ENRC and MMK revise iron ore supply contract for 2012

UK-listed miner Eurasian Natural Resources Corp (ENRC) has provided an update on the iron ore supply contract renegotiated with Russian steelmaker Magnitogorsk Iron and Steel Works (MMK) for 2012.
 
The revised contract is in line with regional CIS pricing, which is currently at approximately a 15 percent discount compared to global FOB prices based on the Platts iron ore pricing system.
 
ENRC has agreed to supply MMK with a minimum of 8 million mt of iron ore in 2012. Accordingly, ENRC has ceased the arbitration process commenced at the Federal Court of Australia seeking compensation from MMK for not fulfilling their previous contractual obligations.