Corus inks concentrate supply agreement with Northern Iron

Monday, 05 January 2009 13:55:13 (GMT+3)   |  
       

Australian mining company Northern Iron has announced the signing of a five-year offtake agreement with Europe's second largest steelmaker Corus UK Ltd (Corus), a subsidiary of India's Tata Steel, in relation to its Sydvaranger Iron Project in northern Norway.

Under the terms of the agreement, Northern Iron is to sell to Corus six million mt of concentrate with a mutual option to sell an additional 2.25 million mt of concentrate over the five-year contract period.

Pricing for the concentrate will be based on Brazilian iron ore company Vale's benchmark for similar products delivered to Europe on a free on board (FOB) basis.

Northern Iron was formed to acquire the Sydvaranger Iron Project in northern Norway, in order to supply quality magnetite iron concentrate to the European and Middle East markets.


Similar articles

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

Brazilian high-grade iron ore price declines sharply in two days

27 Mar | Scrap & Raw Materials

Daily iron ore prices CFR China - March 27, 2024

27 Mar | Scrap & Raw Materials

India’s JSPL takes operational charge of iron ore complex in Venezuela

27 Mar | Steel News

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

Vale selected to begin award negotiations for US briquette plant

26 Mar | Steel News

Daily iron ore prices CFR China - March 26, 2024

26 Mar | Scrap & Raw Materials

India’s SEML subsidiary secures mining rights to iron ore block

26 Mar | Steel News

Major steel and raw material futures prices in China - March 26, 2024

26 Mar | Longs and Billet