Team News Riveting
Raipur, May 2
Having failed to achieve the target in the last financial year, National Mineral Development Corporation (NMDC) Limited started the new fiscal 2023-24 with a surge in sales and production.
The state-run miner last month produced 3.51 million tonnes (MT) of iron ore that was up by 11.43 per cent compared to 3.15 MT produced in April 2022. The sales also surged by 9.94 per cent to 3.34 MT in April 2023 compared to corresponding period of the previous year.
However, compared to the previous month, the production has come down sharply by 37.32 per cent. In March 2023, NMDC recorded an iron ore output of 5.60 MT. Even sales slipped by 23.44 per cent.
Country’s largest iron ore producer’s output for the fiscal 2022-23 fell by 2.3 per cent from a year earlier to 41.22 MT. The iron ore sales also dropped by 5.7 per cent to 38.25 MT during the same period.
NMDC had said in February it would end 2022-23 with production of 42 MT against an earlier guidance of 46-47 MT. The company aims to produce 50 MT in 2023-24 and the first month of the fiscal started on a positive note posing challenges for the mining major to maintain the growth trajectory.
