NMDC has reported 16% fall in iron ore production, while the company’s sales of iron ore dropped 21% in the first two months of the current fiscal.
Iron ore production fell to 4.14 million tonnes (MT) in April-May of 2015-16 fiscal from 4.94 MT during the same period in 2014-15. While, sales of ore fell to 4.54 MT from 5.74 MT during the reported period. The production of the company during 2014-15 touched a record at 30.44 MT as against 30.02 MT in 2013-14.
The company has planned a capex of Rs 3,500 crore for 2015-16 fiscal and expects iron ore prices to firm up. Further, the firm is planning to enhance production to a level of 35 MT in the current financial year. NMDC is also planning to raise its capacity to 100 MT by 2024-2025.
NMDC is a state-controlled mineral producer of the Government of India. It is fully owned by the Government of India and is under administrative control of the Ministry of Steel.
