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Related Party Transactions

3 Months Ended

Mar. 31, 2019

NOTE 17 – RELATED PARTY TRANSACTIONS

Mr. Robert I. Paller has been a non-executive director of the Company since November 1, 2009. The Company has retained and continues to retain Smith, Gambrell & Russell, LLP (“SGR”), a law firm with which Mr. Paller holds a position. In the first three months of 2019 the Company incurred fees from SGR of $0.2 million (first three months of 2018 – $0.1 million). As at March 31, 2019, the amount due to SGR from the Company was $0.0 million (December 31, 2018 - $0.0 million).

Mr. David F. Landless has been a non-executive director of the Company since January 1, 2016 and is a non-executive director of Ausurus Group Limited which owns European Metal Recycling Limited (“EMR”). The Company has sold scrap metal to EMR in 2019 for a value of $0.3 million. A tendering process is operated to select the best buyer for the sale of scrap metal by the Company. As at March 31, 2019, EMR did not owe any money for scrap metal purchased from the Company.