NMDC’s Iron ore production fell by 16% and sales by 21% in 1st two months of FY16. The company plans to ramp up its production to 35 MnT in FY16.
In 1st two months of FY16, NMDC’s Iron ore production has fallen by 16%. While, it’s sales has decreased by 21%. The company has produced 4.14 MnT of Iron ore in the same period against 4.94 MnT in 1st two months of FY15. Meanwhile, the company’s sales are 4.54 MnT in 1st two month of FY16 as compared to 5.74 MnT during the same period of FY15. NMDC’s production during FY15 was recorded at 30.44 MnT in contrast to 30.02 MnT in FY14.
The company has planned a capex of INR 35 bn for FY16 fiscal and anticipates that Iron ore prices may firm up in near-term. Moreover, NMDC is planning to ramp up production to 35 MnT in the current fiscal. The company is also planning to surge its capacity to 100 MnT by FY25.
NMDC is a state-controlled mineral producer; fully owned by the Indian government. The company is under administrative control of the Steel Ministry.
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