MMTC LtdBSE 4.51 % closed the day at Rs 54.30, up 18.04%, on the Bombay Stock Exchange, after media reports suggested that the Union Cabinet has given approval to renew Long Term Agreement with Japanese and South Korean Steel Mills for supply of high grade Indian iron ore, during the three year period from April, 2015 to March, 2018.
The contract will be executed by the Metals and Minerals Trading Corporation of India (MMTC) under the Department of Commerce, said the report.
The report further highlighted that 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).
Source: ET
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