The lease extension will be granted after an application has been made by the state-run company.

China accounts for more than 20 percent of the company's total sales volume, Machkevitch stated.

To combat this, a number of mine operators are opting for radar transmitters.

He also points out that the deal comes at a weak point in the steel sheet market cycle.

COKING COAL on Tuesday: Chinese buyers mildly bullish but market still muted.

Steelmakers were announcing price increases to try to reverse the trend.

Buyers were reluctant to book large tonnages before prices hit a market bottom and end-user demand begins to improve.

The import price for steel billet in the United Arab Emirates has narrowed over the past week.