2. On 7th March, 2007 an agreement was entered into between the parties for
sale and purchaser of coking coal. This was a Long Term Agreement
(‗LTA’) in terms of which MMTC was to purchase ‗freshly mined and
washed coking coal’ from Anglo on FOB (trimmed) basis from DBCT
Gladstone in Australia. The LTA encompassed three delivery periods of one
year each, commencing on 1st July, 2004 and ending on 30th June, 2007.
Under Clause 1.3 of the LTA, MMTC was given the option of extending the
LTA for two more delivery periods. MMTC accordingly exercised this
option. The fourth delivery period was between 1st July, 2007 and 30th June,
2008 and the fifth delivery period from 1st July, 2008 to 30th June, 2009.
Source: Indian Kanoon