Eurasian Natural Resources Corporation PLC and Magnitogorsk Iron & Steel Works announced their decision to amicably settle the existing dispute between the two companies.

ENRC has dropped its claims against MMK and called off the asset freezing order that was issued against MMK and its subsidiary MMK-Mining Assets Management S.A.

The relevant notifications were sent to the International Court of Arbitration at the International Chamber of Commerce in Zurich, as well as to the Federal Court of Australia.

Mr Boris Dubrovsky CEO of MMK said “We are satisfied with the results of our negotiations with ENRC. Mutual waiver of claims by the two parties confirms our bilateral intention to cooperate on a long-term basis.”

Mr Felix J Vulis CEO of ENRC said “ENRC and MMK continue to benefit from long-term partnership and we are pleased to retain MMK as one of our valued customers.”