feedstock for high-nickel cathode active materials such as NMC811 and NCA, where its reactivity at lower temperatures improves cathode synthesis quality compared to lithium carbonate. Lithium hydroxide is traded in anhydrous monohydrate form and classified under tariff item 2825.20.0000.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: battery-critical-minerals--lithium-hydroxide
is based on: Based on: U.S. Geological Survey (USGS) Mineral Commodity Summaries 2024 — Lithium official documentation

NdFeB
type: DefinedTerm
description: Neodymium Iron Boron (NdFeB) magnets are rare earth permanent magnets composed of an alloy of neodymium, iron, and boron that forms the Nd₂Fe₁₄B tetragonal crystalline structure. They are the strongest permanent magnets commercially available and are critical components in electric vehicle traction motors and direct-drive wind turbine generators. The supply chain for sintered NdFeB magnets is geographically concentrated, with China dominant across all production stages from rare earth mining through final magnet manufacture.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: battery-critical-minerals--ndfeb
alternate name: Neodymium Iron Boron
is based on: Based on: U.S. Department of Energy, Office of Manufacturing and Energy Supply Chains — Rare Earth Permanent Magnets: Supply Chain Deep Dive Assessment official documentation

NMC
type: DefinedTerm
description: Lithium Nickel Manganese Cobalt Oxide (NMC) is a class of layered oxide cathode active materials used in lithium-ion batteries, with the general formula LiNiₓMnᵧCo₁₋ₓ₋ᵧO₂. NMC offers high energy density and high power output and is commonly the battery chemistry of choice for high-performance electric vehicles; increasing the nickel content (e.g., NMC811) raises energy density but reduces thermal stability. Next-generation NMC-type cathodes include lithium and manganese-rich materials (LMR-NMC).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: battery-critical-minerals--nmc
alternate name: Nickel Manganese Cobalt
is based on: Based on: Faraday Institution — Faraday Insights: Developments in Lithium-Ion Battery Cathodes official documentation

NPI
type: DefinedTerm
description: Nickel Pig Iron (NPI) is a low-grade ferronickel product produced primarily in China and Indonesia, used predominantly in the production of stainless steel as a substitute for refined nickel. It is classified as a Class II nickel product and is smelted from laterite ore using blast or electric arc furnaces. NPI typically contains 1.5–15% nickel content, significantly lower than Class I refined nickel at 99.8% purity.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: battery-critical-minerals--npi
alternate name: Nickel Pig Iron
is based on: Based on: U.S. Geological Survey (USGS) Mineral Commodity Summaries 2024 — Nickel official documentation

PGM
type: DefinedTerm
description: Platinum Group Metals (PGM) is the collective designation for six closely related noble metallic elements: platinum, palladium, iridium, osmium, rhodium, and ruthenium. These elements share similar physical and chemical properties, occur together in nature in sulphide copper-nickel ores and alluvial deposits, and are reported in trade and statistics on a PGM-content basis in kilograms. PGMs are critical for autocatalysts, fuel cells, jewellery, and industrial chemical applications.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: battery-critical-minerals--pgm
alternate name: Platinum Group Metals
is based on: Based on: U.S. Geological Survey (USGS) Mineral Commodity Summaries 2024 — Platinum-Group Metals official documentation

Rare earth metals
type: DefinedTerm
description: Rare earth elements (REEs) are the 15 lanthanide elements (atomic numbers 57-71: La, Ce, Pr, Nd, Pm, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu) plus scandium (Sc) and yttrium (Y), totalling 17 elements. They are conventionally split into Light Rare Earth Elements (LREE: La, Ce, Pr, Nd, Pm, Sm, Eu) and Heavy Rare Earth Elements (HREE: Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu, Y). Despite the name, most are not geologically rare in crustal abundance but rarely occur in economically concentrated deposits. USGS publishes annual reserves and production data in Mineral Commodity Summaries. Rare earth oxides (REO) are the standard tradeable form. China dominates mine production and especially separation/refining capacity. Key end uses: NdFeB permanent magnets (EV motors, wind turbines), phosphors, catalysts, polishing powders.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: battery-critical-minerals--rare-earth-metals
alternate name: Rare earth elements (REE) / Rare earth metals
is based on: Based on: USGS — Mineral Commodity Summaries 2025: Rare Earths (
is based on: USGS — Rare Earth Element Mineral Deposits in the United States (

REE / REO
type: DefinedTerm
description: Rare Earth Elements (REE) is the collective designation for the 17 elements comprising the 15 lanthanides (lanthanum, cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, and lutetium), plus scandium and yttrium. Rare Earth Oxides (REO) are the oxide form in which rare earth content is standardly measured and reported, expressed in metric ton REO equivalent. Despite the name, most rare earth elements are not geologically scarce but occur in low concentrations that make economic extraction challenging.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: battery-critical-minerals--ree-reo
alternate name: Rare Earth Elements / Rare Earth Oxides
is based on: Based on: U.S. Geological Survey (USGS) Mineral Commodity Summaries 2024 — Rare Earths official documentation

Spodumene
type: DefinedTerm
description: Spodumene is a lithium aluminium inosilicate pyroxene mineral with the chemical composition LiAl(SiO₃)₂, found principally in lithium-rich granite pegmatites. It is a primary hard-rock source of lithium and serves as a key feedstock for the production of lithium carbonate and lithium hydroxide used in battery manufacturing. Spodumene concentrate is typically graded at approximately 6% lithium oxide (Li₂O) before further processing.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: battery-critical-minerals--spodumene
is based on: Based on: U.S. Geological Survey (USGS) Mineral Commodity Summaries 2024 — Lithium official documentation

Yellowcake
type: DefinedTerm
description: Yellowcake is uranium oxide concentrate (U₃O₈), the standard intermediate product of uranium milling operations, containing approximately 85% uranium by mass. It is produced by processing uranium ore through crushing, leaching, and precipitation, then drying and roasting the resulting diuranate to yield U₃O₈. Yellowcake is the commercial form in which uranium is marketed, exported, and traded internationally, packed into sealed 200-litre steel drums for shipment.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: battery-critical-minerals--yellowcake
alternate name: Yellowcake (U₃O₈)
is based on: Based on: World Nuclear Association — Uranium Mining Overview official documentation

AIC
type: DefinedTerm
description: AIC, also defined by the WGC Guidance Note, extends AISC by adding non-sustaining (growth) capital expenditure, non-sustaining exploration & evaluation, and project capital expenditure on new mines or major expansions. AIC therefore represents the total cost to maintain current production AND fund future growth. Where AISC measures cost-discipline of current operations, AIC measures whether the company is generating returns sufficient to fund the next generation of mines. AIC is reported per ounce sold (or per tonne) and is closely watched by equity analysts as an indicator of long-term free cash flow capacity.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--aic
alternate name: All-in Cost (AIC)
is based on: Based on: World Gold Council — Guidance Note on Non-GAAP Metrics: All-In Sustaining Costs and All-In Costs (

AISC
type: DefinedTerm
description: AISC is a non-GAAP performance measure introduced by the World Gold Council in 2013 to provide a more comprehensive view of the costs to produce gold and other metals than traditional cash costs. AISC adds to C1 cash cost all the costs required to sustain current production: on-site mining and processing G&A, royalties, by-product credits, sustaining capital expenditure, sustaining exploration & evaluation, sustaining lease payments, and corporate G&A allocated to operating mines. It excludes growth capex, project expenditure, financing costs, taxes and one-off items. AISC is typically reported per ounce of gold sold (or per tonne for base metals). The WGC Guidance Note is the standard reference; major gold producers (Barrick, Newmont, AngloGold Ashanti, etc.) and most copper / silver / nickel companies report AISC.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--aisc
alternate name: All-in Sustaining Cost (AISC)
is based on: Based on: World Gold Council — Guidance Note on Non-GAAP Metrics: All-In Sustaining Costs and All-In Costs (June 2013; updated 2018) (

By-product credits
type: DefinedTerm
description: By-product credits are the revenue from saleable secondary metals or minerals produced alongside the primary metal at a mine — applied as a reduction of the cash cost per unit of primary metal. For example, a porphyry copper mine producing copper as primary product plus molybdenum, gold and silver as by-products would deduct net Mo + Au + Ag revenue (after deducting any direct selling costs) from operating costs before dividing by primary copper produced. This 'by-product method' is widely used in cost reporting (C1, AISC). The alternative 'co-product method' allocates costs pro-rata based on revenue share of each product and is used when no single metal dominates revenue. The WGC Guidance Note recommends the by-product method for gold producers.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--by-product-credits
alternate name: By-product credits (co-product accounting)
is based on: Based on: World Gold Council — Guidance Note on Non-GAAP Metrics (gold.org)
is based on: Wood Mackenzie / CRU — Cost Service methodology.

C1 cash cost
type: DefinedTerm
description: C1 is the direct cash cost of producing a unit of metal at the mine and treatment stages. It includes mining costs, ore processing, on-site general & administrative, freight to smelter (for concentrates), treatment & refining charges (TC/RC), less by-product credits where the deposit produces more than one payable metal. C1 excludes depreciation, financing, royalties, taxes and corporate overhead. The Brook Hunt (now Wood Mackenzie) cost-curve methodology built around C1 is the global standard for ranking mine competitiveness — mines in the lowest cost quartile (Q1) are most likely to survive low metal prices.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--c1-cash-cost
alternate name: C1 cash cost (Brook Hunt methodology)
is based on: Based on: Wood Mackenzie (formerly Brook Hunt) — Cost Service methodology (
is based on: ICMM — Costs and Profits in the Mining Industry (icmm.com).

C2 cash cost
type: DefinedTerm
description: C2 cash cost is C1 plus depreciation, depletion and amortisation (DD&A). In effect, C2 adds the non-cash accounting allocation of the original mine and plant capital investment, spread over the reserve life. C2 is rarely reported directly today (AISC has replaced it for gold and silver), but is still used in the base-metals cost-curve literature published by CRU and Wood Mackenzie as an intermediate measure between operating cash cost (C1) and fully loaded cost (C3).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--c2-cash-cost
is based on: Based on: Wood Mackenzie — Cost Service methodology
is based on: CRU Group — Mine Cost Database methodology (crugroup.com).

C3 cost
type: DefinedTerm
description: C3 is C2 plus indirect costs: corporate overhead allocated to the mine, exploration write-offs, royalties, taxes (cash taxes), and financing costs (net interest expense). C3 is intended to approximate full economic cost on an accrual basis — useful for valuing a mine over its full life. Both C2 and C3 are giving way in modern practice to the WGC AISC and AIC framework, but legacy base-metals datasets still report C1/C2/C3 (especially copper, zinc and nickel cost curves).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--c3-cost
alternate name: C3 fully loaded cost
is based on: Based on: Wood Mackenzie — Cost Service methodology
is based on: CRU Group — Mine Cost Database.

CIM Definition Standards
type: DefinedTerm
description: The CIM Definition Standards are issued by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and adopted by reference under Canadian securities law NI 43-101. They define Mineral Resources (Inferred, Indicated, Measured) and Mineral Reserves (Probable, Proven), Qualified Person responsibilities, modifying factors (mining, metallurgical, infrastructure, economic, marketing, legal, environmental, social, governmental) and reporting requirements. The 2014 edition (and 2019 updates) is the basis for technical reports filed by mining issuers on Canadian exchanges (TSX, TSXV) and is internationally aligned with CRIRSCO Template.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--cim-definition-standards
alternate name: CIM Definition Standards for Mineral Resources and Mineral Reserves
is based on: Based on: CIM — Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014, with 2019 amendments) (mrmr.cim.org)
is based on: Canadian Securities Administrators NI 43-101.

Comminution
type: DefinedTerm
description: Comminution is the size-reduction of ore from run-of-mine rock down to particle sizes suitable for mineral separation (typically <100-200 μm for flotation, <0.1 mm for cyanidation). It comprises crushing (primary, secondary, tertiary jaw/cone/gyratory crushers) and grinding (SAG mills, ball mills, vertical mills, HPGR). Comminution is the single largest energy consumer in a mine — typically 30-50% of mine site electricity demand — and is the bottleneck setting throughput. The Bond Work Index (BWI, in kWh/t) is the standard test characterising ore hardness for grinding circuit design. Specific energy consumption (kWh/t) tracks comminution efficiency over time.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--comminution
alternate name: Comminution (crushing + grinding)
is based on: Based on: Wills & Finch — Mineral Processing Technology, 8th Edition (Elsevier 2016)
is based on: Bond, F.C. (1961) — The Third Theory of Comminution.

Consequence Classification
type: DefinedTerm
description: Consequence Classification is the mandatory rating assigned to every tailings storage facility based on the credible downstream impact of a hypothetical dam-break flow. GISTM Principle 1 and the Canadian Dam Association framework use five ascending categories: Low, Significant, High, Very High, Extreme. The classification is derived from Dam Break Analysis output and considers loss of life, environmental damage and infrastructure damage. The rating drives the design criteria, monitoring intensity, ITRB requirement and GISTM disclosure timeline. ICMM member companies were required to bring Very High and Extreme facilities into GISTM conformance by 5 August 2023, and all remaining facilities by 5 August 2025.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--consequence-classification
alternate name: Tailings Facility Consequence Classification
is based on: Based on: ICMM/UNEP/PRI — GISTM (August 2020), Principle 1
is based on: Canadian Dam Association Dam Safety Guidelines (2007, updated 2013)
is based on: ANCOLD Guidelines on the Consequence Categories for Dams (2012).

CRIRSCO Template
type: DefinedTerm
description: The Committee for Mineral Reserves International Reporting Standards (CRIRSCO) publishes an International Reporting Template that defines the global benchmark for public reporting of Mineral Resources and Mineral Reserves. CRIRSCO is endorsed by the International Council on Mining and Metals (ICMM) and serves as the basis for national codes including JORC (Australasia), CIM (Canada), SAMREC (South Africa), PERC (Europe), MPMI Code (Mongolia), CBRR (Brazil), KORES (Korea) and others. Where a national jurisdiction has not adopted a CRIRSCO-aligned code, the CRIRSCO Template itself can be used. The template defines reserves/resources, modifying factors, and competent-person reporting requirements.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--crirsco-template
alternate name: CRIRSCO International Reporting Template
is based on: Based on: CRIRSCO — International Reporting Template, current edition (

Dam Break Analysis
type: DefinedTerm
description: Dam Break Analysis is the engineering study that models the inundation footprint, flow depth, velocity and arrival time of the slurry wave that would result from a hypothetical failure of a tailings dam. Modern DBA combines tailings rheology (non-Newtonian flow behaviour of liquefied fines), terrain models and downstream land-use mapping to assign Consequence Classification to a facility. GISTM Principle 4 and Canadian Dam Association Mining Dams Bulletin require DBA to assume credible failure modes including liquefaction. The output drives the Emergency Preparedness and Response Plan (EPRP) under GISTM Principle 13.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--dam-break-analysis
alternate name: Dam Break Analysis (DBA)
is based on: Based on: ICMM/UNEP/PRI — Global Industry Standard on Tailings Management (August 2020), Principle 4 and Principle 13
is based on: Canadian Dam Association — Application of Dam Safety Guidelines to Mining Dams (2014)
is based on: Mount Polley Independent Expert Panel Report (2015).

DFS
type: DefinedTerm
description: A Definitive Feasibility Study (DFS), sometimes called Bankable Feasibility Study (BFS), is the final stage of project evaluation before construction decision. DFS-level accuracy on capex and opex is ±10-15%. DFS includes detailed engineering (often vendor quotes for major equipment), permitted environmental impact assessment, secured offtake or term-sheet level agreements, financing structure, and final economic model. Bank lenders, ECAs and project finance syndicates use the DFS as the basis for debt sizing. The DFS supports declaration of Mineral Reserves and underpins the Final Investment Decision (FID).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--dfs
alternate name: Definitive Feasibility Study (DFS) / Bankable Feasibility Study (BFS)
is based on: Based on: NI 43-101 Companion Policy 43-101CP
is based on: CIM Definition Standards (2014)
is based on: World Bank — Mining Project Finance methodology.

FY
type: DefinedTerm
description: A company's 12-month financial reporting period, which may or may not align with the calendar year. Majors split: calendar FY (Glencore, Codelco, Freeport, Newmont — Jan–Dec) and June-ending FY (BHP, Rio Tinto, Fortescue, South32 — Jul–Jun, Australian convention). HKEX-listed Chinese producers report calendar FY with deadline 31 March. TSM tracks production data on issuer's actual FY basis with explicit annotation (FY26 = year ended in calendar 2026).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--fy
alternate name: Fiscal year
is based on: Company filings
is based on: HKEX/ASX/SEC listing rules

GISTM
type: DefinedTerm
description: GISTM is the global benchmark for managing tailings facilities, published in August 2020 by the ICMM, UNEP and the Principles for Responsible Investment (PRI). It comprises 15 Principles and 77 Auditable Requirements covering the full tailings facility lifecycle: project development, design and construction, management and operation, monitoring, performance review, emergency preparedness, closure and reclamation. Mandatory elements include the Engineer of Record (EoR), Independent Tailings Review Board (ITRB), Accountable Executive at C-suite, and Consequence Classification. ICMM member companies were required to achieve full conformance for Extreme/Very High consequence facilities by 5 August 2023 and all other facilities by 5 August 2025.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--gistm
alternate name: Global Industry Standard on Tailings Management (GISTM)
is based on: Based on: ICMM, UNEP and PRI — Global Industry Standard on Tailings Management, August 2020 (

Independent Tailings Review Board
type: DefinedTerm
description: An Independent Tailings Review Board is a standing panel of senior external experts (typically 3–5 members, none of whom is an employee, contractor or financial beneficiary of the operator) that reviews tailings facility design, construction, operation, closure and emergency planning across the full lifecycle. GISTM Principle 12 makes the ITRB mandatory for facilities classified High, Very High or Extreme consequence; the Mount Polley Independent Panel report (2015) had recommended this structure four years earlier. ITRB findings are reported to the Accountable Executive and form part of the GISTM conformance dossier disclosed to the ICMM Global Tailings Portal.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--independent-tailings-review-board
alternate name: Independent Tailings Review Board (ITRB)
is based on: Based on: ICMM/UNEP/PRI — GISTM (August 2020), Principle 12
is based on: Mount Polley Independent Expert Engineering Investigation and Review Panel (Morgenstern, Vick, Van Zyl, 30 January 2015).

JORC Code 2012
type: DefinedTerm
description: The JORC Code (Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves) — 2012 edition is the mandatory standard for public reports on mineral exploration results, Mineral Resources and Ore Reserves listed on ASX and NZX. It sets out minimum standards on transparency, materiality and competence (Competent Person definition). Reserves and Resources must be reported with confidence categories: Inferred / Indicated / Measured (Resources) and Probable / Proved (Reserves). The 2012 edition introduced Table 1 — a mandatory check-list of assessment and reporting criteria covering sampling, drilling, geology, estimation, mining and metallurgical factors.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--jorc-code-2012
alternate name: JORC Code 2012 — Australasian reporting standard
is based on: Based on: JORC — Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 Edition) (

Life of Mine
type: DefinedTerm
description: Life of Mine is the expected operational life of a mine measured in years, calculated by dividing economically recoverable Mineral Reserves by the planned annual mining or milling rate. Under JORC, NI 43-101 and SAMREC, the LOM plan is the technical and economic plan demonstrating reserves are extractable on a commercial basis. LOM directly influences valuation: in DCF analysis, a longer LOM with maintained grade is worth more than a short, high-grade burst, because of risk-adjusted reserve replacement assumptions. Reported in technical reports under the LOM Plan section.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--life-of-mine
alternate name: Life of Mine (LOM)
is based on: Based on: JORC Code 2012 — Section 4 (Reserve Definitions)
is based on: CIM Definition Standards (mrmr.cim.org)
is based on: NI 43-101 Form 43-101F1, Item 16 — Mining Methods (canlii.org).

Liquefaction
type: DefinedTerm
description: Static liquefaction is the loss of effective shear strength in a saturated, loose-deposited tailings mass when undrained loading triggers porewater-pressure build-up faster than the mass can dissipate it. The material transforms from a solid skeleton into a viscous slurry, often without precursor surface deformation. Static liquefaction — not earthquake (cyclic) liquefaction — was the established failure mechanism for the Fundão (Samarco 2015) and Córrego do Feijão Dam I (Brumadinho 2019) iron-ore tailings dams, in both cases on upstream-raised structures. GISTM Principle 5 requires explicit assessment of static and seismic liquefaction susceptibility for every TSF.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--liquefaction
alternate name: Static (Flow) Liquefaction of Tailings
is based on: Based on: Robertson et al. — Report of the Expert Panel on the technical causes of the failure of Feijão Dam I (Vale, December 2019)
is based on: Morgenstern et al. — Fundão Tailings Dam Review Panel (Samarco, 2016)
is based on: ICMM/UNEP/PRI GISTM Principle 5.

Metallurgical recovery
type: DefinedTerm
description: Metallurgical recovery is the percentage of the contained metal in mined ore (or concentrate feed) that is successfully extracted into a saleable product. It is calculated as (metal in concentrate or finished product) ÷ (metal in feed) × 100%. Recovery is a single most important operating KPI in mineral processing — a 1-percentage-point improvement in recovery can equal millions in additional revenue on a large mine. Typical recoveries vary by metal and process: porphyry copper flotation ~85-92%; gold heap leach ~60-80%; gold CIL ~90-95%; nickel sulphide flotation ~70-85%. Recovery curves (recovery vs grind size, vs reagent dose) are central to plant optimisation.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--metallurgical-recovery
alternate name: Metallurgical recovery rate
is based on: Based on: SME Mineral Processing Handbook (Society for Mining, Metallurgy & Exploration)
is based on: Wills & Finch — Mineral Processing Technology (Elsevier).

Mill head grade
type: DefinedTerm
description: Mill head grade is the average metal content of the ore feed delivered to the processing plant (mill) — measured on the conveyor or in the mill feed sample — typically expressed in g/t for gold and silver or % for base metals. Head grade differs from in-situ reserve grade because of mining dilution (waste mixed in during extraction) and ore losses. Head grade × mill throughput × recovery = metal produced. Operators monitor head grade daily; a falling head grade trend (without offsetting throughput or recovery gains) is a key indicator of reserve depletion or selectivity problems.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--mill-head-grade
is based on: Based on: JORC Code 2012 — Definitions
is based on: CIM Definition Standards on Mineral Resources and Mineral Reserves (mrmr.cim.org).

Mill throughput
type: DefinedTerm
description: Mill throughput is the mass of ore processed by a milling/processing plant per unit of time, expressed as tonnes per hour (tph), tonnes per day (tpd) or millions of tonnes per annum (Mtpa). Throughput depends on plant design capacity, ore hardness (measured as Bond Work Index or SAG comminution indices), grind size target, and equipment availability. Constraints are typically grinding (SAG/ball mill power) or flotation cell volume. Together with head grade and recovery, throughput is one of the three multiplicative drivers of mine output.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--mill-throughput
is based on: Based on: SME Mineral Processing Handbook
is based on: Bond, F.C. (1961) — Crushing and Grinding Calculations (allis-chalmers reprint).

Mineral Reserve
type: DefinedTerm
description: A Mineral Reserve is the economically mineable part of a Measured or Indicated Mineral Resource demonstrated by at least a Pre-Feasibility Study (PFS). PFS must consider all Modifying Factors (mining, metallurgical, infrastructure, economic, marketing, legal, environmental, social, governmental). Proven Mineral Reserve derives from Measured Mineral Resource (highest geological confidence); Probable Mineral Reserve derives from Indicated Mineral Resource or in some cases Measured. Mineral Reserves are reported in tonnes and grade with metal content. Reserves are diluted by mining and adjusted by recovery to estimate mine output. JORC, CIM and SAMREC all use the same Proved/Probable nomenclature (CIM uses 'Proven'; SAMREC and JORC use 'Proved').
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--mineral-reserve
alternate name: Mineral Reserve (Proven, Probable)
is based on: Based on: JORC Code 2012, Section 4
is based on: CIM Definition Standards (2014)
is based on: SAMREC Code (2016)
is based on: CRIRSCO Template.

Mineral Resource
type: DefinedTerm
description: A Mineral Resource is a concentration of material of intrinsic economic interest in or on the Earth's crust in such form, quality and quantity that there are reasonable prospects for eventual economic extraction. Mineral Resources are sub-divided by increasing geological confidence: Inferred (lowest confidence — limited drilling, geological inference); Indicated (moderate confidence — sufficient density of sampling for preliminary mine planning); Measured (highest confidence — closely spaced sampling and continuity confirmed). Only Indicated and Measured Mineral Resources may be converted to Mineral Reserves. Inferred Mineral Resources are excluded from cash-flow studies in PFS and DFS. Resources are reported separately from Reserves and are inclusive of, or exclusive of, Reserves depending on national code convention.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--mineral-resource
alternate name: Mineral Resource (Inferred, Indicated, Measured)
is based on: Based on: JORC Code 2012, Section 3
is based on: CIM Definition Standards (2014)
is based on: SAMREC Code (2016)
is based on: CRIRSCO Template.

Mining dilution
type: DefinedTerm
description: Mining dilution is the contamination of ore with waste material during extraction — either internal dilution (waste within the orebody outline) or external dilution (waste from outside the planned ore boundary). It is expressed as the percentage by which the in-situ ore tonnage is increased by waste; e.g. 10% dilution means for every 100 t ore extracted, 110 t enters the mill, but the head grade falls by approximately 10%. Dilution is one of the most important Modifying Factors converting Resources to Reserves and is a function of mining method, grade-control selectivity, drill-and-blast practice, and equipment selection. Underground narrow-vein mining typically has higher dilution (20-40%) than open-pit (5-15%).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--mining-dilution
is based on: Based on: SME Mining Engineering Handbook (Society for Mining, Metallurgy & Exploration)
is based on: CIM Best Practice Guidelines.

OEE
type: DefinedTerm
description: OEE is a manufacturing and mining KPI that combines three component metrics: Availability (actual operating time ÷ scheduled time), Performance (actual throughput ÷ design throughput), and Quality (good output ÷ total output). OEE = Availability × Performance × Quality. World-class OEE in continuous mining and milling operations is typically 80-85%; many operations run at 55-70%, indicating significant productivity headroom. Mining OEE is most commonly applied to fixed plant (SAG mills, flotation circuits) and large mobile equipment fleets (haul trucks, shovels). It is the standard framework for Lean / Operational Excellence programmes at major miners (BHP, Rio Tinto, Newmont).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--oee
alternate name: Overall Equipment Effectiveness (OEE)
is based on: Based on: Nakajima, S. (1988) — Introduction to TPM: Total Productive Maintenance (Productivity Press)
is based on: ICMM — Operational Excellence in Mining (icmm.com).

PEA
type: DefinedTerm
description: A Preliminary Economic Assessment (also Scoping Study) is the first level of mining technical-economic study, intended to demonstrate the potential economic viability of a Mineral Resource. A PEA may use Inferred Mineral Resources (which are excluded from PFS and DFS), so its conclusions are preliminary. Under NI 43-101, PEA cannot disclose Mineral Reserves and must be accompanied by cautionary language that there is no certainty the PEA will be realised. PEAs typically apply 25-30% accuracy on capex and opex, use conceptual mine plans, and serve as the gate to authorise infill drilling for PFS-level studies.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--pea
alternate name: Preliminary Economic Assessment (PEA)
is based on: Based on: NI 43-101F1 Item 22 — Other Relevant Data and Information
is based on: CIM Best Practice Guidelines for Estimation of Mineral Resources and Mineral Reserves.

Penalty elements
type: DefinedTerm
description: Penalty elements are minor or trace impurities in mineral concentrate that smelters levy financial penalties on because they raise processing cost or generate harmful by-products. Standard penalty elements vary by concentrate: in copper concentrate — arsenic (As), antimony (Sb), bismuth (Bi), lead (Pb), zinc (Zn), fluorine (F), chlorine (Cl); in lead concentrate — As, Sb, Hg; in zinc — As, Cd, Hg; in iron ore — phosphorus (P), alumina, sulfur. Penalties are tabulated in the concentrate sales contract as a $/t deduction per percentage above a threshold (e.g. As >0.2% in Cu concentrate incurs $5/t for each 0.1% above threshold). Penalty elements directly reduce payable metal value and are watched closely by sales and mine geology teams.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--penalty-elements
alternate name: Penalty elements in concentrate sales
is based on: Based on: ICSG (International Copper Study Group) — Annual reviews on concentrate quality
is based on: CRU — Copper Concentrate Market Outlook
is based on: LME Special Contract Rules.

