The range of quantity of iron ore to be exported under long Term Agreements (lTA) per annum shall be 3.80 million tons per annum to 5.50 million tons per annum of both NMDC and non-NMDC origin iron ore with quantitative ceilings for export of Bailadila lumps at 1.81 million MTs per annum and Bailadila Fines at 2.71 million MTs per annum, the Central Government has informed.
Notably, the Union Cabinet Chaired by Prime Minister Narendra Modi 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 five years (i.e. 1.4.2018 up to 31.3.2023) through MMTC limited.
The present lTAs are valid until March 31, 2018. The renewed lTAs with steel mills of Japan and POSCO, South Korea shall be for a period of five years from April 1, 2018 to March 31, 2023.
Export of iron ore under the lTAs would help to strengthen India’s bilateral ties with long-standing partner countries, Japan and South Korea secure an export market and result in inflow of foreign exchange, it informed.
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.