NMDC eyes 47 million tonne iron ore production in FY22

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NMDC Ltd is aiming to achieve 47 million tonnes of iron ore production during the current financial year and plans to spend Rs 3,720 crore on capital expenditure, a top official of the Navaratna Public Sector Enterprise said on Thursday.

Addressing the 63rd Annual General Meeting through video conference Chairman and Managing Director of the company, Sumit Deb said the iron and steel industry will see exciting opportunities from rapid developments through digitalisation and automation, infrastructure initiatives, reorganisation of urban centres and energy transformation. In the current fiscal, NMDC expects to achieve production of 47 MT. It will also begin mining coal from the two blocks it has been allotted by Q4 of FY22, he said. During the first quarter of the fiscal, NMDC achieved production of 8.91 MT and sales of 9.45 MT respectively - its best Q1 since inception, he noted. Total revenue from operations stood at Rs 6512 crore while Profit After Tax was at Rs 3193 crore in the Q1, also the best ever. During the financial year 2020-21 NMDC achieved the production of 34.15 MT and sales of 33.25 MT.