PFS
type: DefinedTerm
description: A Pre-Feasibility Study is a comprehensive technical and economic study of a project that has advanced to a stage where the preferred mining method has been determined, an effective method of mineral processing established, and modifying factors applied at sufficient detail to allow declaration of Mineral Reserves. Capex and opex accuracy are typically ±20-25%. The PFS is the minimum level of study required to declare a Mineral Reserve under JORC, CIM, SAMREC and SEC S-K 1300. PFS outputs include LOM mine plan, processing flow sheet, infrastructure layout, capex/opex, NPV, IRR and payback.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--pfs
alternate name: Pre-Feasibility Study (PFS)
is based on: Based on: NI 43-101 Companion Policy 43-101CP
is based on: CIM Definition Standards (2014)
is based on: JORC Code 2012, Section 4.

SAMREC Code
type: DefinedTerm
description: The South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC Code) is the mandatory standard for public reports on mineral assets listed on the JSE. The current version is SAMREC 2016 (updated 2025 with minor amendments). Like JORC and CIM, SAMREC defines Mineral Resources by confidence level (Inferred / Indicated / Measured), Mineral Reserves (Probable / Proved) and Competent Person obligations. SAMREC is published by SAIMM/GSSA via the SSC and is fully CRIRSCO-aligned, meaning resource statements are interchangeable across jurisdictions with appropriate disclosure.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--samrec-code
alternate name: SAMREC Code — South African Mineral Resource Committee
is based on: Based on: SAMREC — The South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves, 2016 Edition (

SEC S-K 1300
type: DefinedTerm
description: Subpart 1300 of SEC Regulation S-K, adopted in 2018 and effective from 2021, sets the modernised disclosure standards for mining-property registrants filing with the SEC. It replaced the old Industry Guide 7 and aligned US disclosure with CRIRSCO and JORC by requiring: a Qualified Person (QP) opinion, definition of Mineral Resources (Inferred / Indicated / Measured) and Mineral Reserves (Probable / Proven), a Technical Report Summary for material mining properties (S-K 1302), and mandatory modifying-factors disclosure. Form 10-K registrants must comply for all annual filings covering fiscal years beginning on or after 1 January 2021.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--sec-s-k-1300
alternate name: SEC Regulation S-K Subpart 1300
is based on: Based on: U.S. Securities and Exchange Commission — Final Rule: Modernization of Property Disclosures for Mining Registrants (Release 33-10570, October 2018) (
is based on: 17 CFR §229.1300 et seq.

Specific energy consumption
type: DefinedTerm
description: Specific energy consumption is the total electrical (and sometimes thermal) energy used to mine and process one tonne of ore, expressed in kWh per tonne treated. Industry-wide benchmarks: a copper porphyry operation typically consumes 20-40 kWh/t milled (the comminution circuit alone accounting for 60-70% of that). Pyrometallurgical smelting and refining adds another large energy fraction on a per-tonne-metal basis. SEC is a primary input to mine GHG emissions intensity (kg CO₂e / t metal) when combined with grid emission factor (kg CO₂/kWh). Major miners now report SEC as part of their TCFD disclosures and ICMM benchmarks; ISO 50001 energy management certification is increasingly applied.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--specific-energy-consumption
alternate name: Specific energy consumption (SEC, kWh/t)
is based on: Based on: ICMM — Climate Change Position Statement (
is based on: ISO 50001:2018 Energy Management Systems
is based on: TCFD recommendations.

Tailings Dam Construction Methods
type: DefinedTerm
description: Three principal raise methods are used to build the embankment of a wet-tailings storage facility. (1) Upstream-raised: each successive raise is placed on top of previously deposited tailings beach — the cheapest method, but the deposited tailings form part of the dam structure, making the dam vulnerable to static liquefaction if the tailings are loose and saturated. Failed at Fundão (2015) and Córrego do Feijão I (2019); banned in Brazil by ANM Resolution 13/2019 and prohibited in several Canadian jurisdictions. (2) Downstream-raised: each raise is built on the downstream side of the starter dyke, away from the tailings pond — the safest method, but consumes more borrow material. (3) Centerline: a hybrid where successive raises are added on the central axis. Modern best practice (GISTM, Mount Polley Panel) favours downstream, centerline or filtered dry-stack designs over upstream construction for high-consequence facilities.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--tailings-dam-construction-methods
alternate name: Tailings Dam Construction Methods — Upstream / Downstream / Centerline
is based on: Based on: Mount Polley Independent Panel Report (2015)
is based on: Robertson et al. Feijão Expert Panel Report (2019)
is based on: ICMM/UNEP/PRI GISTM (August 2020)
is based on: Brazilian ANM Resolution 13/2019
is based on: ANCOLD Guidelines on Tailings Dams.

Tailings Run-out Distance
type: DefinedTerm
description: Tailings run-out distance is the horizontal distance that liquefied tailings travel downstream of a failed embankment before the flow comes to rest. It is a key parameter in Dam Break Analysis and Consequence Classification because run-out determines whether populated areas, watercourses, transport infrastructure or protected ecosystems lie within the inundation footprint. Observed run-outs span from hundreds of metres for coarse, dry-stacked tailings to the ~660 km Doce River basin footprint of Samarco/Mariana (2015). Run-out modelling combines rheology (yield stress, viscosity), released volume, channel geometry and downstream topography.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--tailings-run-out-distance
is based on: Based on: Jefferies M., Morgenstern N.R., Van Zyl D. — Run-out modelling in tailings flow assessments (Canadian Geotechnical Journal)
is based on: ICOLD Bulletin 121 — Tailings dams: risk of dangerous occurrences (2001)
is based on: Canadian Dam Association Mining Dams Bulletin.

Tailings Storage Facility
type: DefinedTerm
description: A Tailings Storage Facility is the engineered structure that stores the slurry residue (tailings) remaining after mineral processing extracts the valuable metal from ore. Designs include upstream-raised, downstream-raised, centreline, in-pit, dry-stacked filtered tailings, and underground paste backfill. Failures of tailings dams (Brumadinho 2019, Mount Polley 2014, Samarco 2015) have driven adoption of the Global Industry Standard on Tailings Management (GISTM) published in 2020 by ICMM, UNEP and the PRI. The standard requires Independent Tailings Review Boards, Engineer of Record, Accountable Executive, and Consequence Classification (Low, Significant, High, Very High, Extreme). Compliance was required from member companies' tailings facilities by 2025.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--tailings-storage-facility
alternate name: Tailings Storage Facility (TSF)
is based on: Based on: ICMM / UNEP / PRI — Global Industry Standard on Tailings Management (August 2020) (globaltailingsreview.org)
is based on: Canadian Dam Association — Dam Safety Guidelines.

TCO
type: DefinedTerm
description: All-in cost of acquiring a metal consignment delivered, insured and stored — not just the per-tonne metal price. Adds freight (Incoterms-defined), insurance premium, customs/VAT, financing cost, storage and handling, and any FX hedging cost. TSM's TCO Pro calculator on /calculators/tco-pro/ implements an industry-standard buyer/trader TCO model with 11 Incoterms and 4 transport modes.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--tco
alternate name: Total Cost of Ownership
is based on: TSM editorial; aligned with CIPS / ITC procurement guides

Water intensity
type: DefinedTerm
description: Water intensity is the volume of fresh water withdrawn or consumed to produce one unit of metal output — typically expressed as m³ per tonne of ore milled, m³ per tonne of metal, or m³ per ounce of gold. ICMM's Water Reporting Framework (built on the Minerals Council of Australia and WRI Aqueduct methodologies) is the industry standard for disclosure. Water intensity is highly site-dependent: arid regions (Chile, Western Australia, Nevada) have intensities below 0.5 m³/t milled due to recycling and seawater use; tropical sulphide operations may use 1.5-3 m³/t. Water is increasingly a competitive cost driver and permitting bottleneck — Chilean copper mines now report seawater use as a separate KPI under the framework.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: production-mining-kpis--water-intensity
alternate name: Water intensity (m³ per tonne / m³ per ounce)
is based on: Based on: ICMM — Water Reporting Framework, 3rd Edition (
is based on: WRI Aqueduct Water Risk Atlas.

Certificate of Origin
type: DefinedTerm
description: Document certifying the country in which the goods were produced. Required for customs duty assessment, application of preferential trade agreements (FTA), and for sanctions-screening (Russian, Iranian, Venezuelan content). Issued by chambers of commerce (non-preferential) or by customs authority / authorised exporters (preferential — REX, EUR.1, FORM A).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--certificate-of-origin
alternate name: Certificate of Origin (CoO)
is based on: WCO — World Customs Organization

CMR consignment note
type: DefinedTerm
description: Standard waybill for international road freight under the 1956 CMR Convention. Evidence of carriage contract between consignor and road carrier, basis for claims handling. Used across Europe, CIS, North Africa and Middle East — every cross-border truckload of metals into the EU travels under a CMR.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--cmr-consignment-note
alternate name: CMR International Road Consignment Note
is based on: UNECE — United Nations Economic Commission for Europe

Conditions Precedent
type: DefinedTerm
description: Contractual conditions that must be satisfied before a party's obligations under a contract become binding and enforceable; failure to satisfy a condition precedent entitles the other party to treat the contract as not yet effective or to terminate. In international trade finance, conditions precedent to drawdown typically include delivery of specified documents. UNCITRAL Convention on Contracts for the International Sale of Goods (CISG) addresses contract formation conditions at uncitral.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--conditions-precedent
is based on: UNCITRAL CISG, uncitral.org

Conditions Subsequent
type: DefinedTerm
description: Contractual conditions, the occurrence or non-occurrence of which terminates an already-existing obligation or right; unlike conditions precedent, obligations are effective until the condition subsequent is triggered. Used in commodity contracts to address post-execution events such as regulatory approval or quality re-testing. Governed by applicable contract law (e.g., English law, UNCITRAL CISG at uncitral.org).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--conditions-subsequent
is based on: UNCITRAL CISG, uncitral.org

Draft Survey vs Bill of Lading Quantity
type: DefinedTerm
description: A draft survey is an independent measure of cargo quantity calculated from the change in a vessel's waterline displacement before and after loading, governed by IMO guidelines and carried out by a Marine Surveyor. The Bill of Lading (B/L) quantity is the figure formally acknowledged by the carrier and creates the document of title. Discrepancies between the two are common in bulk metals shipments and the contract must specify which governs for settlement purposes. BIMCO standard voyage charters typically make the B/L figure determinative for freight; the draft survey is used to verify outturn.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--draft-survey-vs-bill-of-lading-quantity
is based on: BIMCO Clauses

FIATA FBL
type: DefinedTerm
description: Negotiable multimodal bill of lading issued by FIATA-member freight forwarders. Covers door-to-door movements involving road + sea + rail. Recognised under UCP 600 banking practice for L/C settlement.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--fiata-fbl
alternate name: FIATA Multimodal Bill of Lading
is based on: FIATA

Force Majeure
type: DefinedTerm
description: A contractual provision that relieves a party from its performance obligations when an unforeseeable event beyond its reasonable control makes performance impossible or impracticable. Under the ICC 2020 model clause, the affected party must prove the impediment was unforeseeable, beyond its control, and could not reasonably have been avoided. Common triggers in metals trade include sanctions, export embargoes, port closures, and natural disasters. Notice must be given without delay to the counterparty.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--force-majeure
is based on: ICC Force Majeure and Hardship Clauses (March 2020)

Hardship Clause
type: DefinedTerm
description: A contract provision that allows renegotiation when an unforeseen event fundamentally upsets the economic balance of the contract, making continued performance excessively onerous — but not impossible. Unlike force majeure (which excuses performance), hardship obliges the parties to negotiate adapted terms. The ICC 2020 Hardship Clause offers three options: termination by the affected party, adaptation or termination by a judge or arbitrator, or termination by judicial order. In long-term offtake agreements for copper, aluminium or iron ore, hardship clauses are invoked when commodity price collapses render the economic basis of the deal untenable.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--hardship-clause
is based on: ICC Force Majeure and Hardship Clauses (March 2020)

Inspection Certificate
type: DefinedTerm
description: Document issued by an independent inspection company (SGS, Bureau Veritas, Intertek, Cotecna, Alex Stewart) certifying quantity, quality, packing and marking of a shipment at the loading point. Required by some import jurisdictions and by L/C terms. Distinct from the Mill Test Certificate (MTC) which certifies metallurgical properties.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--inspection-certificate
alternate name: Pre-Shipment Inspection (PSI) Certificate
is based on: World Trade Organization

ISDA
type: DefinedTerm
description: Trade association for the OTC derivatives market. Best known for publishing the ISDA Master Agreement — the standardised bilateral contract used globally to document derivatives transactions — and the ISDA Definitions booklets (Interest Rate, Commodity, Credit, FX). ISDA also runs Determinations Committees for credit-default-swap events and publishes protocols to amend outstanding agreements collectively.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--isda
alternate name: International Swaps and Derivatives Association
is based on: Source: ISDA official documentation

Laycan / Laydays
type: DefinedTerm
description: The 'laycan' (laytime cancelling) is the window — expressed as a date range — within which the vessel must arrive at the loading port and tender Notice of Readiness. If the vessel arrives before the first layday, laytime does not start until the opening of the laycan. If the vessel fails to arrive by the cancelling date, the charterer may cancel the charter party without penalty. Laycan management is critical in time-sensitive metals concentrate and coal voyages where mine production must be synchronised with vessel arrival.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--laycan-laydays
is based on: BIMCO Laytime Definitions for Charter Parties 2013

Letter of Indemnity (missing B/L)
type: DefinedTerm
description: A letter issued by the cargo receiver (or shipper) to the shipowner or carrier, indemnifying it against any claims arising from delivering cargo without production of the original Bill of Lading. Used in metals and bulk commodity trades when the vessel arrives before the B/L has cleared the banking chain. BIMCO publishes a standard LOI form; without a P&I Club-backed LOI, carriers risk criminal fraud exposure and uninsured liability. LOIs are legally problematic in some jurisdictions and should be used as an exceptional measure only.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--letter-of-indemnity-missing-b-l
alternate name: Letter of Indemnity (missing B/L) (LOI)
is based on: BIMCO — The Lost Bills of Lading (2024 guidance)

Limitation of Liability
type: DefinedTerm
description: A contractual provision that caps the maximum monetary amount a party may recover for breach of contract or negligence, often expressed as a multiple of the contract value or capped at total fees paid. International commercial contracts frequently reference ICC model clauses and English law principles limiting consequential, indirect, and loss-of-profit damages. ICC contract model clauses are available at iccwbo.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--limitation-of-liability
is based on: ICC — International Chamber of Commerce, iccwbo.org

Liquidated Damages
type: DefinedTerm
description: A pre-agreed sum payable by a party in breach of a specific contractual obligation (typically delay or failure to perform), representing a genuine pre-estimate of loss rather than a penalty; English courts will enforce liquidated damages clauses provided they are not extravagant or unconscionable relative to the anticipated loss. FIDIC and other construction contract forms (ICC model) regularly include liquidated damages for delay at iccwbo.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--liquidated-damages
is based on: ICC — International Chamber of Commerce, iccwbo.org

Mate's Receipt
type: DefinedTerm
description: Document signed by the ship's chief officer acknowledging cargo received on board and noting any apparent damage or short-shipment. Used as the basis for issuing the Bill of Lading. Critical for cargo claims — a 'clean' Mate's Receipt limits liability of carrier for hidden defects.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--mate-s-receipt
is based on: Comité Maritime International

Material Adverse Change Clause
type: DefinedTerm
description: A provision in acquisition agreements and project finance documents allowing a party to walk away — or renegotiate — if a material adverse change to the target's business, assets, or financial condition has occurred between signing and closing. In mining M&A, MAC definitions typically carve out commodity price movements as normal business risk while covering seismic title defects, permitting failures, or catastrophic environmental events. Courts interpret MAC clauses narrowly; the burden of proof on the invoking party is high.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--material-adverse-change-clause
alternate name: Material Adverse Change Clause (MAC)
is based on: SEC

Mill Test Certificate (MTC)
type: DefinedTerm
description: Document issued by the mill certifying chemical composition, mechanical properties and dimensional compliance of the supplied metal product. Four types under EN 10204: 2.1 (declaration of compliance), 2.2 (with test results, not specific), 3.1 (specific testing, issued by mill's own inspection department), 3.2 (specific testing, issued by independent third party). Most contracts for structural steel, copper cathode and aluminium ingot require 3.1 or 3.2.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--mill-test-certificate-mtc
alternate name: Mill Test Certificate (EN 10204)
is based on: CEN — European Committee for Standardization

Notice of Readiness
type: DefinedTerm
description: A formal written notice from the master (or ship's agents) to the charterer/shipper that the vessel has arrived at the designated port or berth and is in all respects ready to load or discharge. Under BIMCO Laytime Definitions 2013, NOR triggers the commencement of laytime. Validity conditions — such as 'WIBON' (Whether In Berth Or Not) and 'WIPON' (Whether In Port Or Not) — govern whether NOR can be tendered from a waiting anchorage. Defective NOR tendering is a frequent cause of laytime and demurrage disputes.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--notice-of-readiness
alternate name: Notice of Readiness (NOR)
is based on: BIMCO Laytime Definitions for Charter Parties 2013

Packing list
type: DefinedTerm
description: Detailed list of contents of a shipment by package — gross/net weights, dimensions, number of pieces, marks and numbers. Required for customs clearance and for the consignee's receiving check. Not a contract of carriage.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--packing-list
alternate name: Packing List
is based on: WCO — World Customs Organization

Phytosanitary certificate
type: DefinedTerm
description: Certificate stating that wooden packaging (pallets, dunnage, crates) has been heat-treated (HT) or methyl-bromide fumigated (MB) and bears the ISPM 15 mark — required for all wood packaging used in international shipments. Non-compliance causes containers to be turned away or fumigated at destination at shipper's expense.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--phytosanitary-certificate
alternate name: Phytosanitary / ISPM 15 Certificate
is based on: IPPC — International Plant Protection Convention (FAO)

Quotational Period
type: DefinedTerm
description: The agreed window of calendar days over which the LME official cash settlement price is averaged to set the price for a physical metal shipment. Typically expressed as M+1 or M+2 (the month after or two months after shipment), or as a specific number of days around bill of lading date. The QP is the principal pricing mechanism in copper, zinc, lead, and nickel concentrate contracts; producers and traders hedge their QP exposure on the LME by entering futures or TAPOs (Traded Average Price Options) for the same averaging period.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--quotational-period
alternate name: Quotational Period (QP)
is based on: LME Focus Day: Hedging Workshop (2022)

Representations & Warranties
type: DefinedTerm
description: Statements of fact (representations) and promises as to the truth of facts (warranties) made by one party to induce the other to enter a contract; a false representation may give rise to rescission or damages in tort, while breach of warranty typically gives rise to damages in contract. In cross-border commodity and M&A agreements, reps and warranties are commonly governed by English law or UNCITRAL model contract principles. UNCITRAL resources at uncitral.org.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--representations-warranties
is based on: UNCITRAL, uncitral.org

Sea Waybill (SWB)
type: DefinedTerm
description: Non-negotiable maritime transport document — evidence of contract of carriage but not a document of title. Goods released to named consignee without surrender of the original. Used for shipments where the goods will not be sold while afloat (intra-group transfers, fixed-price contracts). Faster release process than a Bill of Lading.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--sea-waybill-swb
alternate name: Sea / Liner Waybill (Non-Negotiable)
is based on: Comité Maritime International

Umpire Analysis
type: DefinedTerm
description: A dispute-resolution mechanism in metals contracts where, if the seller's and buyer's independent assay or weight results differ by more than a specified tolerance (the 'splitting limit'), the retained split sample is submitted to an agreed umpire laboratory for a binding determination. The umpire result is typically taken as the contractual figure, or averaged with the closer of the two original results. Common in copper and zinc concentrate sales, it avoids the need for formal arbitration over routine measurement disputes.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--umpire-analysis
is based on: ISO 12743:2018

Weighing and Sampling Clause
type: DefinedTerm
description: A contract provision specifying the method, standards body, and split-sample procedure used to determine the weight and chemical composition of a metal shipment. ISO 12743 (copper concentrates) and ISO 10251 (zinc concentrates) set international sampling protocols. In China, the China Inspection and Quarantine Bureau (CIQ) performs port inspections; globally, SGS and Alfred H. Knight provide independent determination. The clause typically designates whose result governs and provides for an umpire analysis if the two parties' results diverge beyond an agreed tolerance.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: commercial-contracts--weighing-and-sampling-clause
is based on: ISO 12743:2018 (Copper, lead, zinc and nickel concentrates — Sampling procedures)

China Export Licence Issuance (Dual-Use Regime)
type: DefinedTerm
description: The operational mechanism by which MOFCOM controls actual export volumes of dual-use critical minerals after listing them under 2024/33 and 2024/46 announcements. Exporters must file per-shipment applications documenting the buyer, end-use, end-user, and destination. MOFCOM issues, delays, or denies licences at its discretion. Aggregate licence issuance is not published but is inferable from Chinese customs export volumes — antimony exports to the United States fell approximately 97 percent in October 2024 versus the prior three-month average following the initial listing. In November 2025 China suspended outright export bans on antimony, gallium, and germanium to US destinations but retained the licence-issuance requirement, converting a hard ban into a discretionary throttle. The licence regime is the permanent post-2024 tool; bans are the temporary escalation lever.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: sanctions-export-control--china-export-licence-issuance-dual-use-regime
alternate name: China Export Licence Issuance Regime for Dual-Use Critical Minerals
is based on: Reuters coverage of the November 2025 licence-regime restoration replacing the outright ban

Defense Production Act (DPA) — Title III
type: DefinedTerm
description: US federal law (50 U.S.C. §§ 4501 et seq.) granting the President authority to prioritize contracts, allocate materials, and provide financial incentives to expand domestic production of goods deemed essential to national defense. Title III specifically enables loans, loan guarantees, direct purchases, and purchase commitments for critical materials. Since 2020 DPA Title III has been invoked repeatedly for critical minerals — lithium, cobalt, nickel, graphite, rare earths, and antimony. The 21 March 2025 Executive Order invoked DPA authorities for domestic critical mineral projects including Perpetua Resources' Stibnite Gold Project. DPA is administered by the Department of Defense (Office of Industrial Base Policy) with Presidential delegation.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: sanctions-export-control--defense-production-act-dpa-title-iii
alternate name: US Defense Production Act — Title III Domestic Industrial Base Authorities
is based on: Perpetua Resources press release on the 21 March 2025 Executive Order invoking DPA authorities for the Stibnite Gold Project

Dodd-Frank Section 1502 — Conflict Minerals
type: DefinedTerm
description: Section 1502 of the US Dodd-Frank Wall Street Reform and Consumer Protection Act (2010) requires SEC-registered companies to disclose annually whether their products contain 'conflict minerals' — tin, tantalum, tungsten, or gold — that may have originated from the Democratic Republic of Congo or adjoining countries. Companies must conduct supply chain due diligence and file a Form SD. The rule is enforced by the SEC under a dedicated conflict minerals reporting regime. It drives demand for ITSCI, RJC, and other traceability schemes as downstream buyers seek supply chain assurance.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: sanctions-export-control--dodd-frank-section-1502-conflict-minerals
is based on: SEC — Conflict Minerals Rule (Section 1502 of Dodd-Frank)

Dual-Use Goods
type: DefinedTerm
description: Items, software, or technology that can be used for both civilian and military purposes and are subject to export controls; in metals, dual-use controls cover high-purity metals (beryllium, hafnium, germanium, indium), certain alloys, and processing equipment governed by the Wassenaar Arrangement and EU Regulation 2021/821.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: sanctions-export-control--dual-use-goods
alternate name: Dual-Use Goods and Technologies
is based on: EU, 'Regulation 2021/821 Setting Up a Union Regime for the Control of Exports of Dual-Use Items', eur-lex.europa.eu
is based on: Wassenaar Arrangement, wassenaar.org.

EAR
type: DefinedTerm
description: US export-control framework administered by the Bureau of Industry and Security (BIS, US Department of Commerce). Codified at 15 CFR Parts 730-774, the EAR governs export of dual-use items including the Commerce Control List (CCL), Entity List, Unverified List, Military End User (MEU) List. Tokenized metal projects involving critical minerals (gallium, germanium, rare earths) face EAR licence considerations.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: sanctions-export-control--ear
alternate name: Export Administration Regulations (United States)
is based on: Source: 15 CFR Parts 730-774
is based on: BIS official site (

EU Conflict Minerals Regulation
type: DefinedTerm
description: Regulation (EU) 2017/821 of 17 May 2017 lays down supply chain due diligence obligations for EU importers of tin, tantalum, tungsten, and gold (the 3TG minerals) originating from conflict-affected and high-risk areas. It applies directly to EU-based smelters, refiners, and metal importers and follows the OECD five-step due diligence framework. Unlike Dodd-Frank, it does not require product-level disclosure but mandates management system audits and third-party certification. In force since 1 January 2021, it is the EU's primary instrument for addressing conflict financing through mineral supply chains.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: sanctions-export-control--eu-conflict-minerals-regulation
is based on: Regulation (EU) 2017/821 — EU Conflict Minerals Regulation (EUR-Lex)

EU Consolidated Financial Sanctions List
type: DefinedTerm
description: The single official EU register of persons, entities and bodies subject to EU-wide financial restrictions, maintained by the European Commission (DG FISMA) under the Common Foreign and Security Policy (CFSP). Available in XML/CSV for screening tooling. Updates follow Council Regulations enacting Common Position decisions.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: sanctions-export-control--eu-consolidated-financial-sanctions-list
alternate name: EU Consolidated List of Financial Sanctions
is based on: Source: European Commission Financial Sanctions Database (

EU Restrictive Measure
type: DefinedTerm
description: A measure adopted by the EU Council under the Common Foreign and Security Policy (CFSP) restricting transactions with designated persons, entities, or sectors; in metals, EU restrictive measures include asset freezes, trade prohibitions on Russian steel, and import bans on specified goods. Published in the EU Official Journal.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: sanctions-export-control--eu-restrictive-measure
alternate name: EU Restrictive Measure (Sanctions)
is based on: European Commission, 'EU Sanctions Map', sanctionsmap.eu
is based on: Council Regulation (EU) 833/2014 and subsequent amendments.

