JUDGMENT :

ROHINTON FALI NARIMAN, J.

1. Leave granted.

2. This appeal is at the instance of an Australian company, Anglo American Metallurgical Coal Pty. Ltd. [“Appellant”] which produces and exports certain types of coal. By a Long Term Agreement dated 07.03.2007 [“LTA”] between the Appellant and MMTC Ltd. [“Respondent”] the Appellant, referred to as the “seller” in the LTA, agreed to supply certain quantities of freshly mined and washed “German Creek” “Isaac” (Blend of 65% Moranbah North and 35% German Creek coking coals) and “Moranbah North” coking coal to the Respondent. Clause 1 of this LTA is material and states as follows:

“CLAUSE 1: MATERIAL, QUANTITY, QUALITY AND DELIVERY PERIOD:

The SELLER shall sell and the PURCHASER shall buy:

(a) The base quantity during the currency of the contract shall be 466,000 (Four hundred Sixty Six thousand) metric tons (of one thousand kilograms each) firm.

(b) During the First Delivery Period (1st July, 2004 to 30th June, 2005), a quantity of 464,374 (Four Hundred Sixty Four Thousand, Three Hundred and Seventy Four) metric tons (of one thousand Kilograms each) firm quantity of freshly mined and washed “Isaac” “Moranbah North” and “German Creek” co