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MMTC to tie up with NMDC for iron ore exports to Japan, South Korea

2.6 million tonnes to be exported each year

Jayajit Dash  |  Bhubaneswar 

iron ore, NMDC

State-run Metals and Minerals Trading Corporation of India (MMTC) Ltd has initiated dialogue with leading iron producer National Development Corporation (NMDC) for exports of the commodity to and

is looking at a five-year agreement with for a supply of 2.6 million tonnes of iron each year.

"We already have an agreement with wherein its iron exports are canalised through Now, we are looking at a longer pact of five years to ship 2.6 million tonnes of iron annually to making industries in and The demand is growing in the two countries and has high-grade iron suitable for their consumption”, said an official.

expects to sign the fresh pact with before the close of this fiscal. Exports of produced iron through is likely to take off from April 2018.

In 2016-17, achieved 19 per cent growth in its iron output at 34 million tonnes. Its sales stood at 35.6 million tonnes, higher by 24 per cent over the previous fiscal. In FY17, clocked a turnover of Rs 8,830 crore, 37 per cent higher than 2015-16. The net worth of the central was Rs 22,519 crore (as on March 31, 2017).

To meet the growing requirement of iron ore, especially from the Indian industries, aims to ramp up production to 67 million tonnes per annum (mtpa) by 2021-22. This is proposed to be achieved largely through brownfield expansion of existing mines and improvement in the evacuation. is also looking at developing a greenfield mine through a joint venture with the Development Corporation. Mining lease has already been executed for this purpose.

First Published: Tue, October 03 2017. 01:09 IST