ITSCI Programme
type: DefinedTerm
description: The International Tin Supply Chain Initiative — a multi-stakeholder traceability and due diligence programme for tin, tantalum, and tungsten (3T) minerals mined in the African Great Lakes region (DRC, Rwanda, Burundi, Uganda). ITSCI field teams bag-and-tag minerals at mine sites, track them through the export chain, and record OECD Annex II risks including armed group involvement, child labour, and smuggling. Its standards are independently assessed as 100% aligned with the OECD five-step framework. ITSCI membership by upstream suppliers is often a precondition for procurement by electronics and automotive manufacturers subject to Dodd-Frank or EU Regulation 2017/821.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: sanctions-export-control--itsci-programme
alternate name: ITSCI Programme (ITSCI)
is based on: ITSCI — About the Programme (itsci.org)

LBMA Responsible Silver Guidance
type: DefinedTerm
description: The LBMA's parallel responsible sourcing standard for silver refiners on the LBMA Good Delivery List, requiring the same five-step OECD due diligence framework as the gold guidance. Refiners producing both gold and silver Good Delivery bars must be audited against both the RGG and RSG simultaneously, typically in a combined assurance engagement. The RSG addresses the specific risk profile of silver supply chains, including artisanal mine scrap and industrial recycling streams. Compliance failure can result in suspension from the Good Delivery List.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: sanctions-export-control--lbma-responsible-silver-guidance
alternate name: LBMA Responsible Silver Guidance (RSG)
is based on: LBMA Responsible Sourcing Programme (lbma.org.uk)

LME Russian Metals Restrictions (April 2024)
type: DefinedTerm
description: On 13 April 2024, the LME issued Notice 24/171 implementing UK sanctions (and coordinated US OFAC measures) that prohibited the warranting of Russian-origin aluminium, copper, and nickel produced on or after that date on LME-listed global warehouses. Metal produced before 13 April 2024 can still be warranted with a Certificate of Analysis evidencing the production date. The measures followed an earlier December 2023 UK ban on acquiring certain Russian metal brands. By March 2024, 91% of LME aluminium stocks and 62% of copper stocks were of Russian origin, making this one of the most significant sanctions-driven market interventions in LME history.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: sanctions-export-control--lme-russian-metals-restrictions-april-2024
is based on: LME Notice 24/171 — Warranting and Trading of Russian Metal on the LME (13 April 2024)

MOFCOM Export Licensing (Dual-Use)
type: DefinedTerm
description: China's Ministry of Commerce (MOFCOM) administers a licensing regime for the export of dual-use goods and technologies with civilian and military applications. Announcements 2024/33 (August 2024) and 2024/46 (December 2024) placed antimony, gallium, germanium, graphite, and related items under case-by-case export licence review, replacing open-general-licence status. Applications require end-user and end-use certification. Denials or delays effectively function as export restrictions without formal bans, and the regime is regularly extended to additional critical minerals. In November 2025 MOFCOM suspended the outright bans on Sb/Ga/Ge to US destinations but retained the licence-issuance requirement, keeping the regime active as a permanent leverage instrument.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: sanctions-export-control--mofcom-export-licensing-dual-use
alternate name: MOFCOM Export Licensing — Dual-Use Goods and Technologies
is based on: MOFCOM Announcement 2024/33 — dual-use export controls (state-act mirror of primary Chinese text)

OFAC 50% Rule
type: DefinedTerm
description: OFAC guidance providing that any entity owned 50% or more, individually or in aggregate, by one or more SDN-listed persons is itself blocked — even if not separately named on the SDN List. Issued 13 August 2014 and reaffirmed in subsequent FAQs. Critical for trade-finance and complex ownership-structure due diligence.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: sanctions-export-control--ofac-50-rule
alternate name: OFAC 50 Percent Rule
is based on: Source: OFAC Revised Guidance on Entities Owned by Blocked Persons (13 Aug 2014)

OFAC General Licence
type: DefinedTerm
description: A pre-authorisation issued by the U.S. Office of Foreign Assets Control that permits a category of otherwise-prohibited transactions without requiring individual licence applications; for metals, general licences have authorised wind-down periods, agricultural commodity trade, and certain financial transactions with sanctioned counterparties.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: sanctions-export-control--ofac-general-licence
alternate name: OFAC General License
is based on: U.S. Department of the Treasury, OFAC, 'Sanctions Programs and Country Information'

OFAC SDN List
type: DefinedTerm
description: The Specially Designated Nationals and Blocked Persons List published by the US Treasury's Office of Foreign Assets Control (OFAC). US persons and global institutions with US dollar clearing relationships are prohibited from transacting with any entity or individual on the SDN list; their assets are blocked. For metals traders, the SDN list is operationally critical: since 2022 it includes major Russian aluminium (Rusal), copper, and nickel entities. Trading with an SDN-listed counterparty exposes parties to civil penalties up to USD 1 million per violation and criminal prosecution.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: sanctions-export-control--ofac-sdn-list
alternate name: OFAC SDN List (SDN)
is based on: OFAC — Specially Designated Nationals List (US Treasury)

On-chain Address Screening
type: DefinedTerm
description: The cryptocurrency-specific equivalent of name screening — comparing wallet addresses against OFAC SDN (designated wallet addresses) and tracking exposure via cluster analysis. Industry providers include Chainalysis, Elliptic, TRM Labs, Crystal. Required by FinCEN for MSBs handling CVC; required by VASPs under EU MiCA and HK AMLO.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: sanctions-export-control--on-chain-address-screening
alternate name: Blockchain Address Sanctions Screening
is based on: Source: OFAC Sanctions Compliance Guidance for the Virtual Currency Industry (15 Oct 2021)

RJC Code of Practices
type: DefinedTerm
description: The Responsible Jewellery Council's Code of Practices 2024 (effective 1 January 2025) is the only industry certification standard covering the entire jewellery and watch supply chain from mine to retail — including gold, silver, platinum group metals, diamonds, and coloured gemstones. RJC-certified members must undergo independent third-party audits against human rights, labour, environmental, and business ethics criteria. RJC certification is widely recognised by downstream purchasers as evidence of responsible sourcing and is accepted by LBMA as supporting evidence in the RGG due diligence framework.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: sanctions-export-control--rjc-code-of-practices
alternate name: RJC Code of Practices (RJC COP)
is based on: Responsible Jewellery Council — Code of Practices 2024

Sanctions Screening
type: DefinedTerm
description: Process of comparing customer names and transaction counterparties against OFAC SDN, EU Consolidated, UK OFSI, UN, and jurisdictional sanctions lists. Required by FATF R.6 (Targeted Financial Sanctions) and EU AMLD. Modern screening uses fuzzy matching (Jaro-Winkler, Levenshtein, phonetic algorithms) to catch transliteration variants; false-positive rates are a primary cost driver.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: sanctions-export-control--sanctions-screening
alternate name: Sanctions Screening (Name & Transaction Screening)
is based on: Source: FATF Recommendation 6
is based on: OFAC compliance guidance

SDN
type: DefinedTerm
description: A person, entity, or vessel listed on the OFAC Specially Designated Nationals and Blocked Persons List; U.S. persons are generally prohibited from dealing with SDNs and must block any property or interests they control; violations carry civil penalties up to the greater of $356,579 per violation or twice the amount of the transaction.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: sanctions-export-control--sdn
alternate name: Specially Designated National (SDN)
is based on: U.S. Department of the Treasury, OFAC, 'SDN List'

UK OFSI
type: DefinedTerm
description: Established 31 March 2016 within HM Treasury, OFSI is the UK's competent authority for financial sanctions. OFSI maintains the UK Consolidated List, issues general and specific licences, and exercises monetary-penalty powers under the Policing and Crime Act 2017. Post-Brexit the UK Consolidated List diverged from EU lists.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: sanctions-export-control--uk-ofsi
alternate name: Office of Financial Sanctions Implementation (HM Treasury)
is based on: Source: HM Treasury OFSI (

UN Security Council Sanctions
type: DefinedTerm
description: Sanctions imposed by the UN Security Council under Chapter VII of the UN Charter, binding on all UN member states via Article 25. The Consolidated UN Security Council Sanctions List aggregates designations from the 14+ active sanctions regimes (DPRK 1718, Iran 2231, ISIL/Al-Qaida 1267, etc.).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: sanctions-export-control--un-security-council-sanctions
alternate name: UN Security Council Consolidated Sanctions List
is based on: Source: UN Security Council Consolidated List (

Free-Carried Interest
type: DefinedTerm
description: A form of equity participation granted to a government, state entity, or indigenous community in a mine without requiring that party to contribute capital during the exploration and development phase — their interest is 'carried' by the project developer. The carry is typically repaid from production cash flows before the free-carry holder receives distributions. Common in African, Papua New Guinean, and Indonesian mining joint ventures where governments mandate local equity participation. The distinction from a royalty is that a free-carry represents proportional ownership in the project, not a revenue stream.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-title-licensing--free-carried-interest
alternate name: Free-Carried Interest (FCI)
is based on: Mining Act 1978 (Western Australia) — general JV title framework

Mining Licence / Exploration Licence / Prospecting Licence
type: DefinedTerm
description: The three principal mineral tenement categories under the Western Australia Mining Act 1978 (and similar statutes in most Anglophone jurisdictions). A Prospecting Licence (PL) permits small-scale surface sampling over a limited area. An Exploration Licence (EL) grants broader rights to explore, drill, and bulk-sample over larger areas. A Mining Licence (ML) is a production-stage right authorising extraction of specified minerals for a defined term. Together they form the mineral title chain on which JORC and NI 43-101 resource statements and project finance depend. Title status must be verified in due diligence.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-title-licensing--mining-licence-exploration-licence-prospecting-licence
alternate name: Mining Licence / Exploration Licence / Prospecting Licence (ML / EL / PL)
is based on: Mining Act 1978 (Western Australia)

Net Profits Interest
type: DefinedTerm
description: A royalty or carried interest calculated as a percentage of the net profits from a mining operation — revenue less all operating costs, capital costs, royalties, taxes, and overhead. NPIs are the most operator-friendly royalty form because they are zero-pay when the project is unprofitable. However, they are complex to administer, create disputes over allowable cost deductions, and are disfavoured by royalty purchasers for their cost risk. NPIs are more common in oil and gas than in hard-rock metals but appear in some legacy copper and uranium royalty agreements.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-title-licensing--net-profits-interest
alternate name: Net Profits Interest (NPI)
is based on: SEC — S-K 1300 Mining Disclosure Rules

ANCOLD
type: DefinedTerm
description: The Australian national dam safety body that publishes technical guidelines on tailings dam design, operation and closure; ANCOLD Guidelines on Tailings Dams (2012) form the technical basis for Australian state mine safety regulations.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tailings-safety--ancold
alternate name: Australian National Committee on Large Dams
is based on: ANCOLD Guidelines on Tailings Dams, 2012, ancold.org.au

Beach Width
type: DefinedTerm
description: The horizontal distance from the point of discharge of tailings slurry to the edge of the supernatant pond on a TSF; a wider beach provides more separation between the embankment crest and free water, reduces phreatic line elevation and pore pressure, and improves embankment stability.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tailings-safety--beach-width
alternate name: Tailings Beach Width
is based on: ANCOLD, 'Guidelines on Tailings Dams' (2012)
is based on: GISTM (2020), Requirement 6, globaltailingsreview.org.

Centerline Construction
type: DefinedTerm
description: Tailings embankment raise method in which the crest of the dam remains above a fixed vertical axis as the structure is raised, using a combination of the upstream beach and borrow material; it is intermediate in stability between upstream and downstream methods and is commonly used in moderate-seismicity environments.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tailings-safety--centerline-construction
alternate name: Centerline Tailings Dam Construction Method
is based on: UNEP/ICMM/PRI, 'Global Industry Standard on Tailings Management' (2020), Appendix 1
is based on: Vick, S.G., 1990.

Conformance Protocol
type: DefinedTerm
description: A structured framework under the Global Industry Standard on Tailings Management (GISTM) that specifies how operators demonstrate compliance with each requirement; it uses an evidence-based assessment and assigns conformance levels (Conforms / Partially Conforms / Does Not Conform), and requires independent verification by a suitably qualified person (SQP).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tailings-safety--conformance-protocol
alternate name: GISTM Conformance Protocol
is based on: UNEP/ICMM/PRI, 'Global Industry Standard on Tailings Management' (2020), §7, globaltailingsreview.org

Decant Tower
type: DefinedTerm
description: A reinforced concrete or HDPE structure within a TSF used to drain clarified water (decant water) from the supernatant pond through submerged orifices into an outlet conduit, allowing water recovery and pond level management while minimising fine tailings carryover.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tailings-safety--decant-tower
alternate name: Decant Tower (Tailings Storage Facility)
is based on: UNEP/ICMM/PRI, GISTM (2020), Requirement 6
is based on: ANCOLD, 'Guidelines on Tailings Dams' (2012), ancold.org.au.

Downstream Construction
type: DefinedTerm
description: Tailings storage facility (TSF) embankment method in which successive raises are constructed downstream of the initial starter embankment using imported or borrow fill; the water retention capacity is large and the structure is generally considered the most stable method, particularly in seismic zones, though it requires the most material and land.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tailings-safety--downstream-construction
alternate name: Downstream Tailings Dam Construction Method
is based on: UNEP/ICMM/PRI, 'Global Industry Standard on Tailings Management' (2020), Appendix 1
is based on: Vick, S.G., 'Planning, Design and Analysis of Tailings Dams', BiTech Publishers, 1990.

Dry Stack Tailings
type: DefinedTerm
description: A tailings management method in which tailings slurry is dewatered to a filter cake consistency using pressure or vacuum filtration, then stacked in engineered piles without impoundment water; reduces the risk of dam failure and water discharge relative to conventional impoundment.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tailings-safety--dry-stack-tailings
alternate name: Filtered Tailings / Dry Stack Tailings
is based on: ICMM Tailings Management Good Practice Guide, icmm.com
is based on: GISTM August 2020

Freeboard
type: DefinedTerm
description: The vertical distance between the crest of a tailings storage facility (TSF) embankment and the maximum water surface level; adequate freeboard is required to prevent overtopping during flood events and is specified in design criteria based on probable maximum flood (PMF) calculations and consequence classification.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tailings-safety--freeboard
alternate name: Freeboard (Tailings Dam)
is based on: GISTM (2020), Requirement 6
is based on: MAC, 'A Guide to the Management of Tailings Facilities' (3rd ed., 2019), mining.ca.

GISTM
type: DefinedTerm
description: A performance standard for the design, construction, operation, monitoring and closure of tailings storage facilities, published in August 2020 by the Global Tailings Review (ICMM, PRI, UNEP); sets 77 requirements across 6 topics including governance, design and emergency preparedness.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tailings-safety--gistm
alternate name: Global Industry Standard on Tailings Management
is based on: Global Tailings Review, globaltailingsreview.org, August 2020

ICMM Performance Expectations
type: DefinedTerm
description: A set of 11 performance expectations published by the International Council on Mining and Metals (ICMM) in 2020 requiring members to apply the Global Industry Standard on Tailings Management (GISTM). They mandate independent reviews, consequence classification, and emergency preparedness for all tailings storage facilities (TSFs).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tailings-safety--icmm-performance-expectations
alternate name: ICMM Tailings Management: Position Statement Performance Expectations
is based on: ICMM, 'Position Statement on Tailings Management' (2020)

ICOLD
type: DefinedTerm
description: The principal international technical body for dam safety globally; ICOLD's Committee on Tailings Dams and Waste Lagoons publishes technical bulletins (74, 121, 153, 195) on TSF design and failure mechanisms that form the technical foundation of the GISTM.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tailings-safety--icold
alternate name: International Commission on Large Dams
is based on: ICOLD, icold-cigb.org

Paste Tailings
type: DefinedTerm
description: A tailings management method in which tailings are thickened to a paste consistency (typically 70–80% solids by weight) using high-density thickeners, then deposited in an impoundment; reduces free water in the facility and improves consolidation relative to conventional slurry impoundment.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tailings-safety--paste-tailings
alternate name: Paste Tailings Disposal
is based on: ICMM Tailings Management Good Practice Guide, icmm.com

Post-Closure Monitoring
type: DefinedTerm
description: Long-term surveillance and data collection programme at a decommissioned TSF to verify ongoing physical and chemical stability, including piezometer readings, settlement survey, seepage chemistry, vegetation cover, and water quality in receiving bodies; required under the GISTM indefinitely or until perpetual care obligations are met.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tailings-safety--post-closure-monitoring
alternate name: Post-Closure Monitoring (Tailings)
is based on: GISTM (2020), Requirement 15
is based on: ICMM, 'Integrated Mine Closure: Good Practice Guide' (2nd ed., 2019), icmm.com.

Tailings Dam
type: DefinedTerm
description: An engineered embankment or dam constructed to retain the fine-grained residue (tailings) from mineral ore processing; TSF dams are classified by construction method (upstream, downstream, centreline) and are among the largest engineered structures on Earth.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tailings-safety--tailings-dam
alternate name: Tailings Storage Facility (TSF) Dam
is based on: Global Industry Standard on Tailings Management (GISTM), globaltailingsreview.org, August 2020

Upstream Construction
type: DefinedTerm
description: A tailings dam construction method in which the dam crest is raised upstream over previously deposited tailings beaches; widely used for its low cost but considered the highest-risk construction method by ICOLD and GISTM because its foundations are composed of uncompacted tailings.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tailings-safety--upstream-construction
alternate name: Upstream Method of TSF Embankment Construction
is based on: ICOLD Bulletin 195 (2020), icold-cigb.org
is based on: GISTM Requirement 6.2

WMTF
type: DefinedTerm
description: A public academic database that records confirmed tailings storage facility failures worldwide since 1915, compiled by independent researchers and providing date, location, release volume, downstream impact and cause classification for each event.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: tailings-safety--wmtf
alternate name: World Mine Tailings Failures Database
is based on: World Mine Tailings Failures, worldminetailingsfailures.org

CDP A-list
type: DefinedTerm
description: The highest public recognition available in the CDP environmental disclosure system, awarded to companies demonstrating a comprehensive understanding of environmental risks and implementing best-practice environmental leadership; relevant for mining companies disclosing on climate, water and forests.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-ratings--cdp-a-list
alternate name: CDP A-list (Climate, Water, Forests)
is based on: CDP, cdp.net

DJSI
type: DefinedTerm
description: A family of indices based on the S&P Global Corporate Sustainability Assessment (CSA), tracking the sustainability performance of companies globally and by sector; membership is determined by companies' performance on the annual CSA questionnaire.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-ratings--djsi
alternate name: Dow Jones Sustainability Index
is based on: S&P Global ESG

Double Materiality
type: DefinedTerm
description: The EU Corporate Sustainability Reporting Directive (CSRD) concept requiring companies to assess both financial materiality (how ESG issues affect the company) and impact materiality (how the company affects people and the environment), and to report on both dimensions.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-ratings--double-materiality
alternate name: Double Materiality (CSRD / EFRAG)
is based on: EU CSRD (Directive 2022/2464/EU)
is based on: EFRAG European Sustainability Reporting Standards (ESRS)

MSCI ESG Rating
type: DefinedTerm
description: A rating from CCC (laggard) to AAA (leader) assigned by MSCI to publicly listed companies, measuring their resilience to long-term, industry-specific ESG risks and opportunities; weighted key issues for the metals and mining sector include tailings, water, GHG emissions, labour, and health and safety.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-ratings--msci-esg-rating
alternate name: MSCI ESG Rating (CCC to AAA)
is based on: MSCI ESG Ratings Methodology, msci.com

Scope 1
type: DefinedTerm
description: Direct greenhouse gas emissions from sources owned or controlled by an organisation, including combustion in owned boilers, furnaces and vehicles; for mining, includes direct emissions from mine haul trucks, processing facilities and explosives detonation.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-ratings--scope-1
alternate name: Scope 1 GHG Emissions
is based on: GHG Protocol Corporate Accounting and Reporting Standard, ghgprotocol.org

Scope 2
type: DefinedTerm
description: Indirect greenhouse gas emissions from the generation of purchased or acquired electricity, steam, heat, or cooling consumed by a reporting organisation; the dominant Scope 2 source for mining companies is purchased electricity for mine processing.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-ratings--scope-2
alternate name: Scope 2 GHG Emissions
is based on: GHG Protocol Corporate Accounting and Reporting Standard, ghgprotocol.org

Scope 3
type: DefinedTerm
description: All indirect greenhouse gas emissions not covered by Scope 2 that occur in the value chain of a reporting organisation, including upstream emissions from purchased goods/services and downstream emissions from the use and end-of-life of sold products; for steel and aluminium producers, Scope 3 customer use-of-product emissions are typically the largest category.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-ratings--scope-3
alternate name: Scope 3 GHG Emissions
is based on: GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard, ghgprotocol.org

Sustainalytics ESG Risk Rating
type: DefinedTerm
description: A score measuring the degree to which a company's enterprise value is at risk from ESG factors not managed by the company; categories are Negligible (0–10), Low (10–20), Medium (20–30), High (30–40) and Severe (40+).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: esg-ratings--sustainalytics-esg-risk-rating
alternate name: Sustainalytics ESG Risk Rating (Negligible to Severe)
is based on: Sustainalytics ESG Risk Ratings Methodology, sustainalytics.com

Critical Mineral
type: DefinedTerm
description: A mineral or mineral-derived material designated by a government as economically important and subject to supply risk, typically covering minerals essential to advanced manufacturing, defence or the energy transition; criteria vary by jurisdiction (USGS, EU CRMA, UK, Japan METI).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: stockpiles-reserves--critical-mineral
alternate name: Critical Mineral / Critical Raw Material
is based on: USGS Critical Minerals Program, usgs.gov
is based on: EU Critical Raw Materials Act

CRMA
type: DefinedTerm
description: EU regulation (in force from 2024) establishing benchmarks for EU extraction (10%), processing (40%) and recycling (15%) of strategic raw materials, and requiring member states and key industry operators to develop contingency plans; identifies 17 strategic raw materials including lithium, cobalt, rare earths and manganese.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: stockpiles-reserves--crma
alternate name: EU Critical Raw Materials Act
is based on: European Commission, single-market-economy.ec.europa.eu

DLA
type: DefinedTerm
description: The US Department of Defense logistics agency responsible for managing the National Defense Stockpile of strategic and critical minerals on behalf of the DoD; authorised by 50 USC Chapter 98.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: stockpiles-reserves--dla
alternate name: Defense Logistics Agency (US)
is based on: Defense Logistics Agency

JOGMEC
type: DefinedTerm
description: A Japanese government agency (METI) that secures stable mineral resource supplies for Japan through overseas exploration investment, government-mandated stockpiling of nine non-ferrous metals, and financial support for Japanese companies in overseas resource development.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: stockpiles-reserves--jogmec
alternate name: Japan Oil, Gas and Metals National Corporation
is based on: JOGMEC

KORES
type: DefinedTerm
description: A South Korean state-owned enterprise (under MOTIE) that manages Korea's strategic mineral stockpile and invests in overseas resource development, covering coal, copper, nickel, cobalt, lithium and rare earths.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: stockpiles-reserves--kores
alternate name: Korea Resources Corporation
is based on: Korea Resources Corporation, kores.or.kr

National Defense Stockpile (NDS)
type: DefinedTerm
description: US government stockpile of strategic and critical materials held to reduce dependence on foreign supply during a national emergency. Established under the Strategic and Critical Materials Stock Piling Act (50 U.S.C. §§ 98–98h) and administered by the Defense Logistics Agency's Strategic Materials office. From the 1990s through the 2010s the NDS was steadily drawn down and sold off, reaching historically low inventories. Since 2022 the NDS has been in a rebuild phase, with dedicated congressional appropriations for acquisitions of cobalt, lithium, rare earths, tungsten, and antimony. NDS purchases are executed via DLA Strategic Materials solicitations and serve as anchor offtake for domestic producers. Stockpile targets are set by the Annual Materials Plan submitted to Congress.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: stockpiles-reserves--national-defense-stockpile-nds
alternate name: US National Defense Stockpile
is based on: US Defense Logistics Agency — Strategic Materials office (administrator of the National Defense Stockpile)

NDS
type: DefinedTerm
description: The US government strategic stockpile of materials determined to be critical for national defense and lacking reliable domestic or allied sources; administered by DLA Strategic Materials; authorised under the Strategic and Critical Materials Stockpiling Act (50 USC Ch. 98).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: stockpiles-reserves--nds
alternate name: National Defense Stockpile (US)
is based on: DLA Strategic Materials

Strategic Reserve
type: DefinedTerm
description: A government-held inventory of critical minerals maintained to ensure supply during disruption; distinguished from commercial inventory by its national security or economic resilience purpose; examples include the US National Defense Stockpile and Japan's JOGMEC non-ferrous metal stockpile.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: stockpiles-reserves--strategic-reserve
alternate name: Strategic Mineral Reserve / Stockpile
is based on: 50 USC Chapter 98 (US)
is based on: JOGMEC Act (Japan)

BFS
type: DefinedTerm
description: A comprehensive technical and economic study meeting the standard required by lenders and equity investors to finance a mining project; corresponds to AACE Class 1–2 estimate (±10–15%), includes proven process flowsheet, definitive capital and operating cost estimates, mine schedule, and metallurgical test results.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-epcm--bfs
alternate name: Bankable Feasibility Study (BFS)
is based on: CIM, 'CIM Definition Standards for Mineral Resources and Mineral Reserves' (2014), mrmr.cim.org
is based on: AACE International, TCM 7.3 (2011).

Definitive Feasibility Study
type: DefinedTerm
description: The most detailed level of pre-construction engineering study, providing a capital cost estimate to ±10–15% accuracy; required to support project financing (hence 'bankable') and conversion of Probable Mineral Reserves to the Proven category under NI 43-101 and JORC.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-epcm--definitive-feasibility-study
alternate name: Definitive Feasibility Study (DFS) / Bankable Feasibility Study (BFS)
is based on: CIM Best Practice Guidelines
is based on: NI 43-101
is based on: JORC Code 2012

EPC vs EPCM
type: DefinedTerm
description: EPC (lump-sum turnkey): a single contractor takes full responsibility for engineering, procurement, and construction and delivers a completed facility at a fixed price, bearing cost and schedule risk. EPCM (Engineering, Procurement and Construction Management): the contractor manages but does not directly execute construction; subcontractors are engaged by the owner, reducing the contractor's risk but placing schedule and cost risk with the owner.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-epcm--epc-vs-epcm
alternate name: Engineering, Procurement and Construction (EPC) vs EPCM Contract
is based on: Institution of Chemical Engineers (IChemE), 'Red Book' EPC Contract (2013)
is based on: NEC4, Engineering and Construction Contract, neccontract.com.

EPCM Contract
type: DefinedTerm
description: A project delivery model in which the EPCM contractor manages engineering design, procurement, and construction supervision on behalf of the owner, who retains the prime contracts with vendors and constructors; common for large mining capital projects.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-epcm--epcm-contract
alternate name: Engineering, Procurement and Construction Management Contract
is based on: FIDIC Conditions of Contract for EPC/Turnkey Projects (Silver Book); industry usage

FEED
type: DefinedTerm
description: A detailed engineering study conducted after a Pre-Feasibility Study (PFS) that defines the project scope, design basis, and key specifications sufficient to prepare a Class 2 cost estimate (±10–15%); FEED output forms the basis for EPC or EPCM contractor tender packages.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-epcm--feed
alternate name: Front-End Engineering Design (FEED)
is based on: AACE International, 'Cost Estimate Classification System — As Applied in Engineering, Procurement and Construction for the Process Industries' (TCM 7.3, 2011), aacei.org.

FEED Study
type: DefinedTerm
description: A detailed engineering study conducted after a prefeasibility or feasibility study to establish a project's scope, schedule, and capital cost estimate to a ±10–15% accuracy level; typically precedes the issuance of EPCM or EPC tender packages.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-epcm--feed-study
alternate name: Front-End Engineering Design Study
is based on: AACE International Recommended Practice No. 18R-97; industry usage in mining engineering

Owner's Engineer
type: DefinedTerm
description: An engineering firm appointed by the project owner to provide independent technical oversight and review of an EPCM or EPC contractor's work; distinct from the EPCM contractor and answers solely to the owner.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-epcm--owner-s-engineer
alternate name: Owner's Engineer (Independent Engineer)
is based on: Standard practice; referenced in FIDIC suite of contracts

Prefeasibility Study
type: DefinedTerm
description: An intermediate-level study of mineral project viability conducted after scoping but before a definitive feasibility study; provides a capital cost estimate to ±25–35% accuracy and sufficient engineering to support a decision to proceed to DFS or bankable feasibility study.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-epcm--prefeasibility-study
alternate name: Prefeasibility Study (PFS)
is based on: CIM Best Practice Guidelines for Mineral Resource and Reserve Estimation (2019)
is based on: NI 43-101

Scoping Study
type: DefinedTerm
description: A preliminary assessment of the economic viability of a mineral project, based on inferred mineral resources; provides a first-pass capital cost estimate to ±50% accuracy and identifies the most promising development concept for further study.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-epcm--scoping-study
alternate name: Scoping Study / Preliminary Economic Assessment (PEA)
is based on: NI 43-101
is based on: CIM Best Practice Guidelines
is based on: JORC Code 2012 Table 1

Assay Exchange
type: DefinedTerm
description: A clause or process in long-term physical supply contracts allowing either party to challenge a certificate of analysis result by requesting a referee assay at an independent laboratory; the average of the original and referee results, or the referee result alone, determines the final payable metal content.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-physical--assay-exchange
alternate name: Assay Exchange (Physical Metals Contracts)
is based on: LBMA, 'Good Delivery Rules for Gold and Silver Bars' (2023), lbma.org.uk; standard contract practice in copper concentrate sales.

