NMDC eyes 20% output rise to 35 mt this fiscal
17 April 2015 1:16 AM GMT
State-run miner National Mineral Development Corporation (NMDC) is aiming to raise its output by 20 per cent to 35 million tonnes (MT) by the end of this fiscal year, a top company official said on Thursday.
“Our production will increase by 20 per cent by this fiscal-end to 35 MT from 30.7 MT now,” NMDC Chairman and Managing Director Narendra Kothari said here. Trial production started at a mine in Bailadilla in Chhattisgarh last month with a capacity of 7 MT, he said, adding the mine will begin operations in the next few months. “Another mechanised mine will be commissioned in Karnataka by August with an additional 7 MT capacity which will help increase the overall production,” he said.
Last December, Union Steel and Mines Minister Narendra Singh Tomar had directed NMDC to aim for an annual production of 100 MT by FY21. On the issue of volatile iron ore prices, Kothari said, “We have revised prices downward in February and March. We have not announced any price revision in April even though we review and revise prices every month, and the global prices are also very volatile.” The state-run mining company has come under pressure lately as it has not revised down prices in April as of yet, despite fall in global prices.
It is charging up to 25 per cent higher than other private miners. The domestic iron ore imports hit a record high of 15 MT last fiscal owing to ban on mining activities and declining global prices.
Meanwhile, Eastern Coalfields has topped among the eight subsidiaries of Coal India in terms of production and offtake targets for the year 2014-15. According to provisional data released by Coal India, Eastern Coalfields (ECL) has achieved a production of 40 million tonnes (MT) or 105 per cent of the target of 38 MT set for the fiscal 2015, registering a growth of 11 per cent over the
previous year.
“Our production will increase by 20 per cent by this fiscal-end to 35 MT from 30.7 MT now,” NMDC Chairman and Managing Director Narendra Kothari said here. Trial production started at a mine in Bailadilla in Chhattisgarh last month with a capacity of 7 MT, he said, adding the mine will begin operations in the next few months. “Another mechanised mine will be commissioned in Karnataka by August with an additional 7 MT capacity which will help increase the overall production,” he said.
Last December, Union Steel and Mines Minister Narendra Singh Tomar had directed NMDC to aim for an annual production of 100 MT by FY21. On the issue of volatile iron ore prices, Kothari said, “We have revised prices downward in February and March. We have not announced any price revision in April even though we review and revise prices every month, and the global prices are also very volatile.” The state-run mining company has come under pressure lately as it has not revised down prices in April as of yet, despite fall in global prices.
It is charging up to 25 per cent higher than other private miners. The domestic iron ore imports hit a record high of 15 MT last fiscal owing to ban on mining activities and declining global prices.
Meanwhile, Eastern Coalfields has topped among the eight subsidiaries of Coal India in terms of production and offtake targets for the year 2014-15. According to provisional data released by Coal India, Eastern Coalfields (ECL) has achieved a production of 40 million tonnes (MT) or 105 per cent of the target of 38 MT set for the fiscal 2015, registering a growth of 11 per cent over the
previous year.
Next Story
