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NMDC Targeting 50% Jump in Output in 2020-21

Steel News - Published on Thu, 13 Feb 2020

Image Source: steelguru.com
NMDC Ltd’s director of finance Mr Amitava Mukherjee said that it is targeting production of 48 million tonnes in 2020-21 and will surpass 32 million tonnes in 2019-20. He said that the growth in supplies will come mainly from its mines in Chhattisgarh and includes 7 million tonnes of iron ore from the Donimalai mine in Karnataka state that is currently closed. He said “As a merchant miner, we see a lot of positives in whatever is happening apart from the fact that iron ore production and prices are on an upswing.”

The Karnataka government withdrew the lease for Donimalai in November 2018 after NMDC denied higher royalties from profits demanded by the state. In October, the federal government tweaked mining rules to make the renewal of mining leases belonging to state-run companies mandatory without going through the auction process. While the matter is now pending with a Mines Tribunal, the new rules favor NMDC.

Source :

Posted By : Rabi Wangkhem on Thu, 13 Feb 2020
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