Backwardation
type: DefinedTerm
description: A market structure in which nearby contract prices are higher than deferred (forward) prices, reflecting tight nearby supply, high borrowing costs, or strong spot demand; in LME terminology, the cash price trades at a premium to the three-month price.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-physical--backwardation
alternate name: Backwardation (Metals Markets)
is based on: LME, 'LME Metals Explained'
is based on: Hull, J.C., 'Options, Futures and Other Derivatives', 10th ed., Pearson.

Bill of Lading
type: DefinedTerm
description: A document issued by a carrier acknowledging receipt of cargo for shipment; it serves three functions: receipt for goods shipped, evidence of the contract of carriage, and a document of title enabling the holder to claim delivery of the goods at destination. In metals trade, the original B/L is required to release metal at port.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-physical--bill-of-lading
alternate name: Bill of Lading (B/L)
is based on: UNCTAD, 'Multimodal Transport: The Feasibility of an International Legal Instrument' (2003)
is based on: Carriage of Goods by Sea Act 1992 (UK).

CIF
type: DefinedTerm
description: An Incoterms® 2020 trade term under which the seller arranges and pays for carriage and minimum cargo insurance to the named port of destination; risk transfers to the buyer when goods are loaded on the vessel at the port of origin, before the sea voyage begins.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-physical--cif
alternate name: Cost, Insurance and Freight (Incoterms® 2020)
is based on: ICC, 'Incoterms® 2020'

COA (Certificate of Analysis)
type: DefinedTerm
description: A document issued by a laboratory or inspection company certifying the chemical composition and physical properties of a metal shipment, including purity, trace element levels, and applicable specification grades; required by buyers, customs authorities, and LME warrant applications.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-physical--coa-certificate-of-analysis
alternate name: Certificate of Analysis
is based on: LME, 'LME Approved Brands List and Rules' (2024), lme.com
is based on: LBMA, 'Good Delivery Rules' (2023), lbma.org.uk.

Contango
type: DefinedTerm
description: A market structure in which forward prices are higher than spot (nearby) prices, typically reflecting storage costs, financing costs, and convenience yield; the opposite of backwardation. In copper, contango usually reflects ample nearby supply and encourages warehouse storage.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-physical--contango
alternate name: Contango (Metals Markets)
is based on: LME, 'LME Metals Explained', lme.com
is based on: Hull, J.C., 'Options, Futures and Other Derivatives', 10th ed., Pearson.

Demurrage
type: DefinedTerm
description: A penalty charge payable by the cargo charterer to the shipowner when loading or discharging operations exceed the agreed laytime; the rate (per day or per hour) is specified in the charterparty and applies to the full vessel until operations recommence or the vessel departs.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-physical--demurrage
alternate name: Demurrage (Shipping)
is based on: BIMCO, 'Laytime and Demurrage' explanatory notes, bimco.org
is based on: Lloyd's Maritime and Commercial Law Quarterly.

Despatch
type: DefinedTerm
description: An amount paid by the shipowner to the charterer when cargo operations are completed faster than the agreed laytime; typically set at half the demurrage rate and acts as an incentive for fast port turnaround.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-physical--despatch
alternate name: Despatch (Shipping)
is based on: BIMCO, 'Laytime and Demurrage' explanatory notes, bimco.org.

Free on Board (FOB)
type: DefinedTerm
description: An Incoterms® 2020 trade term under which the seller is responsible for the goods until they are loaded on board the vessel nominated by the buyer at the named port of shipment; risk and cost transfer to the buyer from that point, applicable only to sea and inland waterway transport.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-physical--free-on-board-fob
alternate name: Free on Board (Incoterms® 2020)
is based on: ICC, 'Incoterms® 2020'

In-Warrant Metal
type: DefinedTerm
description: Metal that has been registered in an exchange-approved warehouse and has a warrant (ownership document) issued against it, making it eligible for delivery against exchange futures contracts; LME warrant metal is publicly reported in LME Daily Inventory Reports.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-physical--in-warrant-metal
alternate name: Exchange-Warranted Metal (In-Warrant)
is based on: LME Rulebook, lme.com
is based on: LME Daily Inventory Reports

In-Warrant Transfer
type: DefinedTerm
description: The process of transferring ownership of LME-warranted metal stored in an LME-approved warehouse without physically moving the metal; executed by cancelling a warrant in one name and reissuing it in the buyer's name via an LME clearing member, enabling settlement of exchange contracts.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-physical--in-warrant-transfer
alternate name: In-Warrant Transfer (LME Warrants)
is based on: LME, 'A Guide to LME Warrants' (2023)

M+x Pricing
type: DefinedTerm
description: Pricing convention in concentrate sales contracts where 'M' is the month of the bill of lading and 'x' is the number of months forward; M+1 means the average LME price in the month after shipment date is used for settlement.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-physical--m-x-pricing
alternate name: M+x Pricing (Metal Concentrate Settlement)
is based on: Industry standard concentrate offtake contract terms

Off-Warrant Metal
type: DefinedTerm
description: Physical metal held in exchange-approved or other warehouses that does not have an exchange warrant registered against it; off-warrant stocks are not publicly reported and are subject of periodic estimation by market intelligence firms.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-physical--off-warrant-metal
alternate name: Off-Warrant Metal (Shadow Inventory)
is based on: LME, lme.com
is based on: Wood Mackenzie, CRU market intelligence

Paper Hedge
type: DefinedTerm
description: A financial hedging position in exchange futures or OTC derivatives taken by a producer, trader or consumer to offset the price risk of a physical metals position; 'paper' refers to the financial (non-physical) nature of the hedge.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-physical--paper-hedge
alternate name: Paper Hedge (Financial Futures Hedge)
is based on: LME, lme.com; industry usage

Physical Delivery
type: DefinedTerm
description: The fulfilment of an exchange futures contract obligation by the transfer of the underlying physical commodity (e.g. LME warrant for copper cathode) from seller to buyer, as distinct from cash settlement; physical delivery is the standard settlement mechanism on the LME.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-physical--physical-delivery
alternate name: Physical Delivery (Exchange)
is based on: LME Rulebook, lme.com

QP (Quotational Period)
type: DefinedTerm
description: The agreed pricing period used in a concentrate offtake contract, defining which average exchange price is used to settle the payable metal value; common QP structures are M (month of shipment), M+1 (month after bill of lading), M+2, and M+3.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trading-physical--qp-quotational-period
alternate name: Quotational Period (QP) in Concentrate Trading
is based on: Industry standard concentrate offtake contract terms
is based on: LME Official Prices

BCOM
type: DefinedTerm
description: A broadly diversified commodity futures index published by Bloomberg; the Industrial Metals Subindex (BCOMIN) tracks copper, aluminium, zinc and nickel futures and is used as a benchmark for passive commodity investment.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-indices--bcom
alternate name: Bloomberg Commodity Index (BCOM / BCOMIN)
is based on: Bloomberg Index Services

Capping Methodology
type: DefinedTerm
description: A rule in an index methodology that limits the maximum weight of any single constituent, preventing concentration in the largest components; common in mining equity indices where one or two large-cap companies can dominate.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-indices--capping-methodology
alternate name: Index Constituent Capping Methodology
is based on: MSCI Index Methodology
is based on: FTSE Russell Index Ground Rules

Free Float
type: DefinedTerm
description: The proportion of a company's shares available for trading by the public, excluding shares held by controlling shareholders, insiders and strategic holders; used in index weighting to reflect the investable portion of a company's market capitalisation.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-indices--free-float
alternate name: Free Float Market Capitalisation
is based on: FTSE Russell, ftserussell.com
is based on: MSCI, msci.com — index methodology documents

GDX
type: DefinedTerm
description: An exchange-traded fund tracking the NYSE Arca Gold Miners Index (GDMNTR), investing in global gold and silver mining companies; one of the largest and most liquid gold equity ETFs by AUM.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-indices--gdx
alternate name: VanEck Gold Miners ETF (GDX)
is based on: VanEck

GDXJ
type: DefinedTerm
description: An exchange-traded fund tracking the MVIS Global Junior Gold Miners Index, investing in smaller gold and silver mining and exploration companies; the primary ETF benchmark for junior gold equity.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-indices--gdxj
alternate name: VanEck Junior Gold Miners ETF (GDXJ)
is based on: VanEck

GSCI
type: DefinedTerm
description: A production-weighted composite commodity futures index published by S&P Dow Jones Indices; the S&P GSCI Industrial Metals sub-index tracks copper, aluminium, zinc, nickel and lead futures.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-indices--gsci
alternate name: S&P GSCI (Goldman Sachs Commodity Index)
is based on: S&P Dow Jones Indices

HUI
type: DefinedTerm
description: A modified equal-dollar-weighted index of gold mining companies that do not hedge their gold production beyond 1.5 years; one of the oldest gold equity indices published by NYSE Arca (ICE).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mining-indices--hui
alternate name: NYSE Arca Gold BUGS Index (HUI)
is based on: NYSE Arca

AIFR
type: DefinedTerm
description: The total number of injuries (including near-misses, first-aid injuries and medical treatment injuries) per million hours worked; broader than TRIFR, used internally by some mining companies.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mine-safety--aifr
alternate name: All Injury Frequency Rate
is based on: Mining industry H&S reporting standards
is based on: ICMM data definitions

Confined Space Entry
type: DefinedTerm
description: Permit-controlled entry into spaces with limited access, poor ventilation and potential atmospheric hazards (mills, ore bins, ducts, tanks, silos). Requires atmospheric testing, ventilation, standby rescue and communication. US OSHA 29 CFR 1910.146 (general industry); MSHA 30 CFR 57.15015 (metal/nonmetal mines).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mine-safety--confined-space-entry
alternate name: Regulated High-Risk Entry Permit
is based on: US OSHA 29 CFR 1910.146
is based on: MSHA 30 CFR 57.15015
is based on: UK HSE Confined Spaces Regulations 1997.

Fatality Frequency Rate (FFR)
type: DefinedTerm
description: Number of workplace fatalities per million or hundred-million hours worked. Global mining FFR in 2023 approximately 0.02 per million hours. Public disclosure required under GRI 403-9 and mandatory in ASX, JSE and TSX reporting.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mine-safety--fatality-frequency-rate-ffr
alternate name: Deaths per Hours Worked
is based on: ICMM Fatality Prevention Report
is based on: GRI 403-9 Occupational Health and Safety
is based on: MSHA Fatality Statistics.

Hierarchy of Controls
type: DefinedTerm
description: Prioritised sequence of hazard control measures: Elimination > Substitution > Engineering Controls > Administrative Controls > PPE. Formalised by ILO, NIOSH, and ISO 45001. Mining safety programmes require documented application of the hierarchy in each risk assessment.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mine-safety--hierarchy-of-controls
alternate name: Prioritised Hazard Control Strategy
is based on: NIOSH Hierarchy of Controls
is based on: ILO OSH-MS ILO-OSH 2001
is based on: ISO 45001:2018 §8.1.2.

HIRA
type: DefinedTerm
description: Systematic process to identify workplace hazards, assess associated risks (likelihood × consequence) and prioritise controls. Foundation of ISO 45001 clause 6.1.2 and OSHA process safety management. Standard risk matrix outputs: Extreme, High, Medium, Low ratings drive control-hierarchy selection.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mine-safety--hira
alternate name: Hazard Identification and Risk Assessment
is based on: ISO 45001:2018 §6.1.2
is based on: US OSHA PSM 29 CFR 1910.119
is based on: ILO Occupational Safety and Health Convention C155.

ICAM
type: DefinedTerm
description: A structured incident investigation methodology used by the mining industry to identify underlying causes of injuries and incidents; developed in the Australian mining sector and adopted by major mining companies globally.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mine-safety--icam
alternate name: Incident Cause Analysis Method
is based on: ICAM methodology
is based on: Safe Work Australia, safeworkaustralia.gov.au

ILO C176
type: DefinedTerm
description: ILO Convention 176 — Safety and Health in Mines (1995). Establishes minimum framework of employer duties, worker rights, inspection and enforcement in mining. Ratified by 34 countries as of 2024. National mining safety regimes (South Africa MHSA, Zambia Mines Act) reference C176 principles.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mine-safety--ilo-c176
alternate name: Convention on Safety and Health in Mines
is based on: ILO Convention 176 (1995)
is based on: South Africa Mine Health and Safety Act 29 of 1996
is based on: ILO Code of Practice on Safety and Health in Open-Cast Mines.

ISO 45001
type: DefinedTerm
description: International Standard for occupational health and safety (OHS) management systems, published March 2018. Replaced OHSAS 18001. Structured on Annex SL (identical high-level structure to ISO 9001 and 14001). Certification is voluntary but increasingly required by mine operators, tier-1 contractors and lenders.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mine-safety--iso-45001
alternate name: International Standard for OHS Management
is based on: ISO 45001:2018 Occupational Health and Safety Management Systems
is based on: IAF Multilateral Recognition Arrangement
is based on: UK HSE ISO 45001 Migration Guide.

JSA / Job Safety Analysis
type: DefinedTerm
description: Documented step-by-step breakdown of a job task, identifying hazards at each step and specifying controls. Also called JHA (Job Hazard Analysis). Widely required before high-risk tasks (working at heights, hot work, lifting operations, isolation). MSHA and NIOSH publish standard JSA templates.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mine-safety--jsa-job-safety-analysis
alternate name: Task-Level Risk Analysis
is based on: NIOSH Job Safety Analysis
is based on: US OSHA 3071 Job Hazard Analysis
is based on: MSHA Task Training Requirements 30 CFR 48.7.

LOTO / Lockout-Tagout
type: DefinedTerm
description: Procedure to isolate hazardous energy sources (electrical, hydraulic, pneumatic, mechanical, thermal, gravitational) during maintenance so equipment cannot be re-energised inadvertently. US OSHA 29 CFR 1910.147; UK PUWER Regulations 1998. Failure = 10% of US fatal industrial incidents historically.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mine-safety--loto-lockout-tagout
alternate name: Isolation of Hazardous Energy
is based on: US OSHA 29 CFR 1910.147 The Control of Hazardous Energy
is based on: UK PUWER Regulations 1998
is based on: ANSI/ASSE Z244.1 Lockout Tagout.

LTIFR
type: DefinedTerm
description: The number of lost-time injuries (injuries resulting in an employee being absent from work for one or more days beyond the day of injury) per million hours worked; a commonly reported mine safety KPI.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mine-safety--ltifr
alternate name: Lost-Time Injury Frequency Rate
is based on: ICMM data definitions
is based on: MSHA data, msha.gov

MSHA vs OSHA
type: DefinedTerm
description: Two distinct US federal regulators: MSHA (Mine Safety and Health Administration) covers all mining and mineral processing; OSHA (Occupational Safety and Health Administration) covers general industry. MSHA has stricter inspection frequency (2/year underground, 1/year surface) and broader citation authority than OSHA.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mine-safety--msha-vs-osha
alternate name: US Federal Mining vs General-Industry Safety Regimes
is based on: Federal Mine Safety and Health Act 30 USC §801
is based on: Occupational Safety and Health Act 29 USC §651
is based on: MSHA-OSHA Interagency Agreement.

Near Miss
type: DefinedTerm
description: An unplanned event that did not result in injury, illness or damage but had the potential to do so; near miss reporting is encouraged by mine safety regulators and ICMM as a leading indicator of safety performance.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mine-safety--near-miss
alternate name: Near Miss / High Potential Incident (HPI)
is based on: MSHA Near Miss Reporting
is based on: ICMM Health and Safety Guidance

Near-Miss Reporting
type: DefinedTerm
description: Reporting of events that could have caused injury or damage but did not — typically 10-100× more frequent than actual incidents (Heinrich pyramid). Best-practice programmes target 8-15 near-misses per lost-time injury. NIOSH publishes near-miss reporting templates for the mining sector.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mine-safety--near-miss-reporting
alternate name: Precursor Event Reporting
is based on: NIOSH Near-Miss Reporting for the Mining Industry
is based on: ICMM Critical Control Management Good Practice Guide
is based on: ANSI Z590.5 Prevention through Design.

Personal Protective Equipment (PPE)
type: DefinedTerm
description: Equipment worn by workers to reduce exposure to hazards (hard hat, safety glasses, respirator, ear protection, high-vis, steel-toe boots, gloves, harnesses). Regulated by US OSHA 29 CFR 1910 Subpart I, EU Directive 89/656, and site-specific PPE matrices. Represents the least-preferred control per hierarchy.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mine-safety--personal-protective-equipment-ppe
alternate name: Last-Line Worker Protection
is based on: US OSHA 29 CFR 1910 Subpart I
is based on: EU PPE Directive 89/656/EEC and Regulation 2016/425
is based on: ISO 20345 Safety Footwear.

Safety Data Sheet (SDS)
type: DefinedTerm
description: 16-section standardised document communicating physical, health and environmental hazards of a chemical. Required at every workplace handling hazardous substances (US OSHA HazCom, EU REACH/CLP Article 31, GHS Rev 10). Cyanide, sulphuric acid, mercury, xanthates — all require SDS at mine sites.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mine-safety--safety-data-sheet-sds
alternate name: GHS-Compliant Chemical Hazard Document
is based on: UN GHS Rev 10 Annex 4
is based on: US OSHA 29 CFR 1910.1200
is based on: EU REACH Regulation EC 1907/2006 Article 31.

Silicosis
type: DefinedTerm
description: Progressive irreversible lung disease caused by inhalation of respirable crystalline silica (RCS). Historically the largest occupational disease burden in mining. OSHA Permissible Exposure Limit: 50 µg/m³ 8-hour TWA (US 29 CFR 1910.1053). South African gold-mining silicosis class action settled $400M in 2018.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mine-safety--silicosis
alternate name: Occupational Lung Disease from Silica Exposure
is based on: US OSHA 29 CFR 1910.1053
is based on: NIOSH Silicosis Bulletin
is based on: ILO Global Programme for the Elimination of Silicosis.

TRIFR
type: DefinedTerm
description: A standardised measure of workplace injury frequency, calculated as the number of recordable injuries (fatalities, lost-time injuries, restricted-work injuries, and medical treatment injuries) per million hours worked; used by mining companies and reported in sustainability disclosures.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: mine-safety--trifr
alternate name: Total Recordable Injury Frequency Rate
is based on: ICMM Health and Safety data collection definitions
is based on: Australian MOSH statistics, dmirs.wa.gov.au

AIM
type: DefinedTerm
description: The London Stock Exchange's market for smaller and growing companies; significant representation of international mining and resources companies; governed by AIM Rules for Companies.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: capital-markets--aim
alternate name: AIM (Alternative Investment Market — London)
is based on: London Stock Exchange

Dilution
type: DefinedTerm
description: The reduction in existing shareholders' percentage ownership of a company resulting from the issuance of new shares; common in junior mining through equity financings, flow-through shares and option exercises.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: capital-markets--dilution
alternate name: Share Dilution (Junior Mining Financing)
is based on: TSX-V Listing Requirements
is based on: SEDAR+ disclosure practice

Flow-Through Shares
type: DefinedTerm
description: A Canadian tax mechanism in which a mining or resource company renounces its exploration expenditure deductions to shareholders; investors receive a tax deduction equal to the amount invested, incentivising exploration capital in Canada.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: capital-markets--flow-through-shares
alternate name: Flow-Through Share (Canadian)
is based on: Income Tax Act (Canada), Section 66
is based on: CRA

SEDAR+
type: DefinedTerm
description: The Canadian securities disclosure filing system administered by the CSA, where all Canadian public companies (including TSX-V mining explorers) file NI 43-101 Technical Reports, annual information forms, material change reports and continuous disclosure documents.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: capital-markets--sedar
alternate name: System for Electronic Document Analysis and Retrieval (Canada)
is based on: Canadian Securities Administrators, sedarplus.ca

TSX-V
type: DefinedTerm
description: A Canadian stock exchange operated by TMX Group for smaller and emerging companies including junior mining explorers; provides access to capital for NI 43-101-compliant exploration and development-stage mining companies.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: capital-markets--tsx-v
alternate name: TSX Venture Exchange
is based on: TSX Venture Exchange

Collective Agreement
type: DefinedTerm
description: A written contract between an employer and a trade union setting out terms and conditions of employment including wages, hours, safety standards, grievance procedures, and duration; in mining, CBAs typically run 2–5 years and are negotiated at mine or company level.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: labor-relations--collective-agreement
alternate name: Collective Bargaining Agreement (CBA)
is based on: ILO, 'Collective Bargaining: A Policy Guide'

Collective Bargaining
type: DefinedTerm
description: A written contract between an employer (or employer association) and a trade union, negotiated collectively on behalf of workers, covering wages, hours, working conditions, benefits and grievance procedures; CBAs are the primary instrument of industrial relations in mining.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: labor-relations--collective-bargaining
alternate name: Collective Bargaining Agreement (CBA)
is based on: ILO Convention 98 (Right to Organise and Collective Bargaining, 1949), ilo.org

Collective Bargaining Agreement (CBA)
type: DefinedTerm
description: Written contract between employer and recognised union covering wages, hours, benefits, grievance procedure and working conditions. Standard 2-4 year term. In mining, CBA renewals routinely trigger production shutdowns (Chilean copper strikes, South African platinum-belt disputes).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: labor-relations--collective-bargaining-agreement-cba
alternate name: Union-Employer Contract
is based on: ILO Convention 98 Right to Organise and Collective Bargaining
is based on: US National Labor Relations Act 29 USC §151
is based on: South Africa Labour Relations Act 66 of 1995.

Enterprise Bargaining
type: DefinedTerm
description: Australian collective agreement system under Fair Work Act 2009 — bargaining between an employer and its employees (with or without a union) to establish terms specific to that enterprise or site. Common in Australian mining; formal approval by Fair Work Commission.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: labor-relations--enterprise-bargaining
alternate name: Site-Level Employment Agreement
is based on: Australia Fair Work Act 2009
is based on: Fair Work Commission Enterprise Agreements Register
is based on: ILO Country Profile Australia.

Expatriate Assignment (LTA/STA)
type: DefinedTerm
description: Employment structure for internationally deployed staff. LTA (Long-Term Assignment) = 2-5 years with home-country social security continuation; STA (Short-Term Assignment) = 3-24 months with host-country tax treatment. Standard categories in mining industry HR frameworks.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: labor-relations--expatriate-assignment-lta-sta
alternate name: International Worker Deployment
is based on: EY Global Mobility Report
is based on: OECD Guidelines for Multinational Enterprises
is based on: ILO Convention 97 Migration for Employment.

FIFO
type: DefinedTerm
description: A labour mobility arrangement in which mining workers are flown (or driven) to a remote mine site on a roster schedule (e.g. 2 weeks on, 1 week off) rather than residing in a nearby community; prevalent in Australian, Canadian and African remote mining operations.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: labor-relations--fifo
alternate name: Fly-In Fly-Out (FIFO) / Drive-In Drive-Out (DIDO)
is based on: Safe Work Australia, safeworkaustralia.gov.au
is based on: CFMEU, cfmeu.org.au

Hardship Allowance
type: DefinedTerm
description: Cash allowance paid to employees assigned to locations classified as difficult (security, climate, health infrastructure, isolation). Standard tables from Mercer, ORC or ECA International rate cities on hardship indices 0-40; premium ranges 5-40% of base.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: labor-relations--hardship-allowance
alternate name: Compensation for Difficult Location
is based on: Mercer Cost of Living Survey and Hardship Ratings
is based on: ECA International Location Ratings
is based on: UN Common Rest and Recuperation Framework.

ICCM-IF
type: DefinedTerm
description: ICMM guidance establishing expectations for meaningful engagement with indigenous communities including free, prior and informed consent (FPIC); the ICMM 10 Mining Principles require members to respect indigenous peoples' rights and implement FPIC processes particularly for projects that may affect their lands or cultural heritage.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: labor-relations--iccm-if
alternate name: ICMM Indigenous Peoples and Mining: Good Practice Guide (Informed, Fair, Free Prior Consent)
is based on: ICMM, 'Indigenous Peoples and Mining: Good Practice Guide' (2015), icmm.com
is based on: UNDRIP, Art. 32, un.org.

ILO Fundamental Conventions
type: DefinedTerm
description: Ten ILO Conventions covering fundamental principles and rights at work: freedom of association (C87, C98), forced labour (C29, C105), child labour (C138, C182), discrimination (C100, C111), and occupational safety (C155, C187). Universal ratification required by ILO Declaration 1998.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: labor-relations--ilo-fundamental-conventions
alternate name: Core Labour Standards
is based on: ILO Declaration on Fundamental Principles and Rights at Work 1998
is based on: ILO Ratification Database NORMLEX
is based on: UN Global Compact Labour Principles.

Lock-Out
type: DefinedTerm
description: The temporary refusal by an employer to allow workers access to the workplace, used as leverage in collective bargaining negotiations; the employer-side counterpart of a strike.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: labor-relations--lock-out
alternate name: Employer Lock-Out (Industrial Action)
is based on: ILO, ilo.org
is based on: Labour Relations Act 66 of 1995 (South Africa)

Migrant Worker Protections
type: DefinedTerm
description: ILO Convention 143 (Migrant Workers) and OECD Guidelines for Multinational Enterprises establish minimum standards for migrant worker recruitment, wages, conditions and repatriation. Critical for Gulf state mining and Southeast Asian construction contractors.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: labor-relations--migrant-worker-protections
alternate name: Cross-Border Labour Rights
is based on: ILO Convention 143 (1975)
is based on: OECD Guidelines for Multinational Enterprises
is based on: IOM Handbook on Migration for Employment.

Occupational Disease vs Injury
type: DefinedTerm
description: Injury = acute event (fall, cut, burn, crush). Occupational disease = long-latency exposure-related illness (silicosis, mesothelioma, noise-induced hearing loss, hand-arm vibration syndrome, dermatitis). Mining industry reporting increasingly separates the two — GRI 403-10.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: labor-relations--occupational-disease-vs-injury
alternate name: Long-Latency vs Acute Health Effect
is based on: GRI 403-10 Work-Related Ill Health
is based on: ILO List of Occupational Diseases (Rev 2010)
is based on: ICMM Occupational Disease Framework.

Right-to-Work Check
type: DefinedTerm
description: Statutory verification that a job applicant has legal right to work in the country. UK Home Office prescribes documentary check under Immigration Act 2016; US Form I-9 under Immigration Reform and Control Act 1986. Fines £45,000+ per illegal worker in UK.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: labor-relations--right-to-work-check
alternate name: Employment Eligibility Verification
is based on: UK Home Office Right to Work Employer Guidance
is based on: US I-9 Handbook for Employers
is based on: ILO Convention 143 Migrant Workers.

Tax Equalisation
type: DefinedTerm
description: Employer policy that ensures an expatriate employee pays neither more nor less tax while on assignment than they would have paid at home. Tax equalisation calculation is standard in Big-4-audited mining company HR policies for LTA staff.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: labor-relations--tax-equalisation
alternate name: Neutralised Expatriate Tax Burden
is based on: OECD Model Tax Convention
is based on: EY Global Mobility Guide to Tax Equalisation
is based on: PwC HRS Mobility Manual.

Wildcat Strike
type: DefinedTerm
description: A work stoppage initiated by workers without authorisation from the official trade union; in the mining context, wildcat strikes often occur over immediate safety grievances or pay disputes; notable examples include South African platinum strikes.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: labor-relations--wildcat-strike
alternate name: Wildcat Strike (Unofficial Strike)
is based on: ILO, ilo.org
is based on: NUM South Africa, num.org.za

Work Stoppage
type: DefinedTerm
description: A cessation of work by employees, either through a strike (initiated by workers) or lockout (initiated by management), typically arising from failed collective bargaining; in metals mining, work stoppages at major operations (e.g. Chilean copper, South African platinum) can move global metal prices by disrupting mine-level supply.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: labor-relations--work-stoppage
alternate name: Work Stoppage / Strike Action
is based on: ILO, 'ILO Convention C087 — Freedom of Association' (1948)
is based on: Bureau of Labor Statistics, 'Work Stoppages', bls.gov.

