OREANDA-NEWS. March 12, 2012. Eurasian Natural Resources Corporation PLC ("ENRC" or jointly with subsidiaries - "Group"), announces additional details of the revised contract for iron ore supply in 2012 with Magnitogorsk Metallurgy Plant (MMP), reported the press-centre of KASE.

The updated contract contains the new formula for calculating the price, stipulating a 15% discount off the base global price of iron (published by Platts), in order to align prices with the current price of this raw material in the CIS market. ENRC agreed to supply at least 8 m tons of iron ore in 2012. Due to changes in the MMP contract, ENRC withdrew its previous claims to MMP requesting to reimburse damages following failure to fulfill contract terms.

Felix Vulis, CEO of ENRC says: "ENRC maintains close relationship with MMP which is reflected in the iron ore supply contract revised in the light of the existing volatility in the market and general economic uncertainty. We expect that the Group's Iron Ore Department will be operating at its full capacity in 2012".