NMDC November 2021 iron ore production rises marginally to 3.34 MT

The PSU miner's provisional iron ore production rose 0.60% to 3.34 million tonnes (MT) in November 2021 as against 3.32 MT in November 2020.

Provisional iron ore sales aggregated to 2.88 million tonnes (MT) in November 2021 as against 3.30 MT in November 2020, registering a fall of 12.72% Y-o-Y (year-on-year).

Meanwhile, the state-owned mining company on Tuesday, 30 November 2021 slashed prices of lump ore by Rs 750 a tonne and fines Rs 200 per tonne, with immediate effect. NMDC fixed prices for lump iron ore (65.5%, 6-40mm) at Rs 5,200 per ton and iron fines (64% - 10mm) at Rs 4,560 per ton with effect from 30 November 2021.

On a consolidated basis, the net profit of NMDC surged 202.7% to Rs 2,338.63 crore on 204.7% increase in net sales to Rs 6,793.51 crore in Q2 September 2021 over Q2 September 2020.

Shares of NMDC were down 0.15% at Rs 137.55 on BSE. NMDC is India's single largest iron ore producer, presently producing about 35 million tonnes of iron ore from 3 fully mechanized mines, two located in Chhattisgarh and one in Karnataka.

As of 30 September 2021, the Government of India held 60.79% stake while Life Insurance Corporation (LIC) of India held 14.16% stake in the company.

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