Worker Representation on Board
type: DefinedTerm
description: Formal system of worker representatives on the corporate board, most developed in Germany (Mitbestimmung — 50% for firms >2000; 33% for 500-2000) and Sweden. Emerging in EU Corporate Sustainability Reporting Directive. Not standard in UK/US corporate governance.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: labor-relations--worker-representation-on-board
alternate name: Co-Determination and Employee Directors
is based on: German Codetermination Act 1976 (Mitbestimmungsgesetz)
is based on: Sweden Board Representation for Private Employees Act
is based on: EU CSRD 2022/2464.

MMI
type: DefinedTerm
description: The Fraser Institute's composite index combining the Policy Perception Index with the Best Practices Mineral Potential score to produce an overall assessment of a jurisdiction's attractiveness for mining investment.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: country-risk--mmi
alternate name: Mining Mineral Investment Attractiveness Index (Fraser)
is based on: Fraser Institute Annual Survey of Mining Companies

PPI
type: DefinedTerm
description: A composite index from the Fraser Institute Annual Survey of Mining Companies measuring how government policy affects the attractiveness of a jurisdiction for mineral exploration and investment; based on survey responses from mining executives on taxation, regulatory uncertainty, permits, infrastructure and political stability.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: country-risk--ppi
alternate name: Policy Perception Index (Fraser Institute)
is based on: Fraser Institute Annual Survey of Mining Companies

AUM
type: DefinedTerm
description: The total market value of assets managed by an investment entity; for sovereign wealth funds, AUM is typically reported in their annual reports or estimated by the SWF Institute where not publicly disclosed.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: finance-investment--aum
alternate name: Assets Under Management (Sovereign Wealth Fund)
is based on: SWF Institute, swfinstitute.org; individual fund annual reports

Divestment Screen
type: DefinedTerm
description: A policy by which a sovereign wealth fund excludes or divests from companies that breach ethical, ESG or sector-specific criteria; Norges Bank (NBIM) publishes an annual exclusion list of companies excluded from the GPFG on ethical or product-based grounds.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: finance-investment--divestment-screen
alternate name: Divestment Screen (SWF Exclusion Policy)
is based on: Norges Bank Investment Management, nbim.no
is based on: GPFG Guidelines for Observation and Exclusion

Laytime
type: DefinedTerm
description: The time allowed by the shipowner to the charterer for loading or discharging operations, as specified in the charterparty; if operations exceed laytime, demurrage accrues; if completed ahead of time, despatch may be payable.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: finance-investment--laytime
alternate name: Laytime (Shipping)
is based on: BIMCO, 'Laytime and Demurrage' explanatory notes, bimco.org
is based on: Scrutton on Charterparties and Bills of Lading, 24th ed., Sweet & Maxwell.

Mandate
type: DefinedTerm
description: The formal investment policy of a sovereign wealth fund, defining its objectives, asset allocation, risk tolerance and exclusion policies; mandates range from stabilisation funds (narrow, liquid) to development funds (illiquid, long-term infrastructure/resources).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: finance-investment--mandate
alternate name: Investment Mandate (Sovereign Wealth Fund)
is based on: IWG Generally Accepted Principles and Practices (GAPP) — Santiago Principles (2008)

EUMR
type: DefinedTerm
description: Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings; the EU's mandatory pre-merger notification framework under which the European Commission reviews transactions meeting worldwide and EU turnover thresholds.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: legal-regulatory--eumr
alternate name: EU Merger Regulation (EUMR)
is based on: European Commission DG COMP, competition-policy.ec.europa.eu

HHI
type: DefinedTerm
description: A measure of market concentration calculated as the sum of squared market shares of all firms in a market; used by antitrust authorities (DOJ, EC DG COMP) to assess whether a proposed merger would significantly increase market concentration; scores above 2,500 (post-merger) with delta >150 typically trigger closer scrutiny.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: legal-regulatory--hhi
alternate name: Herfindahl-Hirschman Index
is based on: DOJ/FTC Horizontal Merger Guidelines (2023)

Second Request
type: DefinedTerm
description: A request for additional information issued by the US DOJ or FTC to parties in a merger notification under the Hart-Scott-Rodino Act, following the initial waiting period; extends the review period and significantly increases compliance burden.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: legal-regulatory--second-request
alternate name: Second Request (US Hart-Scott-Rodino Act)
is based on: DOJ Antitrust Division

B-BBEE Social Spend
type: DefinedTerm
description: A social investment contribution required under South Africa's Broad-Based Black Economic Empowerment (B-BBEE) Codes of Good Practice; mining companies must allocate a percentage of net profit after tax to socio-economic development benefiting historically disadvantaged South Africans.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: social-governance--b-bbee-social-spend
alternate name: B-BBEE Socio-Economic Development (SED) Contribution
is based on: DTI Codes of Good Practice, B-BBEE Commission, bbbeecommission.co.za

Community Development Agreement (CDA)
type: DefinedTerm
description: Legally required or voluntary agreement between mining company, government and community formalising community-development obligations (infrastructure, education, health, employment). Mandatory in Sierra Leone, Liberia, Papua New Guinea, Philippines under mining codes.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: social-governance--community-development-agreement-cda
alternate name: Formal Community Benefit Framework
is based on: World Bank Mining Community Development Agreement Sourcebook
is based on: ICMM Voluntary Contributions Guide
is based on: IFC Community Development Handbook.

Community Investment
type: DefinedTerm
description: Voluntary spending by mining companies on programmes that benefit host communities beyond regulatory requirements, including education, health, infrastructure, and enterprise development; reported under GRI 413 (Local Communities) and ICMM's Social Progress Indicators framework.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: social-governance--community-investment
alternate name: Community Investment (Mining)
is based on: ICMM, 'Social Progress Indicators' (2021), icmm.com
is based on: GRI, 'GRI 413: Local Communities 2016', globalreporting.org.

CSI
type: DefinedTerm
description: A South African term for discretionary corporate spending on social development programmes in communities, typically measured as a percentage of net profit after tax (NPAT); CSI contributes to a company's Broad-Based Black Economic Empowerment (B-BBEE) Social and Economic Development (SED) scorecard element.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: social-governance--csi
alternate name: Corporate Social Investment (South Africa)
is based on: dtic, 'B-BBEE Codes of Good Practice' (2013, as amended 2023), dtic.gov.za.

Cultural Heritage Assessment
type: DefinedTerm
description: A systematic assessment of the potential impacts of a proposed mine on indigenous or non-indigenous cultural heritage — including sacred sites, artefacts, archaeological remains and cultural landscapes — required in most mining jurisdictions prior to project approval.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: social-governance--cultural-heritage-assessment
alternate name: Cultural Heritage Assessment (Mining Impact)
is based on: IFC Performance Standard 8 (Cultural Heritage)
is based on: AIAS, Australia
is based on: Canadian Heritage, canada.ca

FPIC
type: DefinedTerm
description: The right of indigenous peoples to give or withhold consent to development projects affecting their lands, territories and resources before (prior) and without coercion (free) on the basis of adequate information (informed); enshrined in UNDRIP Articles 10, 19 and 32, ILO C169, and IFC Performance Standard 7.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: social-governance--fpic
alternate name: Free, Prior and Informed Consent (FPIC)
is based on: UNDRIP (UN General Assembly Resolution 61/295, 2007)
is based on: ILO C169
is based on: IFC PS7

FPIC vs Consultation
type: DefinedTerm
description: Consultation = duty to discuss; FPIC = duty to obtain consent. Higher-standard FPIC applies specifically to Indigenous Peoples' rights under UNDRIP; general community consultation is the norm elsewhere. Distinction is central to Peru's Prior Consultation Law and Colombia's Constitutional Court Sentence T-129/2011.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: social-governance--fpic-vs-consultation
alternate name: Legal Distinction of Community Rights
is based on: UN OHCHR FPIC Guidance
is based on: Peru Prior Consultation Law No. 29785
is based on: Colombia Constitutional Court Sentence T-129/2011.

Free Prior and Informed Consent (FPIC)
type: DefinedTerm
description: Right of Indigenous Peoples to give or withhold consent to actions affecting their lands, territories and resources — free from coercion, given before authorisation, and based on full information disclosure. Codified in UNDRIP Article 32, ILO Convention 169 and IFC PS7.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: social-governance--free-prior-and-informed-consent-fpic
alternate name: Indigenous Consent Right
is based on: UN Declaration on the Rights of Indigenous Peoples (UNDRIP) Article 32
is based on: ILO Convention 169 (1989)
is based on: IFC Performance Standard 7 (2012).

Grievance Mechanism
type: DefinedTerm
description: Formal, accessible, culturally appropriate system through which affected community members can raise concerns and receive responses from the company. Required under IFC PS1 and UN Guiding Principles on Business and Human Rights (Effectiveness Criteria — UNGP 31).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: social-governance--grievance-mechanism
alternate name: Formal Community Complaint System
is based on: IFC Performance Standard 1
is based on: UN Guiding Principles on Business and Human Rights Principle 31
is based on: OECD Guidelines for Multinational Enterprises.

IBA
type: DefinedTerm
description: A negotiated agreement between a mining or resource company and an indigenous community, setting out the terms under which the project will proceed, including royalties, employment, training and environmental commitments; common in Canada and Australia.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: social-governance--iba
alternate name: Impact and Benefit Agreement (IBA)
is based on: PDAC e3 Plus, pdac.ca
is based on: AFN, afn.ca

ILO Convention 169
type: DefinedTerm
description: ILO Convention 169 (1989): the primary binding international treaty on Indigenous Peoples' rights. Ratified by 24 countries including Norway, Denmark, Mexico, Peru, Argentina, Chile, Brazil, Colombia. Establishes right to consultation, land rights and cultural protection.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: social-governance--ilo-convention-169
alternate name: Indigenous and Tribal Peoples Convention
is based on: ILO Convention 169 (1989) Concerning Indigenous and Tribal Peoples
is based on: ILO Ratification Status Database
is based on: UN OHCHR Indigenous Peoples Rights.

Impact Benefit Agreement (IBA)
type: DefinedTerm
description: Legally binding agreement between a mining company and an Indigenous or local community defining benefits (employment quotas, revenue sharing, business opportunities, cultural protections) in exchange for community support. Standard in Canadian mining (>500 IBAs signed since 2000).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: social-governance--impact-benefit-agreement-iba
alternate name: Community Compensation Contract
is based on: Government of Canada Indigenous Services IBA Framework
is based on: Prospectors and Developers Association of Canada IBA Guide
is based on: UN Declaration on the Rights of Indigenous Peoples.

Licence to Operate
type: DefinedTerm
description: The ongoing acceptance and approval by local communities and other stakeholders of a mining company's activities; not a formal regulatory licence but a reflection of the quality of community relations, FPIC processes and benefit-sharing arrangements.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: social-governance--licence-to-operate
alternate name: Social Licence to Operate (SLO)
is based on: Mining industry usage; referenced in ICMM sustainability reports and PDAC e3 Plus guidelines

Local Content Requirement
type: DefinedTerm
description: Legal obligation to source a defined percentage of goods, services or employment locally (village, district, national). Widespread: Angola Petroleum Local Content Law, Ghana Minerals Development Fund Act, Indonesia UU Minerba 2020, Zambia Mines Act 2015 §60.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: social-governance--local-content-requirement
alternate name: Domestic Sourcing Obligation
is based on: World Bank Local Content Policies Review
is based on: UNCTAD Investment Policy Review Series
is based on: IISD Local Content Best Practices Guide.

Sacred Site
type: DefinedTerm
description: A place of spiritual, cultural or historical significance to an indigenous community; in Australian mining law, protected under the Aboriginal and Torres Strait Islander Heritage Protection Act 1984; requires cultural heritage assessment prior to surface disturbance.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: social-governance--sacred-site
alternate name: Sacred Site / Significant Aboriginal Site
is based on: Aboriginal and Torres Strait Islander Heritage Protection Act 1984 (Cth)
is based on: NNTC, nntc.com.au

SLP
type: DefinedTerm
description: A regulatory requirement for all holders of mining rights in South Africa, stipulating social and labour commitments including local employment, skills development, mine community development and housing; submitted to and approved by the DMRE under the MPRDA.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: social-governance--slp
alternate name: Social and Labour Plan (South Africa)
is based on: Mineral and Petroleum Resources Development Act (MPRDA), DMRE South Africa, dmre.gov.za

Social Licence to Operate (SLO)
type: DefinedTerm
description: Informal, dynamic acceptance by local communities and stakeholders granting a company implicit permission to operate — distinct from statutory licence. Not legally enforceable but critical to project viability. Loss of SLO has stopped or delayed >$25B of mining projects globally (Ipsos MORI 2020).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: social-governance--social-licence-to-operate-slo
alternate name: Community Acceptance of Operations
is based on: ICMM Social Licence to Operate Framework
is based on: Ipsos MORI Global Mining Trust Survey
is based on: UN Global Compact SLO Working Paper.

UN Guiding Principles on Business and Human Rights (UNGP)
type: DefinedTerm
description: 31 principles endorsed by UN Human Rights Council in 2011, establishing State duty to protect, corporate responsibility to respect, and access to remedy. Foundation of modern human-rights due diligence laws (France Duty of Vigilance, Germany Supply Chain Act 2023, EU CSDDD).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: social-governance--un-guiding-principles-on-business-and-human-rights-ungp
alternate name: State Duty and Corporate Responsibility Framework
is based on: UN Human Rights Council Resolution 17/4 (2011)
is based on: OHCHR UNGP Reporting Framework
is based on: UN Working Group on Business and Human Rights.

Voluntary Principles on Security and Human Rights
type: DefinedTerm
description: Multi-stakeholder initiative established 2000 providing guidance to extractive companies on maintaining safety and security while respecting human rights. Signatories include Rio Tinto, BHP, Anglo American, and 34 governments and NGOs.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: social-governance--voluntary-principles-on-security-and-human-rights
alternate name: VPSHR
is based on: Voluntary Principles on Security and Human Rights Initiative
is based on: UN Guiding Principles on Business and Human Rights
is based on: OHCHR Business and Human Rights Portal.

Biodiversity Offset
type: DefinedTerm
description: A measurable conservation outcome from actions designed to compensate for significant residual adverse biodiversity impacts after avoidance and mitigation; offsets are implemented as a last resort in the mitigation hierarchy and must achieve no-net-loss or net gain.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: environment-closure--biodiversity-offset
alternate name: Biodiversity Offset / Conservation Offset
is based on: Business and Biodiversity Offsets Programme (BBOP) Standard (2012), forest-trends.org

Closure Liability
type: DefinedTerm
description: Discounted present value of expected future closure and post-closure obligations, recognised on the balance sheet as a non-current liability under IAS 37 and IFRS 6. Major miners hold $2-15B closure provisions each; discount rate sensitivity of ±0.5% can move book value by 10-25%.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: environment-closure--closure-liability
alternate name: Balance-Sheet Provision for Site Retirement
is based on: IAS 37 Provisions, Contingent Liabilities and Contingent Assets
is based on: IFRS 6 Exploration for and Evaluation of Mineral Resources
is based on: SEC Regulation S-K Item 1300.

Cumulative Impact Assessment
type: DefinedTerm
description: Assessment of the combined environmental and social effects of multiple past, present and reasonably foreseeable projects in the same region. Increasingly required for mining developments in the Andean copper belt, Canadian tar sands and DRC copper-cobalt belt where multiple operators interact.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: environment-closure--cumulative-impact-assessment
alternate name: Aggregate Multi-Project Environmental Analysis
is based on: IFC Good Practice Handbook on Cumulative Impact Assessment
is based on: Canadian Impact Assessment Act 2019 §22
is based on: EU Directive 2014/52 Annex IV.

Environmental Impact Assessment (EIA)
type: DefinedTerm
description: Comprehensive study — often 2-4 years and thousands of pages — assessing biophysical, social and economic impacts of a proposed mine or smelter. Required under national laws (US NEPA, EU Directive 2014/52, Canadian IAAC, Chile SEIA) and IFC PS1 for lender-financed projects. Public consultation and government approval precede construction.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: environment-closure--environmental-impact-assessment-eia
alternate name: Statutory Pre-Approval Environmental Study
is based on: US NEPA 42 USC §4332
is based on: EU Directive 2014/52/EU
is based on: IFC Performance Standard 1
is based on: Equator Principles 4.

Environmental Rehabilitation Plan (ERP)
type: DefinedTerm
description: Site-specific plan detailing how disturbed land, water and infrastructure will be restored during operations and at closure. Australia requires ERPs under state Mining Acts (e.g., Queensland Mineral Resources Act 1989); financial assurance (reclamation bond) is calibrated to the plan cost estimate.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: environment-closure--environmental-rehabilitation-plan-erp
alternate name: Progressive and Closure Rehabilitation Program
is based on: Queensland Environmental Protection Act 1994
is based on: Western Australia Mining Rehabilitation Fund Act 2012
is based on: ICMM Integrated Mine Closure Good Practice Guide.

Equator Principles
type: DefinedTerm
description: Financial industry benchmark (140+ signatory institutions) for identifying and managing environmental and social risk in project finance ≥$10M. Requires IFC PS-aligned due diligence, categorisation A/B/C, action plans, independent review and ongoing monitoring. EP4 (2020) adds climate change, human rights and Indigenous Peoples chapters.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: environment-closure--equator-principles
alternate name: Voluntary Bank Framework for Project Finance
is based on: Equator Principles 4 (July 2020)
is based on: Equator Principles Association Annual Report
is based on: UN Guiding Principles on Business and Human Rights.

ESIA vs EIA
type: DefinedTerm
description: Where EIA covers biophysical impacts, ESIA integrates social, cultural, health, human-rights and gender dimensions. IFC PS1 mandates ESIA for high-risk projects. Emerging jurisdictions (Guinea, DRC, Papua New Guinea) increasingly require ESIA rather than EIA-only for mining and refining.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: environment-closure--esia-vs-eia
alternate name: Environmental and Social Impact Assessment
is based on: IFC Performance Standard 1 ESIA Requirements
is based on: World Bank ESIA Handbook
is based on: Equator Principles 4 §5.1.

Financial Assurance
type: DefinedTerm
description: A financial instrument (cash bond, bank guarantee, insurance bond, or reclamation trust) required by regulators to ensure mining companies have set aside funds to cover the full cost of mine rehabilitation and closure, protecting the public from orphan mine liabilities.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: environment-closure--financial-assurance
alternate name: Mine Closure Financial Assurance (Rehabilitation Bond)
is based on: ICMM Mine Closure Good Practice Guide; state mine closure legislation (WA DMIRS, Ontario Ministry of Energy, Mines and Minerals)

IBAT
type: DefinedTerm
description: An online tool developed by IUCN, UNEP-WCMC, Conservation International, and BirdLife International that combines the IUCN Red List, World Database on Protected Areas, and World Database of Key Biodiversity Areas; used by mining companies and their lenders to screen project footprints for biodiversity sensitivity during due diligence.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: environment-closure--ibat
alternate name: Integrated Biodiversity Assessment Tool (IBAT)
is based on: IBAT, 'About IBAT', ibat-alliance.org.

IFC PS6
type: DefinedTerm
description: An IFC environmental and social standard that requires project developers and companies receiving IFC financing to protect biodiversity, avoid impacts in Critical Habitats (where no-net-loss is required), and apply the mitigation hierarchy; applicable to all Equator Principles-aligned project finance transactions.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: environment-closure--ifc-ps6
alternate name: IFC Performance Standard 6: Biodiversity Conservation
is based on: IFC, 'Performance Standard 6: Biodiversity Conservation and Sustainable Management of Living Natural Resources' (2012)

IUCN Red List
type: DefinedTerm
description: IUCN Red List of Threatened Species — the authoritative global inventory of biodiversity conservation status (Least Concern, Near Threatened, Vulnerable, Endangered, Critically Endangered, Extinct in the Wild, Extinct). Central input to IFC PS6 Critical Habitat determinations for mining projects.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: environment-closure--iucn-red-list
alternate name: Global Conservation Status Register
is based on: IUCN Red List Categories and Criteria v3.1
is based on: IUCN Species Survival Commission
is based on: CBD Convention on Biological Diversity Article 2.

Mine Closure Plan
type: DefinedTerm
description: A formal document outlining the planned activities for decommissioning a mine, rehabilitating disturbed areas, managing long-term water and environmental obligations, and delivering post-closure monitoring; required by most mining regulators and by ICMM's Mine Closure Good Practice Guide.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: environment-closure--mine-closure-plan
is based on: ICMM Mine Closure Good Practice Guide (2019), icmm.com; state/national mining legislation

Mitigation Hierarchy
type: DefinedTerm
description: A sequence of actions for managing biodiversity impacts: first avoid, then minimise, then rehabilitate/restore, and finally offset residual impacts; the foundational principle of IFC PS6, TNFD, IUCN and ICMM biodiversity guidelines.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: environment-closure--mitigation-hierarchy
alternate name: Mitigation Hierarchy (Biodiversity)
is based on: IFC Performance Standard 6
is based on: Business and Biodiversity Offsets Programme (BBOP), forest-trends.org

No-Net-Loss
type: DefinedTerm
description: A target in which the total biodiversity impacts of a project or company are offset by conservation actions so that net biodiversity outcomes are neutral or positive relative to the baseline; the minimum standard required by IFC PS6 for projects in critical habitats.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: environment-closure--no-net-loss
alternate name: No-Net-Loss (NNL) of Biodiversity
is based on: IFC Performance Standard 6 (Biodiversity Conservation and Sustainable Management of Living Natural Resources), ifc.org

Reclamation Bond / Closure Bond
type: DefinedTerm
description: Cash, letter of credit, bank guarantee, insurance policy or surety bond posted with the regulator to guarantee funds for post-closure rehabilitation if the operator defaults. US SMCRA sets minimums for coal ($10K/acre floor); hard-rock varies by state ($5K-$50K/acre). Global mining sector total bonded assurance exceeds $80 billion.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: environment-closure--reclamation-bond-closure-bond
alternate name: Financial Assurance for Site Rehabilitation
is based on: US SMCRA 30 USC §1259
is based on: Australia WA Mining Rehabilitation Fund
is based on: UN PRI Mining Company Financial Assurance Guide.

Rehabilitation Trust Fund
type: DefinedTerm
description: Ring-fenced trust or escrow account holding cash or securities dedicated to closure and post-closure costs, insulated from the operator's bankruptcy. Australia's Mining Rehabilitation Fund (Western Australia) and Chile's Cierre de Faenas Mineras funds operate at national scale.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: environment-closure--rehabilitation-trust-fund
alternate name: Segregated Closure-Cost Fund
is based on: Chile Ley 20.551 Cierre de Faenas Mineras
is based on: Western Australia Mining Rehabilitation Fund Act 2012
is based on: ICMM Financial Provisioning for Mine Closure.

SBTN
type: DefinedTerm
description: An initiative providing frameworks for companies to set verified targets for freshwater, land and ocean aligned with the science of nature recovery; developed by IUCN, WWF, Conservation International and others; aligned with the Kunming-Montreal Global Biodiversity Framework.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: environment-closure--sbtn
alternate name: Science Based Targets for Nature
is based on: SBTN, sciencebasedtargetsnetwork.org

Section 404 Permit (US Clean Water Act)
type: DefinedTerm
description: US Army Corps of Engineers permit under Clean Water Act §404 required to discharge dredged or fill material into 'waters of the United States' — including wetlands. Central regulatory choke-point for US mining projects (Pebble Mine, Rosemont Copper). USACE co-issues with EPA and state agencies.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: environment-closure--section-404-permit-us-clean-water-act
alternate name: Dredge-and-Fill Permit for Waters of the US
is based on: US Clean Water Act 33 USC §1344
is based on: USACE Regulatory Program
is based on: US EPA §404(c) Veto Authority.

