[miningmx.com] – KUMBA Iron Ore will amend its long-term pricing mechanism with ArcelorMittal South Africa (AMSA) in which sales of the mineral will be based on export parity prices, said Reuters.
The newswire said that AMSA will be given a discount and the price will be calculated based on the international index.
“The current market environment presents significant challenges for the mining and steel industries,” said Norman Mbazima, CEO of Kumba. “This pricing amendment is commercially acceptable and sustainable for both parties,” he said.
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