Team News Riveting
Hyderabad, November 1
National Mineral Development Corporation (NMDC)’s iron ore production jumped up by 37 per cent in October compared to the corresponding period last year (CPLY).
Country largest iron ore miner produced 3.33 million tonne (MT) of steel making raw material in October 2021 compared to 2.43 MT output recorded during the previous year’s corresponding period. The sales surged 42.06 per cent at 3.58 MT compared to previous year’s 2.52 MT.
The cumulative production and sales till October 2021 were 21.04 MT and 22.08 MT respectively. As compared to previous year, the production and sales had increased by 43 per cent and 43.1 per cent respectively over the corresponding period of last fiscal.
NMDC is India’s single largest iron ore producer, presently producing about 35 MT of iron ore from 3 fully mechanized mines, two located in Chhattisgarh and one in Karnataka.
The state-owned miner is aiming to achieve 47 MT of iron ore production during the current financial year. In the financial year 2020-21, NMDC achieved iron ore production of 34.15 MT and sales of 33.25 MT.
The company would be diversifying to coal mining in the current quarter and planned to spend Rs 3,720 crore on capital expenditure. NMDC had been allotted two coal mines in Jharkhand.
While enhancing the production, NMDC has curtailed the iron ore prices for the fourth month in a row in October; slashing the rates of steel making raw material by 22 per cent since July 2021.