TNFD
type: DefinedTerm
description: An international initiative that published voluntary disclosure recommendations (September 2023) for organisations to report on nature-related risks and opportunities using the LEAP (Locate, Evaluate, Assess, Prepare) approach; aligned with the Kunming-Montreal Global Biodiversity Framework Target 15.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: environment-closure--tnfd
alternate name: Taskforce on Nature-related Financial Disclosures
is based on: TNFD Final Recommendations, tnfd.global, September 2023

AusIMM
type: DefinedTerm
description: Professional body for people working in the minerals sector across Australasia, founded 1893 and incorporated by Royal Charter. AusIMM administers the Chartered Professional (CP) designation across nine disciplines (geoscience, mining, metallurgy, environment, etc.), is one of the Recognised Professional Organisations under the JORC Code 2012, and runs the AusIMM Professional Certificate suite plus the annual Mineral Resource Estimation Conference.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: education-credentials--ausimm
alternate name: The Australasian Institute of Mining and Metallurgy
is based on: AusIMM, 'Chartered Professional Program' —
is based on: JORC Code 2012, Clause 8 (Competent Person definition) —

CFA Charter
type: DefinedTerm
description: Professional credential awarded by the CFA Institute (Charlottesville, VA, founded 1947 as the Financial Analysts Federation). Requires passing three sequential six-hour examinations covering ethics, quantitative methods, economics, financial reporting, corporate finance, equity, fixed income, derivatives, alternatives (including commodities and digital assets since the 2024 curriculum), portfolio management and wealth planning, plus 4,000 hours of qualified investment work and a Code of Ethics undertaking.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: education-credentials--cfa-charter
alternate name: Chartered Financial Analyst Designation
is based on: CFA Institute, 'CFA Program Curriculum' —
is based on: CFA Institute Code of Ethics and Standards of Professional Conduct (2024) —

Chartered Professional
type: DefinedTerm
description: A regulated professional designation conferred by a learned society or statutory body that attests to verified academic qualifications, supervised work experience, peer-reviewed competency assessment, ethical undertaking, and ongoing Continuing Professional Development. Chartered status is portable across jurisdictions through mutual-recognition agreements between bodies such as AusIMM, IOM3, CIM, SAIMM, SME and MMSA and underpins the Competent / Qualified Person definitions used in reporting codes (JORC, NI 43-101, SAMREC, PERC).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: education-credentials--chartered-professional
alternate name: Chartered Professional (Mining, Metallurgy, Materials)
is based on: Engineering Council UK, 'Standard for Chartered Engineer (CEng)' —
is based on: CRIRSCO International Reporting Template (2019) —

CIM (Canada)
type: DefinedTerm
description: Canadian learned society founded 1898 that maintains the CIM Definition Standards for Mineral Resources & Mineral Reserves — the technical underpinning of NI 43-101 disclosure for all Canadian-listed issuers. CIM administers Professional Membership grades, publishes the CIM Best Practice Guidelines for Mineral Resource Estimation, and is the Canadian Recognised Professional Organisation under JORC/CRIRSCO.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: education-credentials--cim-canada
alternate name: Canadian Institute of Mining, Metallurgy and Petroleum
is based on: CIM Definition Standards (10 May 2014) —
is based on: National Instrument 43-101, Section 1.2 —

Exchange-Run Training Programme
type: DefinedTerm
description: Education, certification, and continuing-professional-development courses operated directly by a recognised exchange or self-regulatory organisation as an extension of its market-integrity mandate. Examples include LME Education (introductory and advanced base-metals courses), the LBMA Executive Programme (annual residential at Henley Business School), CME Group Education (futures fundamentals through proprietary OTC clearing), ICE Education (energy & commodities derivatives), SGX Learning, HKEX Training Courses, JPX Academy, DGCX, and SHFE's Future Talent programmes. Distinct from third-party training because curricula reference the exchange's own rulebooks and clearing operations.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: education-credentials--exchange-run-training-programme
alternate name: Exchange-Operated Education / Training Programme
is based on: LME, 'Education' —
is based on: LBMA, 'Events & Education' —
is based on: CME Group, 'Education' —
is based on: HKEX, 'Training Courses' —

Executive Education
type: DefinedTerm
description: Short-format (typically 2 days to 6 weeks), high-fee, non-degree courses delivered by university business or engineering schools to mid-career professionals. Distinct from MOOCs in that the awarding institution is the host university itself, faculty are normally permanent academics, cohorts are capped, and certificates carry the university's name. Examples in tokenization and digital assets include MIT Sloan Executive Education 'Blockchain Technologies: Business Innovation and Application', Oxford Saïd 'Blockchain Strategy Programme', and Wharton's standalone certificate suite (subsequently migrated to Coursera).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: education-credentials--executive-education
alternate name: Non-Degree Executive Education (University-Owned)
is based on: MIT Sloan Executive Education —
is based on: Oxford Saïd Business School —

FRM
type: DefinedTerm
description: Professional certification administered by the Global Association of Risk Professionals (GARP, Jersey City, founded 1996). The FRM consists of two computer-based examinations (Part I — foundations, quantitative analysis, financial markets & products, valuation & risk models; Part II — market, credit, operational, liquidity, investment risk management and current issues) plus two years of qualified risk-management work experience. Holders are recognised by the Federal Reserve, ECB, IMF, BIS and most major commodity-trading houses.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: education-credentials--frm
alternate name: Financial Risk Manager (GARP)
is based on: GARP, 'FRM Certification' —
is based on: GARP FRM Study Guide (2025) —

IOM3
type: DefinedTerm
description: UK-based professional engineering institution incorporated by Royal Charter (2002, succeeding the 1869 Iron and Steel Institute and the 1892 Institution of Mining and Metallurgy). IOM3 is licensed by the Engineering Council to award Chartered Engineer (CEng), Chartered Scientist (CSci) and Chartered Environmentalist (CEnv) titles in materials, minerals, mining and packaging, and is a Recognised Professional Organisation under the JORC Code and the PERC Reporting Standard.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: education-credentials--iom3
alternate name: Institute of Materials, Minerals and Mining (UK)
is based on: IOM3, 'Professional Registration' —
is based on: PERC Reporting Standard 2021 —

LBMA Executive Programme
type: DefinedTerm
description: Annual two-week residential programme run by the London Bullion Market Association in partnership with Henley Business School (University of Reading). Curriculum covers gold and silver market structure, vaulting, refining, the London Good Delivery list, OTC clearing, central-bank operations, and Responsible Gold Guidance compliance. Open to mid-career professionals; cohorts are capped at approximately 30.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: education-credentials--lbma-executive-programme
alternate name: LBMA Executive Programme at Henley Business School
is based on: LBMA, 'Events & Education' —
is based on: Henley Business School —

Learned Society
type: DefinedTerm
description: Membership organisation, typically incorporated by Royal Charter or statute, established to advance a profession or scientific discipline through peer-reviewed publication, ethical regulation, and credential conferral. In minerals reporting, only Recognised Professional Organisations (ROPOs / RPOs) listed by the JORC Code, NI 43-101, SAMREC, PERC, SME Guide or KAZRC may certify Competent Persons / Qualified Persons whose signatures bind public technical reports.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: education-credentials--learned-society
alternate name: Learned Society / Professional Body
is based on: CRIRSCO International Reporting Template (2019), Section 6.1 —
is based on: JORC Code 2012, Clause 8 —

LME Education
type: DefinedTerm
description: Education arm of the London Metal Exchange offering classroom and online courses spanning 'Introduction to LME', 'LMEselect Trading Mechanics', 'Warehousing and Physical Delivery', and bespoke client academies. Curriculum maps directly to the LME Rulebook and is the de-facto onboarding standard for new base-metals traders, brokers, and warehouse operators worldwide.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: education-credentials--lme-education
alternate name: London Metal Exchange — Education Programme
is based on: London Metal Exchange, 'Education' —

MMSA
type: DefinedTerm
description: United States professional society founded 1908. The MMSA Qualified Professional (QP) designation is one of the Acceptable Foreign Associations under National Instrument 43-101 and a Recognised Professional Organisation under the JORC Code, allowing US-based Qualified Persons to sign technical reports for Canadian and Australian listings.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: education-credentials--mmsa
alternate name: Mining and Metallurgical Society of America
is based on: MMSA, 'Qualified Professional Program' —
is based on: NI 43-101, Appendix —

MOOC
type: DefinedTerm
description: Online course designed for unlimited participation and open access via the web. The format was named in 2008 (Cormier & Alexander, University of Manitoba course CCK08) and scaled from 2012 via platforms such as Coursera, edX and FutureLearn. University-branded MOOCs (e.g. Wharton's 'Cryptocurrency and Blockchain — An Introduction to Digital Currencies' on Coursera) deliver the same lecturer and curriculum as on-campus electives but at a fraction of the cost (typically USD 49–79 per certificate) and without university-credit conferral unless explicitly stated.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: education-credentials--mooc
alternate name: Massive Open Online Course
is based on: Cormier, D., & Siemens, G. (2010) 'Through the Open Door: Open Courses as Research, Learning, and Engagement', EDUCAUSE Review —
is based on: Coursera, 'Wharton Cryptocurrency and Blockchain' —

OpenCourseWare (OCW)
type: DefinedTerm
description: Free, openly licensed (Creative Commons BY-NC-SA) archive of substantially all undergraduate and graduate course materials taught at the Massachusetts Institute of Technology, launched 2002. Course '15.S12 Blockchain and Money' (Fall 2018), taught by Prof. Gary Gensler (subsequently Chair of the U.S. Securities and Exchange Commission, 2021-2025), is the most cited free reference course for digital-asset regulation. OCW provides lecture video, slides, problem sets and reading lists but does not grant credit or certificates.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: education-credentials--opencourseware-ocw
alternate name: MIT OpenCourseWare — Free Lecture Archive
is based on: MIT OpenCourseWare, '15.S12 Blockchain and Money (Fall 2018)' —
is based on: MIT OCW License —

SAIMM
type: DefinedTerm
description: Professional body founded 1894 representing minerals-sector professionals across Southern Africa. SAIMM administers the Fellow (FSAIMM) grade, co-authored the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC 2016), and is a Recognised Professional Organisation under the JORC Code 2012 and the SSC (South African SAMREC Code).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: education-credentials--saimm
alternate name: Southern African Institute of Mining and Metallurgy
is based on: SAIMM, 'Membership Grades' —
is based on: SAMREC Code 2016 —

SME (USA)
type: DefinedTerm
description: United States professional society founded 1871 (originally as part of AIME) representing mining engineers, metallurgists and exploration geologists. SME publishes the SME Mining Engineering Handbook, maintains the Registered Member designation accepted as a Recognised Professional Organisation under the JORC Code, and co-authors the SME Guide for Reporting Exploration Information, Mineral Resources and Mineral Reserves (2017).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: education-credentials--sme-usa
alternate name: Society for Mining, Metallurgy & Exploration (USA)
is based on: SME, 'Registered Member Program' —
is based on: SME Guide 2017 —

Aluminium UBC
type: DefinedTerm
description: Post-consumer aluminium scrap category consisting entirely of used aluminium beverage cans — a highly standardised, high-value feedstock because the 3xxx-series can body and 5xxx-series can lid alloys can be re-melted directly into new sheet in a closed loop. Global UBC recycling rate exceeds 70% in the EU, US and Brazil; each recycled can saves ~95% of primary-smelter energy. Traded as ISRI 'Talk' / 'Taldon' / 'Tale.' The most economically successful closed-loop metal-recycling stream worldwide.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: recycling-secondary--aluminium-ubc
alternate name: Aluminium UBC (Used Beverage Cans)
is based on: International Aluminium Institute 'Global Aluminium Cycle' (international-aluminium.org)
is based on: Aluminum Association 'Aluminum Can Recycling' (aluminum.org)
is based on: ISRI Scrap Specifications Circular

Battery Recycling Routes (Pyro / Hydro / Direct)
type: DefinedTerm
description: Three competing process families for recovering critical metals from spent lithium-ion batteries. Pyrometallurgical (Umicore Val'Eas, Nickelhütte) — high-temperature smelting yielding a Ni-Co-Cu alloy and Li-bearing slag; robust to input mix but loses lithium and graphite. Hydrometallurgical (Redwood, Li-Cycle, Ecobat) — leach → SX → precipitation to individual battery-grade sulfates (NiSO₄, CoSO₄, MnSO₄, Li₂CO₃); higher yield of Li and cathode metals. Direct recycling (ReCell, ANL) — regenerates cathode active material without full breakdown; highest theoretical value but sensitive to input consistency.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: recycling-secondary--battery-recycling-routes-pyro-hydro-direct
alternate name: Battery Recycling Routes — Pyrometallurgical, Hydrometallurgical, Direct Recycling
is based on: IEA 'Global EV Outlook 2024 — Recycling'
is based on: DOE Argonne ReCell Center (recellcenter.org)
is based on: European Battery Alliance 'Recycling Position Paper'

Black Mass
type: DefinedTerm
description: Fine, granular, dark powder produced by mechanically shredding and thermally deactivating end-of-life lithium-ion batteries. Contains ~30-50% cathode active materials (Ni, Co, Mn oxides), 10-25% graphite anode, plus copper, aluminium, and lithium salts. Intermediate feedstock traded internationally under the Basel Convention as hazardous waste (Y26/Y29 entries); increasingly restricted for export by EU Battery Regulation 2023/1542. Recovered downstream by hydrometallurgical (leach → SX → precipitation) or pyrometallurgical (Umicore Val'Eas process) routes.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: recycling-secondary--black-mass
alternate name: Black Mass (Battery Recycling Feedstock)
is based on: EU Battery Regulation (EU) 2023/1542 (eur-lex.europa.eu)
is based on: Basel Convention Annex VIII/IX entries (basel.int)
is based on: IEA 'Global EV Outlook 2024 — Recycling'

Copper Scrap Grades (No.1 / No.2 / Birch / Cliff)
type: DefinedTerm
description: The four principal ISRI-defined copper-scrap categories. No.1 Copper (Barley/Berry/Candy) — clean unalloyed copper wire and heavy scrap, ≥99% Cu, minimum 1/16-inch thick. No.2 Copper (Birch/Cliff) — unalloyed copper with paint, solder, brazing or plating, ≥96% Cu. Copper alloys (yellow brass, red brass) are separate ISRI codes. Grade determines refiner deduction (0-15% payable-Cu reduction from CME/LME reference) and preferred smelter route (direct-melt vs converter feed).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: recycling-secondary--copper-scrap-grades-no-1-no-2-birch-cliff
alternate name: Copper Scrap Grades (No.1 Copper / No.2 Copper / Birch / Cliff)
is based on: ISRI 'Scrap Specifications Circular' (isri.org)
is based on: COMEX HG copper contract
is based on: International Copper Association 'The Copper Recycling Story' (copperalliance.org)

E-Waste
type: DefinedTerm
description: Discarded electrical and electronic equipment — computers, mobile phones, printed circuit boards (PCBs), household appliances, and industrial electronics — containing recoverable base metals (Cu, Al, Fe), precious metals (Au, Ag, Pd, Pt), rare earths, and hazardous substances (Pb, Cd, Hg, brominated flame retardants). PCB gold content typically 200-350 g/tonne (30-100× ore grade). Global generation reached 62 Mt in 2022 (UN ITU/UNITAR), with only 22.3% formally recycled. Regulated by the Basel Convention, EU WEEE Directive, and country e-waste laws.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: recycling-secondary--e-waste
alternate name: E-Waste (Electronic Waste / WEEE)
is based on: UN Global E-waste Monitor 2024 (unitar.org)
is based on: Basel Convention 'Technical Guidelines on E-waste' (basel.int)
is based on: EU WEEE Directive 2012/19/EU

End-of-Life Vehicle (ELV) Directive
type: DefinedTerm
description: European Union directive establishing responsibilities of manufacturers and authorised treatment facilities for handling end-of-life passenger vehicles and light commercial vehicles. Requires 95% reuse-and-recovery rate (85% reuse-and-recycling) by weight per vehicle from 2015, bans certain heavy metals (Pb, Cd, Cr(VI), Hg) in components, mandates take-back at no cost to the last owner, and requires depollution and dismantling by authorised treatment facilities (ATFs). Successor Regulation currently under negotiation (2026-2027).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: recycling-secondary--end-of-life-vehicle-elv-directive
alternate name: End-of-Life Vehicle (ELV) Directive (EU 2000/53/EC)
is based on: Directive 2000/53/EC (eur-lex.europa.eu)
is based on: European Commission 'End-of-Life Vehicles' review 2023
is based on: UN ECE Regulation No.116

Extended Producer Responsibility (EPR)
type: DefinedTerm
description: Environmental policy principle placing responsibility for the entire life cycle of a product — including take-back, recycling, and final disposal — on its producer, rather than on local authorities or the end consumer. Implemented through mandatory producer registers, financial contributions to Producer Responsibility Organisations (PROs), eco-design requirements, and product-specific recovery targets. Applied globally to packaging, batteries, WEEE, ELVs, textiles, tyres, and (from 2027 in the EU) construction products.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: recycling-secondary--extended-producer-responsibility-epr
is based on: OECD 'Extended Producer Responsibility — Updated Guidance' 2016 (oecd.org)
is based on: European Commission EPR framework in Waste Framework Directive 2008/98/EC as amended
is based on: UN Basel EPR Guidance

ISRI Grade
type: DefinedTerm
description: Global scrap-metal grading nomenclature published by the Institute of Scrap Recycling Industries (ISRI, Washington DC) in the 'Scrap Specifications Circular.' Assigns short codes (Barley, Berry, Birch, Cliff, Zorba, Twitch, Taldon, Shred, Bushling, Busheling, HMS 1&2, No.1 HMS) to distinct scrap forms and compositions. Standard reference for contracts, LMEshred index, and cross-border scrap trade under ICC Incoterms. Updated approximately annually.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: recycling-secondary--isri-grade
alternate name: ISRI Grade (Scrap Metal Classification)
is based on: ISRI 'Scrap Specifications Circular' (isri.org)
is based on: LME 'LMEshred contract specification' (lme.com)
is based on: ICC Incoterms 2020

Secondary Metal Ratio
type: DefinedTerm
description: Share of total metal supply derived from post-consumer scrap and industrial recycling rather than from primary mined ore. Aluminium ~35% globally (60%+ in the EU); copper ~30-35%; lead >65% (dominated by battery recycling); steel ~30-40%; nickel ~35%; gold ~25-30%. Tin, tungsten, cobalt and platinum-group metals also show high secondary ratios. Rare earths remain <5% recycled. A leading circular-economy KPI in ESG reports and product carbon-footprint calculations (recycled aluminium is ~95% less energy-intensive than primary).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: recycling-secondary--secondary-metal-ratio
alternate name: Secondary Metal Ratio (Recycled Content Ratio)
is based on: International Aluminium Institute 'Global Aluminium Cycle' (international-aluminium.org)
is based on: International Copper Study Group (ICSG) 'World Copper Factbook'
is based on: UNEP International Resource Panel 'Recycling Rates of Metals'

Urban Mining
type: DefinedTerm
description: The practice of recovering metals and other materials from the anthropogenic stock accumulated in cities and industrial societies — buildings, infrastructure, vehicles, electronics, appliances, and landfills — rather than from geological ore deposits. Global anthropogenic copper stock (~600 Mt) is comparable in scale to known reserves; likewise for aluminium, iron, gold, and rare earths. Economics driven by concentration (10-1000× ore grades for many metals in PCBs and cars), regulatory push (EPR/circular economy), and primary-metal price cycles.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: recycling-secondary--urban-mining
is based on: UNEP International Resource Panel 'Metal Recycling' report (resourcepanel.org)
is based on: Graedel et al. 'Recycling Rates of Metals' UNEP 2011
is based on: European Innovation Council 'Urban Mining' cluster

WEEE Directive
type: DefinedTerm
description: European Union Waste Electrical and Electronic Equipment Directive setting collection, treatment, recycling, and recovery targets for e-waste across all Member States. Requires producers to fund end-of-life management (Extended Producer Responsibility — EPR), establishes minimum collection rate (currently 65% of average EEE placed on market), and mandates ten categories of equipment. Complemented by the RoHS Directive (restriction of hazardous substances). Enforced via national implementing legislation and national producer registers.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: recycling-secondary--weee-directive
alternate name: WEEE Directive (EU 2012/19/EU)
is based on: Directive 2012/19/EU on WEEE (eur-lex.europa.eu)
is based on: European Commission DG Environment 'WEEE' (environment.ec.europa.eu)
is based on: WEEE Forum (weee-forum.org)

ISRI Scrap Specifications
type: DefinedTerm
description: The industry-standard trading nomenclature for scrap materials published by ISRI (Institute of Scrap Recycling Industries, now ReMA — Recycled Materials Association since 2024). Defines ~200 grades across ferrous, non-ferrous, paper, plastic, electronics, glass, tire, rubber. Named grades (Twitch, Zorba, Barley, Berry, Cliff, Talk, Zurik, Zebra, HMS 1/2, Shredded 211, Bushelling 207) are used verbatim in international scrap trade contracts. Republished annually.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: recycling-secondary--isri-scrap-specifications
alternate name: ISRI Scrap Specifications Circular (SSC)
is based on: ReMA (formerly ISRI) Scrap Specifications Circular

Twitch
type: DefinedTerm
description: ISRI-designated non-ferrous scrap grade: shredded aluminium fraction from auto shredder output (post-Zorba further separation via eddy current + heavy media). >90% aluminium content, low ferrous <2%. Used as furnace charge in secondary aluminium smelters producing A380/A356 die-cast alloys. Traded FOB North America Twitch, price benchmark Fastmarkets American Metal Market (AMM).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: recycling-secondary--twitch
alternate name: Twitch — Shredded Non-Ferrous Aluminium Scrap
is based on: ReMA Scrap Specifications Circular, Non-Ferrous Section

Zorba
type: DefinedTerm
description: ISRI non-ferrous grade: 3-inch minus mixed metal fraction from automobile shredder residue after ferrous magnetic separation and eddy current separation. Composition: ~65-75% Al, ~5-10% Cu, ~5% Zn, ~5% Pb, ~3% stainless, ~3% Mg + brass + others. Named after Zorba the Greek (mixed everything). Traded by Cu-equivalent content or as-is; exported historically to China until 2018 National Sword ban, now Malaysia/Vietnam/India/domestic US processors.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: recycling-secondary--zorba
alternate name: Zorba — Mixed Non-Ferrous Auto Shred
is based on: ReMA Scrap Specifications Circular
is based on: Bureau of International Recycling Non-Ferrous Metals Division, bir.org

Zurik
type: DefinedTerm
description: ISRI non-ferrous grade: the stainless-steel-rich fraction separated from Zorba using induction sensor sorting (Steinert/TOMRA/Redwave sensor-based sorting). ~30-70% stainless (304/430), remainder copper, brass, other non-ferrous. Feedstock for stainless smelters (Aperam, Outokumpu, POSCO Stainless). Higher value than Zorba due to Ni + Cr content, priced against LME Nickel + Ferrochrome.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: recycling-secondary--zurik
alternate name: Zurik — Stainless-Enriched Non-Ferrous Fraction
is based on: ReMA Scrap Specifications Circular
is based on: TOMRA Sorting Solutions technical documentation

Talk
type: DefinedTerm
description: ISRI non-ferrous grade for insulated copper wire and cable, chopped/granulated then air-separated to remove PVC/rubber insulation. Sub-grades: Talk 1 (bright, minimum 99% Cu recovery, ≥65% Cu content); Talk 2 (mixed lower recovery). Used as EAF/Isasmelt/Contimelt feedstock in secondary copper refineries. Aurubis, KGHM, Wieland process. ELV directive drives increased volumes.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: recycling-secondary--talk
alternate name: Talk — Insulated Copper Wire (Chopped)
is based on: ReMA Scrap Specifications Circular

Zebra
type: DefinedTerm
description: ISRI non-ferrous grade for mixed non-ferrous machining turnings and borings: aluminium, copper, brass, bronze, minor zinc/lead. Lower value than clean grades due to sorting complexity + cutting-oil contamination. Requires deoiling/drying before smelting. Traded by average Cu-content assay.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: recycling-secondary--zebra
alternate name: Zebra — Mixed Aluminium/Copper/Brass Turnings
is based on: ReMA Scrap Specifications Circular

Barley
type: DefinedTerm
description: ISRI non-ferrous grade for automotive/HVAC copper radiators and heat exchangers, typically brass-tank + copper-fin construction. ~85-90% Cu + brass. Priced at discount to Berry due to brass content. Feedstock for copper secondary refineries and brass mills.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: recycling-secondary--barley
alternate name: Barley — Copper Radiator Scrap
is based on: ReMA Scrap Specifications Circular

Berry
type: DefinedTerm
description: ISRI non-ferrous grade: bright, uncoated, unalloyed, uncontaminated copper wire, minimum 99% Cu, ≥1/16 inch diameter. Highest-value copper scrap grade — priced at very small discount to LME Copper Cash (typically 95-98%). Chopped from clean insulated wire (post-Talk processing) or from copper wire mill scrap. Direct feedstock for continuous cast copper rod plants without refining.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: recycling-secondary--berry
alternate name: Berry — Clean Copper Wire Nodules
is based on: ReMA Scrap Specifications Circular
is based on: Copper Development Association CDA

Birch/Cliff
type: DefinedTerm
description: ISRI copper wire grades: Birch = No.1 clean unalloyed copper wire, minimum 96% Cu (with allowable tin coating), no soldered/insulated pieces. Cliff = No.2 clean copper wire, minimum 94% Cu, may include some solder/alloy/coating. Both are baled or loose. Priced at LME Cash minus discount depending on grade: Birch ~85-92% LME, Cliff ~75-85% LME.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: recycling-secondary--birch-cliff
alternate name: Birch (No.1 Copper Wire) / Cliff (No.2 Copper Wire)
is based on: ReMA Scrap Specifications Circular
is based on: CME Group Copper Scrap Reference

Lake
type: DefinedTerm
description: ISRI non-ferrous grade for insulated copper cable and electronic wire from WEEE (Waste Electrical and Electronic Equipment), including power supply cords, jumpers, harnesses. Multi-alloy insulation (PVC/polyethylene/nylon), various Cu content 25-65%. Processed through granulation + air table + eddy current. Feedstock for secondary Cu smelters; Aurubis, Boliden, Umicore key European processors.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: recycling-secondary--lake
alternate name: Lake — Insulated WEEE Cable
is based on: ReMA Scrap Specifications Circular
is based on: Umicore Precious Metals Refining publications

HMS 1/2
type: DefinedTerm
description: ISRI ferrous scrap grades and global export benchmark: HMS 1 = No.201, ≥6 mm thick clean steel scrap, no cast iron, no galvanized. HMS 2 = No.202, ≥3 mm thick, may include galvanized/coated. HMS 1&2 (80:20) is the world Turkey CFR export benchmark — $300-500/t reference. Used as EAF feedstock, dominant flow: US/Europe → Turkey (largest importer 20+ Mt/year), Bangladesh, Pakistan, Vietnam, Egypt.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: recycling-secondary--hms-1-2
alternate name: HMS 1 & HMS 2 — Heavy Melting Steel
is based on: ReMA Scrap Specifications Circular
is based on: Fastmarkets Ferrous Scrap Price Assessments — Turkey CFR benchmark

Bushelling
type: DefinedTerm
description: ISRI grade No.207: prime new production scrap from steel mills, stampings, punchings, sheet cuttings, factory bundles — never rusted, low residuals (Cu <0.15%, Sn <0.02%). Highest-quality ferrous scrap, EAF melters premium feedstock. Priced $50-150/t premium over shredded/HMS 1. Prompt scrap flow from auto OEM stamping plants (Ford, GM, Toyota) direct to EAF steel mills (Nucor, SDI, CMC).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: recycling-secondary--bushelling
alternate name: Bushelling — Prime Ferrous Scrap No.207
is based on: ReMA Scrap Specifications Circular
is based on: American Iron and Steel Institute AISI Prime Scrap Report

Acid Mine Drainage (AMD)
type: DefinedTerm
description: Low-pH (2-4) metal-laden water produced when sulphide minerals (pyrite, arsenopyrite) oxidise on exposure to air and water in waste rock, tailings or open pits. Perpetual treatment liability — often century-scale. USGS estimates 40% of US western headwaters are AMD-affected. Prevention (dry-stack tailings, water covers) is cheaper than treatment.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: water-management--acid-mine-drainage-amd
alternate name: Sulphuric Water from Sulphide Ores
is based on: USGS Acid Mine Drainage
is based on: INAP Global Acid Rock Drainage Guide (GARD Guide)
is based on: US EPA AMD Overview.

Brine
type: DefinedTerm
description: Highly saline water (typically >5% dissolved solids) that carries commercially recoverable lithium, potassium, boron or magnesium. Salar brines (Chile, Argentina, Bolivia) are the low-cost source of ~40% of world lithium. Direct Lithium Extraction (DLE) technologies process brine in hours rather than the 18-24 months of solar evaporation ponds.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: water-management--brine
alternate name: Mineral-Concentrated Saline Water
is based on: USGS Lithium Mineral Commodity Summary
is based on: SQM Salar Report
is based on: IEA Global Critical Minerals Outlook.

Groundwater Rights
type: DefinedTerm
description: Statutory or riparian right to extract water from a specified aquifer. Ranges from prior-appropriation ('first in time, first in right' — western US) to correlative rights (California) to state-controlled licences (Australia, Chile). Water-scarce jurisdictions (Chile Water Code 1981) treat groundwater rights as tradable property.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: water-management--groundwater-rights
alternate name: Legal Entitlement to Aquifer Water
is based on: Chile Código de Aguas 1981
is based on: California Sustainable Groundwater Management Act 2014
is based on: Australia National Water Initiative.

Mine Dewatering
type: DefinedTerm
description: Pumping of groundwater and pit water from active mining excavations to keep workings dry and prevent flooding. Typical open-pit copper mine dewatering: 20-200 L/s; deep gold shafts (South Africa, Kazakhstan) can require 500-1500 L/s from 3+ km depth. Dewatered water may be treated and reused or discharged under NPDES/MPD permit.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: water-management--mine-dewatering
alternate name: Removal of Water from Underground Workings
is based on: SME Mining Engineering Handbook
is based on: USGS Groundwater Atlas
is based on: IFC EHS Guidelines for Mining.

Reverse Osmosis Desalination
type: DefinedTerm
description: Semi-permeable membrane process converting seawater or brackish water into freshwater by high-pressure pumping. Chilean copper mines (BHP Escondida, Antofagasta Los Pelambres) use desalination + pipelines to eliminate freshwater draw from Andean aquifers. Typical energy: 3-4 kWh/m³; capex $1200-2400/m³/day.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: water-management--reverse-osmosis-desalination
alternate name: Membrane Freshwater Production
is based on: IDA Desalination Yearbook
is based on: Chile Comisión Chilena del Cobre Water Report
is based on: ISO 22400 Desalination Terminology.

Tailings Water Reclaim
type: DefinedTerm
description: Recycling of decant water from the tailings storage facility (TSF) back to the concentrator, typically 40-70% of process water. Reduces freshwater intake but concentrates dissolved metals and salts (secondary contamination risk). Global Industry Standard on Tailings Management (GISTM) requires quantitative water-recovery reporting.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: water-management--tailings-water-reclaim
alternate name: Recovery of Water from Tailings Facility
is based on: Global Industry Standard on Tailings Management (GISTM 2020)
is based on: ICMM Water Reporting Guide
is based on: MAC Towards Sustainable Mining Water Framework.

Thickened Tailings
type: DefinedTerm
description: Tailings dewatered to 55-80% solids by disc thickeners or vacuum filters before storage, versus conventional slurry (30-40% solids). Reduces water inventory, seepage risk and dam-failure consequence. GISTM 2020 promotes thickened, paste and filtered ('dry-stack') tailings as best practice for new facilities in seismic or wet climates.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: water-management--thickened-tailings
alternate name: Paste and Dewatered Tailings
is based on: GISTM 2020 Principle 6.5
is based on: MAC Guide to the Management of Tailings Facilities
is based on: ICMM Preventing Catastrophic Failure of Tailings Storage Facilities.

