OMV ups target in production and sale

The state run Odisha Mining Corporation (OMC) today set a target to achieve highest ever production of 8 million ton and sale of iron ore during the ongoing fiscal.
Chief secretary A P Padhi reveiwing the activities of OMC said beating the global market slowdown, the Corporation could sell around 7.7 million tons of iron ore during 2016-17 against the total sale of 4.5 million tons the previous fiscal.
The sale of iron ore up to July 31 of the current year (2017-18) has crossed 2.14 million tons thereby recording an increase of 9 per cent over the same period of last year.

OMC has also started its business operation for sale of around 1 MT chromites during 2017-18 against 0.8 million ton of sale in the last financial year inspite of the drastic fall in ferro-chrome price.
The sale value of this production is expected to be around Rs 2800 crore which also would be highest in comparison to last five years, he said.
OMC has scaled up its net profit to Rs 846 crore during 2016-17 after paying all taxes.

The corporation, Padhi said, has constantly enhanced its production of iron ore over the last five years. In 2013-14 the total iron ore production was around 1.8 MT which increased to 3.1 MT during 2014-15, to 6 MT in 2015-16 and further to 6.4 MT during the year 2016-17.

He advised the corporation to enhance its production to 8 MT during the current year and directed the engineers and officers of the department to adopt innovative methods for scaling up mining operations and business transactions.
Target was set to produce around 3 MT of ore from Daitari zone, 2.6 MT from Gnadhmardan area and 2.4 MT from Kurmitar mines. Similarly, the target was set for enhancing the chromites production up to 1.16 million tons from the mines like south Kaliapani, Sukurangi and Bangur.
OMC managing director Vineel Krishna said that during 2015-16 the company paid Rs 1415 crore to the state government towards royalty, DMF, NMET, dividend, sales tax and income tax. During the year 2016-17 OMC paid Rs 1548 crore to the state under the same heads.