Sydvaranger will supply a minimum of 2.5 million tonnes of iron and may extend it to about 5.5 million tonnes if quality is improved.
The new fiver agreement supersedes the original contract between the two parties signed in 2008.
Tata Steel will receive $15m in exchange of the termination of the original contract, which will be settled by means of a rebate applied to Tata shipments over the term of new agreement.