Water Balance
type: DefinedTerm
description: Systematic accounting of all water inputs (precipitation, groundwater, freshwater supply) and outputs (evaporation, discharge, tailings entrainment, product moisture) at a mining or smelting site. Required annually under IFC PS3 and ICMM Water Reporting Guide. Positive balance sites need active dewatering; negative balance sites depend on external supply and drought resilience.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: water-management--water-balance
alternate name: Site Water Mass Accounting
is based on: ICMM A Practical Guide to Consistent Water Reporting
is based on: IFC Performance Standard 3
is based on: GRI 303 Water and Effluents 2018.

Water Risk (WRI Aqueduct)
type: DefinedTerm
description: WRI Aqueduct 4.0 baseline water-stress index (0-5) combines demand, supply variability, drought risk and groundwater decline into a location-specific score. Widely used by ICMM members and IFRS S2 climate disclosures to identify assets in 'extremely high' water-stress basins. Copper industry: 24% of production in high/extremely-high stress basins.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: water-management--water-risk-wri-aqueduct
alternate name: Geospatial Water-Stress Index
is based on: WRI Aqueduct 4.0 Methodology
is based on: ICMM Water Stewardship Framework
is based on: IFRS S2 Climate-related Disclosures.

Zero Liquid Discharge (ZLD)
type: DefinedTerm
description: Water treatment strategy that recovers 100% of process water and produces only solid residues — no liquid discharge to rivers or oceans. Achieved via multi-effect evaporation + crystallisation. Mandatory for lithium brine operations in Chile's Salar de Atacama and Chinese copper smelters under GB 25467-2010. Capex $20-80M for mid-scale plants.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: water-management--zero-liquid-discharge-zld
alternate name: No Aqueous Effluent to Environment
is based on: China GB 25467-2010 Emission Standard
is based on: US EPA ZLD Technology Report
is based on: UNEP Global Chemicals Outlook II.

Back-In Right
type: DefinedTerm
description: Contractual right allowing a government or joint-venture partner to acquire an additional interest in a project after commercial discovery is established, typically by paying its share of historic costs plus a premium. Standard in Canadian northern territories and Alaska state leases.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: jv-ownership-structures--back-in-right
alternate name: Post-Discovery Government or Partner Interest
is based on: Canadian Mining Association Model JV Agreement
is based on: Government of Alaska Department of Natural Resources Mining Regulations
is based on: JCMSCo Practical Guide to JV Structures.

Cash Call
type: DefinedTerm
description: Notice from the JV operator to non-operating partners requesting their pro-rata share of budgeted expenditure, typically monthly. Non-payment triggers default provisions including dilution, forfeiture or forced sale. Governed by the Joint Operating Agreement.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: jv-ownership-structures--cash-call
alternate name: JV Partner Funding Notice
is based on: AIPN Model Form Joint Operating Agreement
is based on: SME Mining Engineering Handbook §2.6
is based on: JCMSCo Australian JV Precedent.

Dilution Formula
type: DefinedTerm
description: Contractual formula in a JV that reduces a partner's interest when it fails to contribute its pro-rata share of a cash call. Standard 'straight-line' dilution: new % = old % × (contributions/total). Punitive dilution formulas (e.g., 2× or 3× multiplier) discourage free-riding.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: jv-ownership-structures--dilution-formula
alternate name: Interest Reduction on Non-Contribution
is based on: AIPN Model Form JOA §7.2
is based on: SME Mining JV Practice Guide
is based on: Rocky Mountain Mineral Law Foundation Model Forms.

Drag-Along Rights
type: DefinedTerm
description: Contractual right allowing a majority shareholder to force minority shareholders to join a sale to a third party. Ensures the majority can deliver 100% of shares to a buyer that requires full control (common in private-equity exits).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: jv-ownership-structures--drag-along-rights
alternate name: Forced Minority Sale Right
is based on: International Bar Association Model M&A Deal Points
is based on: JCMSCo JV Precedent
is based on: ICSA Shareholders' Agreement Guide.

Earn-In
type: DefinedTerm
description: Mechanism through which a party earns joint-venture interest by contributing exploration or development expenditure. Structured with staged milestones (initial 25% for $X; further 26% for feasibility study; further 24% for construction commitment).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: jv-ownership-structures--earn-in
alternate name: Contribution-Based Interest Vesting
is based on: AIPN Model Form Earn-In Agreement
is based on: JCMSCo JV Precedent
is based on: SME Mining Engineering Handbook Chapter 2.6.

Farm-In Agreement
type: DefinedTerm
description: Agreement under which one party (farmee) earns a percentage interest in a mineral project by funding a defined work programme over a specified period. Common in exploration-stage joint ventures where a major mines' capital funds a junior's ground in exchange for 51-70% earn-in.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: jv-ownership-structures--farm-in-agreement
alternate name: Staged Acquisition of Project Interest
is based on: AIPN Model Form Farmout Agreement
is based on: JCMSCo Australian JV Precedent
is based on: Rocky Mountain Mineral Law Foundation Mining Agreements.

Pre-Emption Right
type: DefinedTerm
description: Contractual or statutory right allowing existing shareholders to subscribe pro rata to new share issuances before external investors, protecting their percentage interest from dilution. Statutory in UK Companies Act 2006 §561 unless disapplied by special resolution.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: jv-ownership-structures--pre-emption-right
alternate name: First Right of Purchase on New Issuance
is based on: UK Companies Act 2006 §561
is based on: ICSA Shareholders' Agreement Guide
is based on: International Bar Association Corporate Governance Committee.

Right of First Refusal (ROFR)
type: DefinedTerm
description: Contractual right allowing an existing shareholder or JV partner to acquire an interest offered to a third party on the same terms. Standard in mining JV agreements to prevent hostile transfers to competitors. Enforceable in common-law and civil-law jurisdictions.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: jv-ownership-structures--right-of-first-refusal-rofr
alternate name: Preferential Purchase Right
is based on: AIPN Model Form JOA §12.3
is based on: JCMSCo Australian JV Precedent
is based on: International Bar Association Model M&A Deal Points.

Sole Risk Election
type: DefinedTerm
description: JV provision allowing one partner to fund a specific activity (e.g., drilling programme, feasibility study) at its sole cost and risk when other partners decline. If successful, the sole-risk party recovers investment plus a premium (typically 200-500%) before other partners can back in.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: jv-ownership-structures--sole-risk-election
alternate name: Individual-Funded JV Activity
is based on: AIPN Model Form JOA §8
is based on: SME Mining JV Practice Guide
is based on: JCMSCo Australian JV Precedent.

Tag-Along Rights
type: DefinedTerm
description: Contractual right allowing minority shareholders to join a sale of the majority stake to a third party on the same price and terms. Protects minorities from being left with an unknown or less-desirable co-owner after a control transfer.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: jv-ownership-structures--tag-along-rights
alternate name: Minority Sale Participation Right
is based on: International Bar Association Model M&A Deal Points
is based on: JCMSCo JV Precedent
is based on: UK ICSA Shareholders' Agreement Guide.

SGE
type: DefinedTerm
description: China's primary physical gold market, established 2002 under PBoC oversight. Operates spot contracts (Au9999, Au9995, Au50g) and delivery-linked auctions. World's largest physical gold exchange by delivered volume. Distinct from SHFE which handles gold futures.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rmb-commodity-pricing--sge
alternate name: Shanghai Gold Exchange
is based on: Shanghai Gold Exchange —

Shanghai Gold Benchmark Price (SGBP)
type: DefinedTerm
description: Twice-daily RMB/gram gold price fix launched by SGE on 19 April 2016. Set via centralized auction at 10:15 and 14:15 Beijing time. First non-USD major gold benchmark. Competes with LBMA Gold Price and provides basis for China-specific gold products and RMB-hedged instruments.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rmb-commodity-pricing--shanghai-gold-benchmark-price-sgbp
alternate name: SGE Yuan-Denominated Gold Fix
is based on: SGE Benchmark —

SHFE
type: DefinedTerm
description: China's principal non-agricultural futures exchange (metals + energy + rubber). Trades copper, aluminium, zinc, lead, nickel, tin, gold, silver, steel rebar, hot-rolled coil, and fuel oil. Prices in RMB/tonne. Warehouse deliveries in Shanghai, Guangdong, Jiangsu, Zhejiang. Key benchmark for physical Chinese metal trade.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rmb-commodity-pricing--shfe
alternate name: Shanghai Futures Exchange
is based on: SHFE —

SHFE-LME Arbitrage
type: DefinedTerm
description: Trade exploiting price gap between SHFE (RMB/tonne inclusive of VAT + import duty) and LME (USD/tonne CIF). Import arbitrage window opens when Shanghai price minus LME price minus import cost exceeds zero. Key indicator of Chinese physical demand. Published as 'import arbitrage window' by market data vendors.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rmb-commodity-pricing--shfe-lme-arbitrage
alternate name: Cross-Market Copper/Aluminium Price Differential
is based on: SHFE + LME — and https://www.lme.com/

Bonded Warehouse (China)
type: DefinedTerm
description: Customs-supervised warehouses in Shanghai Waigaoqiao, Yangshan, Qianwan Bonded Zones where imported metal is stored without VAT/import-duty payment until entered into domestic market. Basis for 'Yangshan copper premium' — key indicator of Chinese physical demand vs LME price.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rmb-commodity-pricing--bonded-warehouse-china
alternate name: Duty-Suspended Metal Storage
is based on: SHFE International Bonded Delivery —

SGE International Board (SGEI)
type: DefinedTerm
description: SGE's international gold trading platform launched September 2014 in Shanghai FTZ. RMB-denominated but open to foreign participants via bonded gold. Trades physical gold kilobars deliverable in Shanghai FTZ vaults. Anchor for internationalization of SGBP fix.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: rmb-commodity-pricing--sge-international-board-sgei
alternate name: Shanghai Gold International Board
is based on: SGE International —

JORC Code
type: DefinedTerm
description: Australian technical reporting standard for public disclosure of exploration, resources, and reserves. Maintained by JORC Committee (AusIMM, AIG, MCA). Latest edition 2012 (2025 revision in consultation). Mandatory for ASX-listed miners. Basis for CRIRSCO Template. Signed off by Competent Person.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: technical-reports-reserves--jorc-code
alternate name: Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves
is based on: JORC —

NI 43-101
type: DefinedTerm
description: Canadian securities disclosure standard for mineral projects, adopted by CSA (Canadian Securities Administrators) in 2001. Mandatory for TSX/TSX-V-listed miners. Requires Technical Report signed by Qualified Person. Aligns with CIM Definition Standards. Most widely used mineral disclosure framework globally.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: technical-reports-reserves--ni-43-101
alternate name: National Instrument 43-101 Standards of Disclosure for Mineral Projects
is based on: CSA / OSC —

SK-1300
type: DefinedTerm
description: US SEC mineral disclosure regulation effective January 2021, replacing legacy Industry Guide 7. Aligns US standards with CRIRSCO/JORC/NI 43-101. Requires Qualified Person sign-off on Technical Report Summary. Applies to US-listed miners including foreign private issuers.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: technical-reports-reserves--sk-1300
alternate name: US SEC Subpart 1300 of Regulation S-K
is based on: US SEC —

PERC Reporting Standard
type: DefinedTerm
description: European technical reporting standard equivalent to JORC/NI 43-101. Adopted by European Federation of Geologists, EAGE, IOM3, IGI, GSSA. Recognized by ESMA and London Stock Exchange AIM market. Latest edition 2021.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: technical-reports-reserves--perc-reporting-standard
alternate name: Pan-European Reserves and Resources Reporting Committee Standard
is based on: PERC —

SAMREC Code
type: DefinedTerm
description: South African technical reporting standard. Maintained by SAMREC Committee (SAIMM + GSSA). Mandatory for JSE-listed miners. Latest edition 2016. Complemented by SAMVAL Code for valuation. Basis for African mineral disclosure.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: technical-reports-reserves--samrec-code
alternate name: South African Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves
is based on: SAMCODES —

CRIRSCO Template
type: DefinedTerm
description: International template that harmonizes national reporting codes (JORC, NI 43-101, SK-1300, PERC, SAMREC, Chile, Mongolia, Russia, India, Kazakhstan, Turkey). CRIRSCO founded 1994. Latest template 2019. Recognized by ICMM, IFRS Sustainability Standards Board.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: technical-reports-reserves--crirsco-template
alternate name: Committee for Mineral Reserves International Reporting Standards Template
is based on: CRIRSCO —

Qualified Person (QP)
type: DefinedTerm
description: Engineer or geoscientist authorized to prepare or supervise Technical Report under NI 43-101 or SK-1300. Requires ≥5 years relevant experience, membership in recognized professional organization, and specific expertise in mineralization/deposit type. Legally liable for accuracy.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: technical-reports-reserves--qualified-person-qp
alternate name: Individual Authorized to Sign Technical Report (NI 43-101/SK-1300)
is based on: CIM Definition Standards —

Competent Person (CP)
type: DefinedTerm
description: Individual authorized to sign JORC/PERC/SAMREC reports. Requires ≥5 years relevant experience and membership in recognized professional organization (AusIMM, AIG, SAIMM, EurGeol, IOM3). Personally responsible for public disclosure. Same function as QP under Canadian/US regimes.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: technical-reports-reserves--competent-person-cp
alternate name: JORC/PERC/SAMREC Equivalent of QP
is based on: JORC / SAMREC / PERC codes

Inferred Mineral Resource
type: DefinedTerm
description: Mineral Resource for which quantity and grade are estimated on limited geological evidence and sampling. Low confidence. Cannot be converted directly to Mineral Reserve. Additional drilling required to upgrade to Indicated or Measured. Cannot be included in economic evaluation for feasibility studies.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: technical-reports-reserves--inferred-mineral-resource
alternate name: Lowest Confidence Resource Category
is based on: CIM / JORC 2012 Definitions

Indicated Mineral Resource
type: DefinedTerm
description: Mineral Resource where quantity, grade, and geological continuity are estimated with sufficient confidence to allow mine planning and economic evaluation. Convertible to Probable Reserve after Modifying Factors applied. Requires drilling density adequate for continuity confirmation.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: technical-reports-reserves--indicated-mineral-resource
alternate name: Middle Confidence Resource Category
is based on: CIM / JORC 2012 Definitions

Measured Mineral Resource
type: DefinedTerm
description: Mineral Resource where quantity, grade, and geological continuity are estimated with high confidence, based on detailed sampling. Convertible to Proven Reserve after Modifying Factors applied. Highest reliability category. Requires closely-spaced drilling.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: technical-reports-reserves--measured-mineral-resource
alternate name: Highest Confidence Resource Category
is based on: CIM / JORC 2012 Definitions

Probable Mineral Reserve
type: DefinedTerm
description: Economically mineable part of Indicated (and in some cases Measured) Mineral Resource after applying Modifying Factors (mining, metallurgical, economic, marketing, legal, environmental, social, governmental). Lower confidence than Proven. Includes diluting materials and losses.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: technical-reports-reserves--probable-mineral-reserve
alternate name: Economically Mineable Portion of Indicated Resource
is based on: CIM / JORC 2012 Definitions

Proven Mineral Reserve
type: DefinedTerm
description: Economically mineable part of Measured Mineral Resource, with Modifying Factors applied. Highest confidence reserve category. Represents highest confidence in geology, grade, and economic viability. Basis for LOM plans and reserve life ratios.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: technical-reports-reserves--proven-mineral-reserve
alternate name: Economically Mineable Portion of Measured Resource
is based on: CIM / JORC 2012 Definitions

Modifying Factors
type: DefinedTerm
description: Mining, metallurgical, economic, marketing, legal, environmental, social, and governmental considerations applied to convert Mineral Resources to Mineral Reserves. Must be reasonable and justified. Include cut-off grade, dilution, recovery, commodity price assumptions, opex, capex, permits, tax regime.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: technical-reports-reserves--modifying-factors
alternate name: Factors Converting Resource to Reserve
is based on: CIM / JORC 2012 Clause 32

Cut-off Grade (COG)
type: DefinedTerm
description: Lowest grade (e.g. g/t Au, % Cu) below which material is classified as waste, above which as ore. Determined by commodity price, mining cost, processing cost, recovery, royalties. Marginal cut-off (in-pit) vs internal cut-off. Fundamental to reserve calculation and LOM planning.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: technical-reports-reserves--cut-off-grade-cog
alternate name: Minimum Ore Grade for Economic Extraction
is based on: CIM Best Practice Guidelines

PEA (Scoping Study)
type: DefinedTerm
description: Earliest-stage technical study, ±35-50% accuracy. May include Inferred Resources. Establishes conceptual mining and processing scenarios. Non-bankable. Under NI 43-101, may not be used to declare Reserves. Typically <2% of feasibility-level engineering.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: technical-reports-reserves--pea-scoping-study
alternate name: Preliminary Economic Assessment
is based on: AACE International Class 5-4 estimates

PFS (Prefeasibility Study)
type: DefinedTerm
description: Intermediate technical study, ±25% accuracy. Must use Measured/Indicated Resources for Reserve conversion. First stage at which Mineral Reserves may be declared under NI 43-101 and SK-1300. Includes trade-off studies (open-pit vs underground, process routes). Basis for major capex decision preparation.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: technical-reports-reserves--pfs-prefeasibility-study
alternate name: Prefeasibility Study
is based on: AACE International Class 3 estimate

FS / DFS / BFS
type: DefinedTerm
description: Final technical study, ±10-15% accuracy. Basis for financing (bankable). Detailed engineering (~30% design). Firm capex/opex, defined LOM plan, EIA approved, permits substantially secured. Required for project debt financing. Terminology varies: FS (generic), DFS (definitive, JORC), BFS (bankable, common in Africa/Asia).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: technical-reports-reserves--fs-dfs-bfs
alternate name: Feasibility Study / Definitive / Bankable
is based on: AACE International Class 3-2 estimate

Strip Ratio
type: DefinedTerm
description: Volume or tonnage of waste rock that must be removed to extract one unit of ore in open-pit mining. Expressed as t waste : t ore or bcm waste : t ore. Key economic driver — high strip ratio (e.g. >10:1) reduces margins. Life-of-mine average vs annual (may vary phase-by-phase).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: technical-reports-reserves--strip-ratio
alternate name: Waste-to-Ore Ratio in Open Pit Mining
is based on: SME Mining Engineering Handbook

Mining Dilution
type: DefinedTerm
description: Waste rock or low-grade material inadvertently mined with ore, lowering delivered grade. Planned dilution (design, e.g. drill-blast overbreak) vs unplanned dilution (operational). Expressed as % of run-of-mine (ROM). Critical for grade reconciliation and reserve accuracy.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: technical-reports-reserves--mining-dilution
alternate name: Waste Material Included with Ore During Mining
is based on: SME Mining Engineering Handbook

Mining Recovery
type: DefinedTerm
description: Percentage of Mineral Reserve actually mined and delivered to processing plant. Losses occur due to pillars, geometric constraints, dilution below cut-off, or safety exclusions. Distinct from metallurgical recovery (plant process yield). Both multiplied to get overall project recovery.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: technical-reports-reserves--mining-recovery
alternate name: Percentage of In-Situ Resource Extracted
is based on: SME Mining Engineering Handbook

Reconciliation (M&I to Recovered)
type: DefinedTerm
description: Systematic comparison of Model (block model estimate) vs Grade Control (short-term production model) vs Mill (actual metal in concentrate). Assesses model accuracy. Persistent negative reconciliation flags resource estimation error, requiring model update. Reported quarterly by many majors.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: technical-reports-reserves--reconciliation-m-i-to-recovered
alternate name: Comparison of Modeled Resource vs Actual Mine Output
is based on: AusIMM Reconciliation Guidelines

Annual Report
type: DefinedTerm
description: Comprehensive yearly financial and operational report required by securities regulators. US-listed miners file 10-K (domestic) or 20-F (foreign private issuer) with SEC; UK/AU/CA/HK file jurisdictional equivalents. Includes MD&A, audited financials, risk factors, executive compensation, reserves & resources tables. Rio Tinto, BHP, Anglo American, Glencore, Freeport all publish.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: public-reports-disclosures--annual-report
alternate name: Annual Report to Shareholders / 10-K / 20-F
is based on: US SEC / UK FCA / ASX / TSX / HKEX listing rules

Integrated Report
type: DefinedTerm
description: Combined financial + non-financial (ESG, governance, strategy) report following IIRC Framework (now part of ISSB/IFRS). Structured around Six Capitals (financial, manufactured, intellectual, human, social & relationship, natural). Adopted by Anglo American (pioneer), Vale, Newmont, Gold Fields. Voluntary but growing under ISSB S1.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: public-reports-disclosures--integrated-report
alternate name: IIRC / IFRS Integrated Reporting Framework
is based on: IFRS Foundation Integrated Reporting —

Sustainability Report (GRI)
type: DefinedTerm
description: Annual ESG disclosure following GRI Sustainability Reporting Standards. Universal Standards (GRI 1-3) + Topic Standards + Sector Standards (GRI 14 Mining published 2024). Covers emissions, water, biodiversity, community, safety, human rights. De facto industry standard — used by all ICMM members. Reports typically ~150-300 pages.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: public-reports-disclosures--sustainability-report-gri
alternate name: Global Reporting Initiative Standards Sustainability Report
is based on: GRI —

TCFD Climate Report
type: DefinedTerm
description: Climate risk and opportunity disclosure across four pillars: Governance, Strategy, Risk Management, Metrics & Targets. Established 2015 by FSB, absorbed into ISSB in 2023. Mandatory in UK (2022), NZ (2023), Japan (Prime Market listings), Singapore (SGX listings). Scope 1/2/3 emissions and 1.5°C/2°C scenario analysis required.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: public-reports-disclosures--tcfd-climate-report
alternate name: Task Force on Climate-related Financial Disclosures Report
is based on: FSB / ISSB —

ISSB S1/S2 Report
type: DefinedTerm
description: Baseline global sustainability reporting standards issued by ISSB (International Sustainability Standards Board) in June 2023, effective January 2024 for early adopters. S1 = general sustainability-related financial information. S2 = climate-related disclosures (absorbs TCFD). Being adopted by 20+ jurisdictions including UK, Canada, Australia, HK, Singapore, Brazil, Japan.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: public-reports-disclosures--issb-s1-s2-report
alternate name: IFRS Sustainability Disclosure Standards S1 (General) & S2 (Climate)
is based on: IFRS Foundation ISSB —

ICMM GISTM Tailings Disclosure
type: DefinedTerm
description: Public disclosure requirement under ICMM Global Industry Standard on Tailings Management (August 2020, post-Brumadinho). Mandates disclosure of all tailings storage facilities including consequence classification, dam safety review status, and Independent Tailings Review Board findings. Full compliance deadline August 2025 for existing 'extreme/very high' consequence facilities.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: public-reports-disclosures--icmm-gistm-tailings-disclosure
alternate name: Global Industry Standard on Tailings Management Disclosure
is based on: ICMM / UNEP / PRI GISTM —

Modern Slavery Statement
type: DefinedTerm
description: Annual disclosure required for companies with turnover >£36m (UK, Section 54, 2015) or >AUD100m (Australia, 2018). Must describe supply chain due diligence, training, risk assessment, and remediation of forced labour, human trafficking, and child labour. Mining supply chains flagged high-risk — cobalt DRC, gold ASM, tin/tungsten/tantalum 3TG.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: public-reports-disclosures--modern-slavery-statement
alternate name: UK Modern Slavery Act / Australia Modern Slavery Act Statement
is based on: UK Home Office / Australian Border Force —

Payments to Governments Report
type: DefinedTerm
description: Public disclosure of all payments (taxes, royalties, fees, production entitlements, bonuses, dividends, infrastructure improvements) ≥€100K per project made by extractive companies to host governments. EU Accounting Directive 2013/34/EU + Transparency Directive 2013/50/EU + UK Reports on Payments to Governments Regulations 2014 + Canada ESTMA (Extractive Sector Transparency Measures Act, 2015).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: public-reports-disclosures--payments-to-governments-report
alternate name: EU Directive 2013/50/EU + Canada ESTMA + UK Chapter 10
is based on: EU / UK / Canada Natural Resources —

EITI Country Report
type: DefinedTerm
description: Annual report published by EITI-implementing country reconciling company payments vs government receipts from oil, gas, and mining. Requires disclosure of licenses, contracts, beneficial ownership, production, revenue distribution. 57 implementing countries as of 2025 including Indonesia, DRC, Kazakhstan, Peru, Colombia. EITI Standard 2019 latest version.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: public-reports-disclosures--eiti-country-report
alternate name: Extractive Industries Transparency Initiative Country Report
is based on: EITI —

Reserves & Resources Statement
type: DefinedTerm
description: Annual restatement of Mineral Resources and Ore Reserves per JORC/NI 43-101/SK-1300/PERC/SAMREC. Signed by CP/QP. Published as chapter in Annual Report or standalone document. Reconciled with prior year (depletion, additions, revisions, transfers). Basis for reserve life ratio (R/P) and market valuation.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: public-reports-disclosures--reserves-resources-statement
alternate name: Annual Mineral Reserves and Resources Update
is based on: JORC / NI 43-101 / SK-1300 codes

Quarterly Production Report (QPR)
type: DefinedTerm
description: Quarterly disclosure of production tonnes, grades, recoveries, sales volumes, capex spend, guidance updates. Required by ASX (quarterly activities report), TSX-V (MD&A quarterly), voluntary but standard for LSE/NYSE-listed miners. Rio Tinto, BHP, Anglo publish. Basis for sell-side production models and analyst consensus.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: public-reports-disclosures--quarterly-production-report-qpr
alternate name: Quarterly Operational and Production Update
is based on: ASX Listing Rule 5.1-5.5 / CSA NI 51-102

Section 1504 Filing (Dodd-Frank)
type: DefinedTerm
description: US SEC rule requiring disclosure of payments ≥$100K per project made by SEC-registered extractive issuers to US federal or foreign governments. Effective 2021 (delayed from 2012 original). Filed as Form SD annually within 270 days after fiscal year-end. Covers same payment categories as EU Directive 2013/50/EU (taxes, royalties, fees, bonuses).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: public-reports-disclosures--section-1504-filing-dodd-frank
alternate name: US SEC Resource Extraction Payments Rule
is based on: US SEC Rule 13q-1 —

SASB Metals & Mining Standard
type: DefinedTerm
description: Sector-specific ESG accounting standard (SASB code EM-MM, absorbed into ISSB 2022). Defines financially-material sustainability metrics: GHG emissions, energy management, water, waste, biodiversity, community, human rights, tailings safety, business ethics. Used by BlackRock, State Street, Vanguard for investment screening.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: public-reports-disclosures--sasb-metals-mining-standard
alternate name: Sustainability Accounting Standards Board Metals & Mining Reporting
is based on: IFRS / SASB Standards —

CDP Water Disclosure
type: DefinedTerm
description: Annual voluntary water risk and management disclosure via CDP Water Security questionnaire. Covers water withdrawal, consumption, discharge quality, water-stressed basin operations, risk assessment, targets. ~4,000 companies disclose globally; A-list published annually. Growing investor pressure — 500+ investors with $130T AUM request via CDP.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: public-reports-disclosures--cdp-water-disclosure
alternate name: Carbon Disclosure Project Water Security Questionnaire
is based on: CDP —

Bismuth
type: DefinedTerm
description: Heavy post-transition metal (atomic number 83) produced almost entirely as a byproduct of lead smelting and refining (electrolytic slime, Betterton-Kroll process). Used in low-toxicity solders (replacing Pb per EU RoHS), pharmaceuticals (Pepto-Bismol, gastroprotectants), and low-melting-point alloys (Wood metal, fusible fire-safety plugs). China dominates production (~80%). USGS Mineral Commodity Summaries lists global mine production ~19,000 t/year; prices historically $4-8/lb.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trace-minor-metals--bismuth
alternate name: Bismuth (Bi)
is based on: USGS Mineral Commodity Summaries, Bismuth chapter

