Team News Riveting
Hyderabad, April 1
The iron-ore production of the National Mineral Development Corporation (NMDC) Limited has registered a 10 per cent growth in the financial year 2023-24 (FY24) compared to previous fiscal.
In FY24, NMDC produced 45.10 million tonnes (MT) of iron ore, registering a growth of 10.49 per cent over previous year. In the financial year 2022-23, the country’s largest iron-ore producer had recorded an output of 40.82 MT.
Of the total output, the Chhattisgarh sector contributed 32.43 MT while the Karnataka sector produced 12.67 MT of iron-ore.
Similarly, the sales of the company have also surged by 16.38 per cent in the FY24 compared to corresponding period of last fiscal. As compared to previous fiscal’s 38.22 MT, NMDC sold 44.48 MT of steel making raw material in the financial year 2023-24.
The state-run mining company recorded 13.31 MT production and 12.54 MT sales in the fourth quarter of FY24, with 4.86 MT produced and 3.96 MT sold in the month of March 2024.
In the runup to this milestone, NMDC’s major iron ore mines – Kirandul and Bacheli in Chhattisgarh, and Donimalai in Karnataka delivered their highest-ever annual production in company history. The bottlenecks in pellet production were resolved leading to the company’s peak volume of 2.65 lakh tonnes pellet production.
With strategic agility towards capacity building, NMDC also outperformed in CAPEX with an expenditure of Rs 2,014 crores against the target of Rs 1,769 crore in FY24, which is up by 14 per cent.
Crowning these achievements, the company received necessary permissions from the Honourable Supreme Court and MoEFCC and consequently resumed mining operations at its Diamond Mining Project in Panna, Madhya Pradesh during FY24.
Congratulating the team on a spectacular FY24, Amitava Mukherjee, CMD (Additional Charge) said, “Crossing 45 MT has truly honoured and enriched the NMDC legacy. We have navigated the rigors of the industry, built upon our technical and digital strength, fortified our financial resilience, and worked tirelessly to achieve this goal. In the way forward, NMDC’s compass points north – toward innovation, sustainability, shared purpose and a 100 million tonne strong future.”
