South Korea will continue being one of Queensland Sugar Limited’s largest export markets following the successful negotiation of an extension to its long-term supply contract (LTC) with the country’s three raw sugar refiners.

The three-year agreement between QSL and CJ Corporation, Samyang Corporation and TS Corporation is similar to the Korean refiners’ existing LTC with QSL, and will be ratified early next year.

QSL’s General Manager Trading and Risk Dougall Lodge said the agreement was a very positive and rewarding one for QSL and the Queensland millers and growers it represents.

“This contract proves QSL’s relationship with one of our premium international customers continues to go from strength to strength, building on a very successful 40-year commercial partnership,” Mr Lodge said.

“It is a vote of confidence for QSL and means the Queensland cane farming families and millers we represent will continue to benefit from the strong returns the Korean market currently provides.”