The Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has announced that its shareholders have approved a supply agreement concluded with Kazakhstan-based natural resource group ENRC for the delivery of iron ore from ENRC's Sokolov-Sarbai Mining Production Association (SSPGO). The deal between the companies had been concluded in early March of 2007.
Under the terms of the agreement, ENRC will ship to MMK a total of 143.6 million metric tons of iron ore over a ten-year period.
The value of the contract is $8.4 billion (excluding VAT).