Prakash Industries has commenced the mining operations in the Sirkagutu Iron and Manganese ore mine of the company at Keonjhar in the state of Orissa. Over burden removal has commenced with effective from November 01, 2019 and the extraction of minerals from the mines is expected to pick up within November 2019.
This is an important mile stone for the company and the extraction of Iron Ore will result in significant cost reduction in the iron ore cost, which is a key input for steel making, thereby improving the operating margins of the company.
Prakash Industries is an integrated steel and power company. Its products include coal mines, iron ore mines, sponge iron, and power, steel melting shop and ferro alloys.
