Market
Conference
Kumba may halt Arcelor ore supply if no interim deal
作者：25 发布时间：2010-05-25 文字大小：【大】【中】【小】
JOHANNESBURG: Kumba Iron Ore, a unit of Anglo American, said it may opt to halt supplies of ore to ArcelorMittal's South African unit if the two parties cannot reach an interim agreement over a supply dispute. Kumba in February terminated the long-term deal which allowed the steelmaker to receive ore from Kumba at a discount and said it would sell to ArcelorMittal South Africa at market rates from March 1.
The unit of ArcelorMittal, the world's top steelmaker, rejected a proposal by Kumba to pay the difference between the discounted and market prices into a separate account until a resolution of the dispute. "If they cannot come to an interim agreement, Kumba will have to review the supply arrangement ... termination of supply would be an absolute last resort, but at some stage Kumba has to start protecting its rights," a Kumba spokeswoman said on Monday.
Kumba wants to charge market rates for iron ore supplies to the unit of the world's top steelmaker, but ArcelorMittal's unit has said a deal with Kumba to supply iron ore at a discount was valid and binding. Kumba said in a separate statement on Monday that it had applied to court to review the government's award of a prospecting right to Imperial Crown Trading over a stake in one of its mines previously held by ArcelorMittal.
Sourced from www.indiatimes.com
The unit of ArcelorMittal, the world's top steelmaker, rejected a proposal by Kumba to pay the difference between the discounted and market prices into a separate account until a resolution of the dispute. "If they cannot come to an interim agreement, Kumba will have to review the supply arrangement ... termination of supply would be an absolute last resort, but at some stage Kumba has to start protecting its rights," a Kumba spokeswoman said on Monday.
Kumba wants to charge market rates for iron ore supplies to the unit of the world's top steelmaker, but ArcelorMittal's unit has said a deal with Kumba to supply iron ore at a discount was valid and binding. Kumba said in a separate statement on Monday that it had applied to court to review the government's award of a prospecting right to Imperial Crown Trading over a stake in one of its mines previously held by ArcelorMittal.
Sourced from www.indiatimes.com
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