MMK shareholders approve ENRC ore supply deal

Tuesday, 04 September 2007 13:43:06 (GMT+3)   |  
       

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).

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