Finland-based Outotec, a global leader in minerals and metals processing technology, has been awarded a contract worth €45 million ($50.1 million) for the delivery of technology to set up a new iron ore beneficiation plant in northeast Iran, a report said.

The contract by Iran International Engineering Company (IRITEC) will see Outotec provide process technology for “a complete beneficiation plant and an entire value chain from raw material testing, process development to concentration and dewatering”, added the Press TV report.

The plant owned by Khorasan Steel Complex Co will have a capacity to produce 2.5 million metric tonnes of pellet feed grade iron ore concentrate per year, and is expected to be commissioned in 2017, added the report.

Outotec will also be responsible for basic engineering, and supply of key process equipment, as well as advisory services for detail engineering, construction and commissioning.

Kalle Härkki, head of Outotec’s minerals processing business area, said that the order is another significant milestone for the company in the quickly developing Iranian iron and steel industry.

The order is similar to one awarded by Bafgh Mineral Complex Iron and Steel Industry Company to Outotec in June to establish an iron ore pelletizing plant in Iran’s central Yazd province, added the report.