Resurgere Mines close to doubling iron ore reserves

Resurgere Mines and Minerals India, a Mumbai-based firm that extracts iron ore and sells it to small sponge iron makers in Rourkela district, expects to sign at least four iron-ore leasing deals in Maharashtra in four months. The deals will raise the company’s reserve base by 100 million tonne to 215 million tonne.

The company has set a target of selling 3.75 million tonne iron ore for the current year. It has target to produce 4.25 million tonne of iron ore and will sell 3.75 million tonne. In the first quarter itself, it has managed to extract 1.9 million tonne of iron ore. Last year, Resurgere produced 3.2 million of iron ore and sold 3.16 million tonne.

The company is setting up a 1.2 million tonne beneficiation and pellet plant in Maharashtra that will cost Rs 388 crore. In fiscal 2010 Resurgere reported revenues of Rs529 crore, and expects to reach Rs725 crore by FY12.