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Our Bureau

New Delhi , March 31

The Cabinet today permitted MMTC Ltd to enter into fresh long-term agreements (LTA) with Japanese, Korean and Chinese steel mills for selling iron ore for another five years starting from April.

Simultaneously, it also reduced the annual ceiling for high-grade ore exports from the famous Bailadila mines, which was a

long-standing demand of the domestic steel manufacturer.

Briefing presspersons after the meeting, the Parliamentary Affairs Minister, Mr Priya Ranjan Dasmunshi, said that "the Cabinet also decided to lower the annual ceiling for exports from the Bailadila mines to 2.7 million tonnes of lumps as against 3.0 mt and 1.81 mt of fines compared to 3.8 mt per year."

The iron ore produced at Bailadila contains more than 64 per cent metallic iron. MMTC supplies this ore under LTAs. The fresh LTAs to be signed by MMTC primarily revolves around quantity and duration of the contract and would determine how much iron-ore can be exported by the company. The fresh agreements would help in increasing iron ore exports.

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