Millennium Post

NMDC targets to triple its iron ore output to 100 mt by FY25

"By 2018-19, we will be reaching 60 million tonnes and by 2024-25 we would touch 100 million tonnes. That is our growth plan," NMDC Chairman and Managing Director Narendra Kothari said here on Wednesdayat an event organised by CII.

According to him, about 90 million tonnes will come from India while the balance 10 million tonnes will come from outside the country.

"We have made the overall plan and the details like how much from own mines and how much would be contributed by JV mines are being worked out. By March, we would come out with detailed action plan for the 100 million tonnes," Kothari said. He said some would be own mines while some would be developed via joint ventures. Kothari said despite being a mining company, they were working on the downstream also and is in process of setting up a steel plant in the backward area of Bastar.

"By the end of 2016, the plant would be ready for commissioning. We are investing $3 billion or about Rs 16,000 crore for the project. This would also benefit the tribal people," he said.

"The work on the steel plant is at an advanced stage. Equipment erection is going on. It would be ready in another two year's time," he added. "We are looking at Russia, South Africa, Australia. In Russia, we are looking at Potash and may be coal. While, our interest are in iron ore, we are also looking at coal and potash. India doesn't produce any potash and everything is imported. So, we are looking at some investment in that," Kothari pointed.

NMDC has adequate funds for investment, the miner said when asked about how it plans to fund the plan. "The commitment to export to Japan is ending this year. For new commitment, the government has to decide but we are suffering heavy losses on this," Kothari said.

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