The Union Cabinet has approved the renewal of Long Term Agreements (LTAs) for supply of iron ore (lumps and fines) of grade +64% Fe content to Japanese Steel Mills (JSMs) and POSCO, South Korea for another 5 years (i.e. 1.4.2018 up to 31.3.2023) through MMTC Limited.
Benefits: Export of iron ore under the LTAs would help to strengthen India’s bilateral ties with longstanding partner countries, Japan and South Korea secure an export market and result in inflow of foreign exchange. The agreement will enable India to secure international market for its ores and ensure stable economic ecosystem which provides direct and indirect employment in mining, logistics and related sectors.
[Press Release no. 1530134]
Ministry of Commerce & Industry