Grange Resources revises iron ore pellet off-take agreement with Shagang

Australia-based magnetite iron ore pellet producer Grange Resources has announced that it has reached an agreement with its major customer Chinese steel producer Jiangsu Shagang International Trade Co. Ltd (Shagang), to revise the annual off-take tonnage and the pricing mechanism applying to its iron ore pellet sales agreement for Savage River production.
 
Grange Resources stated that the annual contracted pellet off-take tonnage to Shagang will be one million mt per year. The revised pricing mechanism will be applied retrospectively to all shipments from April 1, 2012 and will not have a material effect on previously reported sales revenues.