The union cabinet on Wednesday approved renewal of a long-term agreement with Japanese and South Korean steel mills for suppling high grade Indian iron ore from April, 2015 to March, 2018, an official statement said here.
The quantities covered under the agreement will be in the range of 3.8 million tonnes to 5.5 million tonnes per year, and will be supplied primarily from the mines of the National Mineral Development Corporation (NMDC).
The contract will be executed by the Metals and Minerals Trading Corporation of India Limited (MMTC) under the Department of Commerce, it added.
Iron ore of higher grade have been supplied by India to Japan and South Korea under long term agreements during the last four to five decades.
The agreement will also help utilize surplus production of iron ore currently available in India.
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