Antimony
type: DefinedTerm
description: Metalloid produced primarily from stibnite (Sb2S3) ore and as a byproduct of lead and copper smelting. ~55% goes into antimony trioxide (Sb2O3) for flame retardants in plastics, textiles, electronics; other uses include lead-acid battery grids (hardening alloy) and Type Ⅰ semiconductors. Listed as critical mineral by US, EU, UK, and JP. China ~55% + Tajikistan ~20% + Russia ~15% of ~110,000 t/year global mine production. Sb2O3 prices spiked >5× during 2024 China export controls.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trace-minor-metals--antimony
alternate name: Antimony (Sb)
is based on: USGS Mineral Commodity Summaries, Antimony

Selenium
type: DefinedTerm
description: Chalcogen recovered almost exclusively as a byproduct of electrolytic copper refining (anode slime, ~0.5-1 kg Se per tonne Cu refined). Uses: CIGS (copper-indium-gallium-selenide) thin-film solar cells, glass decolorizing, animal feed supplements (mandatory in EU/US), photocopier drums. Global refined output ~2,700 t/year; Japan, Germany, Belgium, Russia lead. Prices $10-40/kg cyclical with electronics demand.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trace-minor-metals--selenium
alternate name: Selenium (Se)
is based on: USGS Mineral Commodity Summaries, Selenium and Tellurium

Tellurium
type: DefinedTerm
description: Rare metalloid (crustal abundance similar to platinum) obtained from copper anode slime. Dominant use: cadmium telluride (CdTe) thin-film solar panels (First Solar produces majority of CdTe modules globally). Also thermoelectric bismuth-telluride (Bi2Te3) modules, free-machining steel additives, rubber vulcanisation. Global refined production only ~640 t/year; China ~50%, Japan/Russia/Sweden minor. Prices $60-150/kg volatile with First Solar buying.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trace-minor-metals--tellurium
alternate name: Tellurium (Te)
is based on: USGS Mineral Commodity Summaries, Selenium and Tellurium
is based on: First Solar 10-K

Germanium
type: DefinedTerm
description: Semi-metal recovered from zinc smelter residues and coal fly-ash. Uses: fiber-optic cable cores (GeO2 dopant, ~30%), infrared optics (ZnGe windows for thermal imaging, night vision, missile seekers), PET plastic polymerization catalyst, high-efficiency multi-junction solar cells for satellites. China ~68% + Russia ~5% + US ~5% of ~140 t/year global. Listed as critical mineral; China imposed export licenses in August 2023.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trace-minor-metals--germanium
alternate name: Germanium (Ge)
is based on: USGS Mineral Commodity Summaries, Germanium

Gallium
type: DefinedTerm
description: Soft silvery post-transition metal (melts at 30°C) recovered as byproduct of bauxite→alumina refining (Bayer process liquor) and zinc processing. Uses: gallium arsenide (GaAs) for RF ICs in smartphones, gallium nitride (GaN) power semiconductors for fast chargers and EV inverters, LEDs, laser diodes, solar cells. China ~98% of ~500 t/year primary production; China imposed export licenses August 2023 → prices tripled. Listed as critical mineral by US/EU/JP.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trace-minor-metals--gallium
alternate name: Gallium (Ga)
is based on: USGS Mineral Commodity Summaries, Gallium

Indium
type: DefinedTerm
description: Soft silvery post-transition metal recovered exclusively as a byproduct of zinc refining (from sphalerite ore residues). ~70% consumed as indium tin oxide (ITO) transparent conductive coating for LCD/OLED displays and touchscreens; other uses: low-melting solders (In-Sn-Bi), CIGS solar cells, nuclear control rods (In-Ag-Cd alloy). Global refined production ~900 t/year; China ~55%, South Korea ~20%, Japan ~10%. Prices $200-800/kg.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trace-minor-metals--indium
alternate name: Indium (In)
is based on: USGS Mineral Commodity Summaries, Indium

Rhenium
type: DefinedTerm
description: Rarest naturally occurring metal (crustal abundance ~0.4 ppb), recovered as byproduct of molybdenum roasting (from porphyry copper deposits, Chile ~55% + US ~15% + Poland/Kazakhstan). ~80% consumed in single-crystal nickel-based superalloys for jet engine turbine blades (Pratt & Whitney, Rolls-Royce, GE Aerospace); also platinum-rhenium reforming catalysts for high-octane gasoline. Global refined output only ~55 t/year. Prices $1,000-2,500/kg.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trace-minor-metals--rhenium
alternate name: Rhenium (Re)
is based on: USGS Mineral Commodity Summaries, Rhenium

Cadmium
type: DefinedTerm
description: Toxic heavy post-transition metal (Group 12), produced as byproduct of zinc refining (~3 kg Cd per tonne Zn). Historic uses in NiCd batteries, pigments, and PVC stabilizers phased out under EU RoHS/REACH. Current uses: CdTe thin-film solar panels (First Solar), cadmium-plating for aerospace fasteners, minor alloys. Global refined ~24,000 t/year; China ~35%, Korea/Japan/Russia significant. Highly regulated (Basel Convention, WHO carcinogen).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trace-minor-metals--cadmium
alternate name: Cadmium (Cd)
is based on: USGS Mineral Commodity Summaries, Cadmium

Byproduct Metal Recovery Curve
type: DefinedTerm
description: Economic principle governing minor metals (Ga, Ge, In, Te, Se, Re, Cd, Bi): supply is derived from a primary host metal (Zn, Cu, Pb, Mo, bauxite) and does not respond price-elastically. Even a 10× price spike may not double supply because the host metal miner produces on Zn/Cu economics. Result: minor-metal prices are volatile, and downstream users face high concentration risk — captured in the "Byproduct Ratio" (fraction of supply that is byproduct). Ga (100% byproduct), Te (95%), Re (>90%), In (>95%). Contrast: Au, Ag, Ni are primary + byproduct hybrids.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: trace-minor-metals--byproduct-metal-recovery-curve
alternate name: Byproduct Metal Recovery Curve — supply economics
is based on: USGS Fact Sheet 2011-3153 "Byproduct Metals and Rare-Earth Elements Used in the Production of Light-Emitting Diodes"
is based on: Nassar et al. (2015) Environmental Science & Technology 49(6)

Blast Furnace
type: DefinedTerm
description: Tall counter-current shaft furnace (25-35 m, 4-5000 m³ working volume) that reduces iron ore (sinter + pellets + lump) using metallurgical coke and hot blast (1100-1300°C oxygen-enriched air) to produce liquid pig iron at ~1500°C. Charged from top, tapped from bottom every 2-4 hours. Modern BFs produce 8-15,000 t/day hot metal. Emits ~1.6-1.8 t CO2 per t hot metal. Dominant global route (~72% of crude steel via BF-BOF).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: iron-steel-value-chain--blast-furnace
alternate name: Blast Furnace (BF)
is based on: World Steel Association Yearbook 2024, worldsteel.org
is based on: American Iron and Steel Institute

BOF
type: DefinedTerm
description: Pear-shaped tilting vessel (150-350 t heat) that converts liquid pig iron from BF into steel by blowing pure oxygen (99.5%) through a water-cooled lance at Mach 2 for 15-20 minutes. Oxygen oxidizes C (4.5% → 0.05%), Si, Mn, P, S — exothermic reaction raises temperature from 1350°C to 1650°C, allowing ~15-25% scrap addition. Process invented VOEST Linz + Donawitz 1948-52. Now ~72% of global crude steel.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: iron-steel-value-chain--bof
alternate name: Basic Oxygen Furnace (BOF) / Linz-Donawitz Converter
is based on: World Steel Association "How Steel is Made"
is based on: VOEST-Alpine Stahl AG technical archives

BF-BOF Route
type: DefinedTerm
description: Traditional integrated hot-metal route: coke plant + sinter plant + pellet plant + blast furnace + BOF converter + continuous caster + rolling mills, all on one site (typically 5-15 Mt/year). Feed: iron ore + coking coal + limestone. Emissions ~2.0-2.3 t CO2/t crude steel — 90% from coke reduction. Examples: POSCO Pohang/Gwangyang, ArcelorMittal Dunkerque, JFE Fukuyama, Baosteel Baoshan. Contrast with DRI-EAF route.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: iron-steel-value-chain--bf-bof-route
alternate name: BF-BOF Integrated Steelmaking Route
is based on: World Steel Association Sustainability Report 2023
is based on: IEA Iron and Steel Technology Roadmap 2020

DRI
type: DefinedTerm
description: Solid iron product (~92-95% Fe metallization) produced by reducing lump/pellet iron ore below its melting point (~950°C) using natural gas (Midrex, HYL/Energiron) or coal (rotary kiln, tunnel kiln). Porous "sponge" appearance. Feed for EAF steelmaking, alternative to scrap. Global output ~136 Mt in 2023 (India 43 Mt, Iran 32 Mt, Russia 8 Mt); gas-based ~72%. Reoxidises easily → shipped as HBI or under inert atmosphere.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: iron-steel-value-chain--dri
alternate name: Direct Reduced Iron (DRI) / Sponge Iron
is based on: Midrex World Direct Reduction Statistics 2023

HBI
type: DefinedTerm
description: DRI compacted at ~700°C into dense (>5.0 g/cm³) pillow-shaped briquettes (30×50×100 mm), each ~500 g. Compaction removes porosity, making HBI seaworthy and safe to store (does not reoxidise or self-heat like sponge). Traded as merchant scrap alternative for EAF mills. Major producers: Voestalpine Corpus Christi, Cleveland-Cliffs Toledo (formerly), Metalloinvest Lebedinsky (Russia). ISO 9001 + specific ISO for HBI moisture/degradation.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: iron-steel-value-chain--hbi
alternate name: Hot Briquetted Iron (HBI)
is based on: International Iron Metallics Association (IIMA), metallics.org
is based on: IMO IMSBC Code Group B (metal cargoes)

EAF
type: DefinedTerm
description: Refractory-lined vessel (60-300 t heat) that melts steel scrap and/or DRI/HBI using three graphite electrodes carrying 60-150 MW electric arcs (up to 1400 A/mm²). Heat time ~50-70 minutes. Emissions ~0.4-0.7 t CO2/t steel (grid-dependent). Flexible on feedstock, lower capex than BF-BOF. Currently ~28% of global crude steel; growing to displace BF-BOF for decarbonization. Nucor, Steel Dynamics, CMC, Gerdau, ArcelorMittal Long Products all EAF-based.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: iron-steel-value-chain--eaf
alternate name: Electric Arc Furnace (EAF)
is based on: World Steel Association "The Future of Steel" 2023, worldsteel.org
is based on: SteelOnTheNet EAF Cost Model

DRI-EAF Route
type: DefinedTerm
description: Alternative integrated route: natural gas + iron ore pellets → DRI/HBI shaft furnace (Midrex or Energiron) → EAF melting → continuous casting. Emissions ~1.0-1.4 t CO2/t steel with natural gas; ~0.3 t with green hydrogen (HYBRIT, H2GS). Enables true decarbonization if H2 renewable. Examples: Voestalpine Corpus Christi (gas), HYBRIT SSAB pilot Luleå (H2), H2 Green Steel Boden 5 Mt (H2, start 2026). Cost ~$50-150/t premium over BF-BOF.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: iron-steel-value-chain--dri-eaf-route
alternate name: DRI-EAF Steelmaking Route
is based on: HYBRIT ssabhybrit.com
is based on: H2 Green Steel h2greensteel.com
is based on: IEA "Global Hydrogen Review 2023"

Sinter Plant
type: DefinedTerm
description: Continuous belt (Dwight-Lloyd machine, 200-600 m² grate area) that agglomerates iron ore fines (<6.3 mm) with coke breeze, limestone, and return fines into porous 5-40 mm sinter cake for blast furnace feed. Ignition hood at start (~1200°C) → downward draft combusts coke breeze, sinters particles. Output ~40,000-60,000 t/day. Major SO2, NOx, dust source — subject to EU IED BREF limits. ~60-70% of BF ferrous burden globally.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: iron-steel-value-chain--sinter-plant
alternate name: Sinter Plant / Iron Ore Sintering
is based on: European IPPC Bureau BREF for Iron and Steel Production 2013, eippcb.jrc.ec.europa.eu
is based on: American Iron and Steel Institute (AISI) technical library

Iron Ore Pellets
type: DefinedTerm
description: Uniform 9-16 mm spheres produced by rolling concentrated iron ore fines with binder (bentonite ~0.5%) into "green balls" and firing at 1250-1350°C to sinter. Fe content typically 65-67% (blast furnace grade) or 66-68% (direct-reduction grade for DRI). Major producers: Vale (Brazil, 80 Mt/year), IOC/Rio Tinto (Canada), LKAB (Sweden), Ferrexpo (Ukraine), Cleveland-Cliffs (US Great Lakes). DR-grade commands $10-25/t premium over BF-grade.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: iron-steel-value-chain--iron-ore-pellets
alternate name: Iron Ore Pellets — grate-kiln / straight-grate
is based on: Vale Annual Report 2023
is based on: Platts IODEX and Fastmarkets MB Iron Ore Index

Iron Ore Fines vs Lumps vs Pellets
type: DefinedTerm
description: Fines (<6.3 mm): direct feed to sinter plant only; ~72% of seaborne trade; Platts IODEX 62%Fe CFR China benchmark ($100-140/t typical). Lumps (6.3-40 mm): direct BF charge without sintering; ~10% of trade; lump premium $10-25/dmt. Pellets: value-added agglomerate for BF (fluxed) or DRI (acid); ~15% of trade; pellet premium $15-50/dmt above 65%Fe fines. Major grades: Pilbara Blend Fines (PB Fines), Newman lump, Carajás IOCJ 65%, Kumba SAF.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: iron-steel-value-chain--iron-ore-fines-vs-lumps-vs-pellets
alternate name: Iron Ore Product Segmentation
is based on: Rio Tinto Iron Ore product sheets
is based on: S&P Global Platts Iron Ore Assessments Guide

Pig Iron
type: DefinedTerm
description: High-carbon iron (~4.5% C + 0.5-1.5% Si + 0.1-1% Mn + P/S trace) tapped from blast furnace, cast into pigs (~35-50 kg) or shipped molten. Types: Basic Pig Iron (BPI) low-P for BOF/EAF; Foundry Pig Iron high-Si for grey cast iron castings; Nodular Pig Iron low-P/S for ductile iron (SGI); Nickel Pig Iron (NPI) ~4-15% Ni for Chinese stainless production. Merchant trade ~10 Mt/year; Ukraine (pre-war), Russia, Brazil, India major exporters. Fastmarkets MB pig iron CFR US Gulf benchmark.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: iron-steel-value-chain--pig-iron
alternate name: Pig Iron — Foundry / Basic / Nodular
is based on: International Pig Iron Institute
is based on: Fastmarkets Metal Bulletin pig iron price assessments, fastmarkets.com

Steel Scrap Grades
type: DefinedTerm
description: ISRI-classified secondary steel: HMS 1 (Heavy Melting Steel No.1, >6mm thick, no cast iron) — benchmark grade ($350-450/t CFR Turkey). HMS 2 (>3mm, some galvanized). Shredded (No.211): auto-shredder output, dense, homogeneous, EAF premium grade. Bushelling (No.207): new production scrap (stampings, punchings), highest quality, low residuals — $50-100/t premium. Turnings/Borings (No.220): machining swarf, low value. Prompt vs obsolete distinction.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: iron-steel-value-chain--steel-scrap-grades
alternate name: Steel Scrap Grades — HMS, Bushelling, Shredded
is based on: ISRI (Institute of Scrap Recycling Industries) Scrap Specifications Circular
is based on: Fastmarkets AMM Ferrous Scrap Prices

Long vs Flat Products
type: DefinedTerm
description: Long products: rebar (deformed concrete reinforcement bar, ~250 Mt/year global, Turkish rebar CFR benchmark), wire rod (coiled 5.5-25 mm, for nails/mesh/tire cord), sections (H-beams, angles, channels), rail. Flat products: HRC (hot-rolled coil, 1.5-25 mm, plates, structural), CRC (cold-rolled coil, 0.3-3 mm, appliances), HDG (hot-dipped galvanized, autobody), electrical steel (Fe-Si, transformers). Long ~50%, flat ~45%, tubes ~5% of global steel demand.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: iron-steel-value-chain--long-vs-flat-products
alternate name: Steel Long vs Flat Products — rebar, wire rod, HRC, CRC
is based on: World Steel Association Steel Statistical Yearbook
is based on: SteelBenchmarker steelbenchmarker.com

Green Steel
type: DefinedTerm
description: Steel produced with ≤0.4 t CO2/t crude steel using hydrogen direct reduction (H2-DRI) + renewable-powered EAF, versus BF-BOF baseline ~2.1 t CO2/t. Commercial pilots: HYBRIT (SSAB + LKAB + Vattenfall, first H2-DRI steel delivered to Volvo 2021), H2 Green Steel Boden (5 Mt by 2030), Salzgitter SALCOS, ArcelorMittal Hamburg. Green premium $100-300/t currently; ResponsibleSteel + First Movers Coalition + SteelZero drive demand. Adjacent standards: IEA Near-Zero-Emissions Steel definition.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: iron-steel-value-chain--green-steel
alternate name: Green Steel — H2-DRI-EAF pathway
is based on: HYBRIT Development ssabhybrit.com
is based on: ResponsibleSteel Standard v2.0

Coking Coal / Metallurgical Coke
type: DefinedTerm
description: Bituminous coal with specific properties (low ash <10%, low S <1%, high fluidity, appropriate rank Rmax 1.0-1.5%) that becomes strong porous coke when heated to 1100°C for 18-24 hours in coke oven battery (absent air). Hard Coking Coal (HCC) premium grade, benchmark Platts PLV FOB Australia ($200-400/t). Semi-Soft Coking Coal (SSCC) blend component. Coke consumption ~450-500 kg/t hot metal in modern BF. Major exporters: Australia (>60% seaborne), USA, Canada, Russia, Mongolia. Distinguished from thermal coal (steam coal) used in power.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: iron-steel-value-chain--coking-coal-metallurgical-coke
alternate name: Coking Coal → Metallurgical Coke
is based on: S&P Global Platts Coking Coal Assessments
is based on: Australian Government DISER Resources and Energy Quarterly

Bauxite
type: DefinedTerm
description: Sedimentary/lateritic rock (60-70% Al2O3·xH2O as gibbsite/boehmite/diaspore, plus Fe2O3, SiO2, TiO2) — sole commercial source of aluminium. Formed by tropical weathering of Al-silicate rocks. Major deposits: Guinea Boké (Compagnie des Bauxites de Guinée CBG), Australia Weipa/Gove/Huntly (Rio Tinto, South32), Brazil Trombetas/MRN (Vale/S32/Norsk/Alcoa), Jamaica, India, China. Global mine output ~400 Mt/year. Bauxite ratio: ~4-5 t bauxite → 2 t alumina → 1 t Al. Traded FOB spot or long-term contract; benchmark CBG Guinea 45% Al2O3.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: aluminium-value-chain--bauxite
alternate name: Bauxite Ore
is based on: USGS Mineral Commodity Summaries, Bauxite and Alumina

Bayer Process
type: DefinedTerm
description: Hydrometallurgical process (patented Karl Bayer 1888, Vienna) that dissolves bauxite in hot caustic soda (NaOH) at 140-240°C, 30-60 bar in autoclave, then precipitates purified alumina trihydrate Al(OH)3, which is calcined at 1100°C to metallurgical-grade alumina (Al2O3, "smelter-grade alumina" SGA, ≥98.5%). Yields ~2 t bauxite → 1 t alumina. Byproduct: red mud (bauxite residue), 0.5-2 t/t alumina, alkaline pH 11-13, TSF-managed. Major refineries: Alcoa Pinjarra + Wagerup + Kwinana (WA), Rio Tinto Yarwun, Hydro Alunorte (Brazil).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: aluminium-value-chain--bayer-process
alternate name: Bayer Process — Alumina Refining
is based on: USGS "Bauxite and Alumina"
is based on: Alcoa "How Aluminum is Produced" alcoa.com

Alumina
type: DefinedTerm
description: White crystalline powder produced from bauxite via Bayer process. Two commercial grades: Smelter-Grade Alumina (SGA, ~90% of trade, feedstock for aluminium smelting) and Specialty/Non-Metallurgical Alumina (NMA, ~10%, for refractories, ceramics, abrasives, catalysts, chemicals). Global SGA production ~140 Mt/year. Priced FOB Western Australia (Platts Alumina Price Index, API) and CFR China (SHFE-linked); typical $300-500/t. Alumina/aluminium price ratio ("API/LME ratio") tracked ~15-20%.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: aluminium-value-chain--alumina
alternate name: Alumina (Aluminium Oxide, Al2O3)
is based on: S&P Global Platts Alumina Price Index (API)
is based on: International Aluminium Institute (IAI) statistics, world-aluminium.org

Hall-Héroult Process
type: DefinedTerm
description: Sole commercial method for producing primary aluminium: alumina (Al2O3) dissolved in molten cryolite (Na3AlF6) bath at 950-970°C, electrolyzed with prebaked or Söderberg carbon anodes at 4.0-4.5 V and 300-600 kA per cell. Reactions: 2 Al2O3 + 3 C → 4 Al + 3 CO2. Energy intensity ~13-14 kWh/kg Al (theoretical minimum 6.3 kWh/kg). Discovered independently by Charles Hall (Pittsburgh) and Paul Héroult (Paris) in 1886. A single "pot line" has 200-400 cells producing 200-800 kt/year.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: aluminium-value-chain--hall-h-roult-process
alternate name: Hall-Héroult Electrolytic Smelting
is based on: International Aluminium Institute "Primary Aluminium Production"
is based on: Aluminium Association aluminum.org

Aluminium Smelter
type: DefinedTerm
description: Industrial facility housing hundreds of Hall-Héroult reduction cells (potlines), typically 300-800 kt/year capacity. Colocated with electricity supply (hydro, gas, coal, nuclear) because 13-14 MWh required per tonne of Al. Major smelters: Alcoa Portland (Australia), Emirates Global Aluminium Jebel Ali/Al Taweelah (UAE, 2.7 Mt/year world largest), Rusal Krasnoyarsk + Bratsk (Russia hydro), Rio Tinto Kitimat/Alma (Canada hydro), Alba Bahrain. Curtailment risk when power costs spike (Europe 2022 lost ~1 Mt).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: aluminium-value-chain--aluminium-smelter
alternate name: Aluminium Smelter (Primary)
is based on: International Aluminium Institute "Primary Aluminium Smelting Energy Intensity" world-aluminium.org
is based on: CRU Aluminium Smelter Database

Anode Grade Coke
type: DefinedTerm
description: Refined petroleum coke calcined at 1200-1400°C in rotary kiln to remove volatiles and moisture, then mixed with coal-tar pitch binder (~15%) and baked at 1100°C to form prebaked carbon anodes for Hall-Héroult smelters. Specifications: sulfur <2.5%, vanadium <300 ppm, nickel <200 ppm. Consumption ~0.4 t CPC per t Al. Major producers: Rain Carbon (India, US), Aminco, PCIC. Prices $400-800/t CPC. Constrained by declining low-S crude slate → potential critical input.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: aluminium-value-chain--anode-grade-coke
alternate name: Calcined Petroleum Coke (CPC) — Anode Grade
is based on: Rain Industries Ltd annual reports, raincarbon.com
is based on: Wood Mackenzie Aluminium Cost Service

Primary Aluminium
type: DefinedTerm
description: Newly produced aluminium from bauxite/Bayer/Hall-Héroult route, cast into ingots (~22.5 kg), sows (~700 kg), T-bars, billets, or slabs at the smelter. LME Aluminium Contract references P1020: minimum 99.7% Al, ≤0.10% Si, ≤0.20% Fe, other impurities capped. Distinguished from Secondary/Remelt Aluminium (recycled scrap). Global primary production ~70 Mt/year; China ~60%, India ~5%, Russia ~5%, Canada ~4%, UAE ~4%.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: aluminium-value-chain--primary-aluminium
alternate name: Primary Aluminium (P1020 Grade)
is based on: LME Aluminium Contract Specifications
is based on: International Aluminium Institute production statistics

Secondary Aluminium
type: DefinedTerm
description: Aluminium produced from recycled scrap (UBC beverage cans, extrusion scrap, auto shred Zorba/Twitch) via re-melting in reverberatory or induction furnaces. Energy intensity ~5% of primary (0.6 vs 13 MWh/t). Global secondary output ~35 Mt/year, growing to ~50% of total by 2050 per IAI. Priced at discount to primary depending on grade and impurity profile (Fe, Si, Cu, Zn). US: Novelis, Real Alloy; Europe: Speira, Constellium; Japan: UACJ. Key input for auto castings (A356, A380 alloys).
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: aluminium-value-chain--secondary-aluminium
alternate name: Secondary / Remelt Aluminium
is based on: International Aluminium Institute "Aluminium Recycling"
is based on: Bureau of International Recycling (BIR) Non-Ferrous Metals Division

Aluminium Semis
type: DefinedTerm
description: Cast aluminium products from smelter for downstream processing. Billets: cylindrical (5-12 inch dia, 6-8 m long), extrusion feedstock (6xxx, 7xxx series); billet premium over LME typically $250-500/t. Slabs: rectangular (200-700 mm thick, 1-2 m wide, 5-10 m long), rolled to sheet/plate; slab premium $200-400/t. T-bars/Sows: remelt-grade ingots for secondary use. Foundry alloys: A356, A380 for die-casting. Premiums quoted on top of LME Cash Aluminium as "P1020 delivery duty-paid (DDP) premium".
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: aluminium-value-chain--aluminium-semis
alternate name: Aluminium Semi-Finished Products — Billet, Slab, T-Bar
is based on: Fastmarkets Aluminium Regional Premiums
is based on: LME warrant specifications

Aluminium Extrusion
type: DefinedTerm
description: Process where heated aluminium billet (typically 6061, 6063, 6082 alloy series with Mg-Si) is pressed through steel die at 450-500°C under 5000-15000 t ram force to produce constant cross-section profiles (window frames, curtain walls, heat sinks, automotive structural). Global extrusion ~30 Mt/year, China ~50%. Downstream users tracked via Aluminium Association series designations. Recycled scrap ("extrusion press scrap") is highest-value secondary stream.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: aluminium-value-chain--aluminium-extrusion
alternate name: Aluminium Extrusion — 6xxx Alloys
is based on: Aluminum Association "Aluminum Alloys 101"
is based on: European Aluminium Association

Aluminium Rolling
type: DefinedTerm
description: Sheet, plate, and foil produced by cold- and hot-rolling aluminium slabs. Applications: Beverage cans (5182 body / 5052 end / 3104 stock ~20% of demand), automotive body sheet (6111, 5754, aluminium-intensive vehicles like F-150), aerospace plate (2024, 7075), foil (1235 for pharma/food packaging <25 μm). Global FRP ~30 Mt/year. Major rollers: Novelis (world largest, Hindalco-owned), Constellium, Speira, UACJ, Kaiser, Arconic.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: aluminium-value-chain--aluminium-rolling
alternate name: Aluminium Rolling — Flat Rolled Products (FRP)
is based on: Aluminum Association "Flat Rolled Products" aluminum.org
is based on: Novelis Inc. annual reports, novelis.com

Aluminium Smelter Curtailment
type: DefinedTerm
description: Deliberate temporary shutdown of primary Al smelter capacity due to unprofitable power costs (electricity ~35% of cash cost). Restart typically 6-12 months due to pot lining freeze. Historic waves: China Yunnan/Sichuan dry-season 2021-22 (2-3 Mt curtailed hydropower), Europe 2022 gas crisis (~1.4 Mt lost, Slovalco/Alro/Aldel closed permanently), 2015 China SGRA over-production response. Restarts announced when LME Al >$2500-2800/t with reasonable power. Tracked by CRU, Wood Mackenzie curtailment trackers.
in defined term set: TSM Hub Metals & Tokenization Glossary
term code: aluminium-value-chain--aluminium-smelter-curtailment
alternate name: Aluminium Smelter Curtailment — power-driven cutbacks
is based on: CRU Aluminium Market Outlook, crugroup.com
is based on: International Aluminium Institute quarterly production statistics