Saturday, May 28,
High iron ore prices and improved sales helped NMDC almost double its profits for quarter-ended March 2011, over corresponding last quarter.
According to Mr Rana Som, Chairman, NMDC, “increase in iron ore prices of over 70 per cent in the second half of fiscal helped the company to achieve such a performance. We expect to sustain and perform better in 2011-12”
Sales and production of iron ore were up 34% and 38% respectively in the March quarter. Domestic sales grew by 15 % during the year, while exports were down by about a fourth on account of reduced Japanese demand
NMDC is also looking to acquire overseas companies with mineral assets of coking coal, coal, iron ore, rock phosphate and manganese. Early this week, NMDC signed an MoU to acquire 50% stake in Australian firm Legacy Iron Ore Ltd.
Source: The Business Line
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