Page 5 - Nmdc

Chhattisgarh polls: CM Bhupesh Baghel rides motorbike in Durg to lead yatra

The "Bharosa yatra" by the Congress is aimed at propagating the works done by the ruling Congress in the last five years in the state

PM to visit Chhattisgarh on Tuesday, will inaugurate NMDC's steel plant

Prime Minister Narendra Modi will address a public meeting in Jagdalpur city in poll bound Chhattisgarh on Tuesday and also dedicate to the nation and lay foundation stones of several projects worth Rs 26,000 crore, including the NMDC's steel plant. Incidentally, the Congress has called for a 'bandh' (shutdown) in the region during the PM's visit alleging the Modi government wants to privatise the steel plant, which is located in Nagarnar village, some 22 kilometres from Jagdalpur in Bastar district. It will be Modi's fourth visit in the last two-and-half months to the Congress-ruled state, where Assembly polls are likely to be held at the end of the year. "The PM's programme will be held at 11 am at Lalbag Maidan in Jagdalpur, the headquarter of Bastar district. He will dedicate to the nation the greenfield NMDC Steel Ltd Steel Plant built at a cost of more than Rs 23,800 crore in Nagarnar," a PIB release said. "It will produce high quality steel and will provide employment ...

NMDC's low-grade iron ore export to China hindered by logistics: Report

Indian producers of low-grade ores largely depend on foreign markets because most major domestic steel producers use high-grade iron ores

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NMDC's consolidated net profit grows 13% to Rs 1,661 cr in June quarter

Iron ore company NMDC on Friday posted a 13 per cent rise in its consolidated net profit to Rs 1,661.04 crore in the April-June quarter, boosted by higher income. It had clocked a net profit of Rs 1,471.24 crore in the April-June period of the 2022-23 fiscal, the company said in a regulatory filing. The company's total income surged to Rs 5,688.87 crore from Rs 4,913.06 crore in the year-ago quarter. Total expenses also grew to Rs 3,476.55 crore as compared to Rs 2,968.94 crore a year ago. Hyderabad-based NMDC, under the Ministry of Steel, is the country's largest iron ore mining company.

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Ore price fixed at Rs 4,950 per tonne, cess to be levied additionally: NMDC

State-owned NMDC on Tuesday fixed the rates for lump ore and fines at Rs 4,950 and Rs 4,210 per tonne, respectively. Lump ore, or high-grade iron ore, contains 65.53 per cent iron, while fines are inferior grade ore with 64 per cent iron or less. The latest prices are inclusive of royalty as well as contributions to District Mineral Foundation (DMF) and National Mineral Exploration Trust (NMET). Cess, forest permit fee, and other taxes will be levied additionally, the miner said in a regulatory filing. On May 30, NMDC fixed the rate of lump ore and fines at Rs 3,900 and Rs 3,560 per tonne, respectively. At that time, the rates excluded royalty, contributions to DMF and NMET, cess, forest permit fee and other taxes. "Inclusion of royalty, DMF, and NMET brings the prices on a par with the rates of miners in Odisha. Customers will now find it easier to calculate the prices of iron ore," a SteelMint analyst said. Iron ore is one of the key raw materials used in manufacturing steel,

State-owned NMDC iron ore output grows 20% 10.70 MT in April-June

State-owned NMDC has posted 20 per cent growth in iron ore production to 10.70 million tonne (MT) in the first quarter of FY24. NMDC produced 8.92 MT of iron ore during April-June of FY23, the company said in a regulatory filing. Sales rose to 11.15 MT from 7.66 MT in the year-ago period, registering a 45 per cent rise. "NMDC's contribution to the country's economy continues to make massive headway in meeting the increase in the demand for iron ore. Our record of highest ever Q1 and June production and sales since inception resonates with our agile and diligent investments in mine planning, expansion and very efficient human assets," its CMD Amitava Mukherjee said. Hyderabad-based NMDC (formerly known as National Mineral Development Corporation) under the Ministry of Steel contributes over 17-20 per cent to India's total iron ore production.

Iron ore miner NMDC plans $61 mn investment to foray into gold mining

NMDC is "on track" to secure a lease for the Chigargunta-Bisanatham gold block soon, having signed a letter of intent over the project with the state government late last year

Chhattisgarh government scouts for land for industry in Bastar region

NMDC would feed the raw material to the plant from its two mechanised iron ore mines located about 100 km from the plant in Dantewada district

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Govt to invite bids for privatising NMDC after commissioning blast furnace

The government is likely to invite financial bids for privatising NMDC Steel only after the commissioning of the blast furnace at the company's steel plant in Chhattisgarh, according to officials. Officials expect the value of the company to go up once the blast furnace of the steel plant becomes operational. NSL is expected to have a production capacity of 3 million tonnes per annum. The government holds a 60.79 per cent stake in NMDC Steel Ltd (NSL) after it got demerged from NMDC, which is India's largest iron ore producer. The facility is located in Nagarnar, Chhattisgarh. The remaining 39.21 per cent stake is with the public. NSL is up for privatisation with the government looking to sell 50.79 per cent of its shareholding, along with management control. The government had received multiple preliminary bids or expressions of interest for the company. Officials said the government will get to know the fair value of NSL once the blast furnace, which is the heart of a steel plan

NMDC in line to set up two slurry pipelines in Bastar district

NMDC is eyeing 46 to 50 mt of production in the current financial year after its output marginally slipped to 41.22 mt year-on-year

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NMDC cuts iron ore lump rate by Rs 300 per tonne to Rs Rs 3,900 per tonne

State-owned NMDC on Tuesday said it has slashed iron ore lump and its fines rates by Rs 300 and Rs 450 per tonne, respectively. It has fixed the price of lump ore at Rs 3,900 per tonne and fines at Rs 3,560 a tonne, the country's largest iron ore miner said in a regulatory filing. Lump ores or high-grade iron ores contain 65.53 per cent Fe (iron), while fines are inferior-grade ores with 64 per cent and less iron content. In the last price revision announced on April 29, NMDC fixed the rate of the lump at Rs 4,200 per tonne and that of fines at Rs 4,010 a tonne. The prices are effective from May 29 and exclude royalty, district mineral fund (DMF), National Mineral Exploration Trust (DMET), cess, forest permit fee and other taxes, the company said. According to research firm SteelMint, "This price cut has brought NMDC iron ore prices to a 6-month low. The reduction is attributed largely to falling steel prices, which is a result of a weak global market. However, in the domestic mar

NMDC Q4 results: Net profit rises 22% to Rs 2,277 cr, revenue falls 13%

The company's revenue from operation fell by 13.76 per cent to Rs 5,851 crore for the March quarter as compared to Rs 6,785 crore in the year-ago period

NMDC's iron ore production rises 11.42% to 3.51 mn tonnes in April

State-owned NMDC Ltd on Tuesday reported an 11.42 per cent rise in its iron ore production of 3.51 million tonne (MT) in April 2023. It produced 3.15 MT of iron ore in the same month last year, NMDC said in a BSE filing. Last month, the company's sales rose by around 10 per cent to 3.43 MT from 3.12 MT in April 2022. Besides iron ore, Hyderabad-based NMDC is also involved in the exploration of a wide range of minerals like copper, rock phosphate, limestone, dolomite and gypsum.

NMDC in talks with Australia's Hancock for lithium mining: Report

Separately, NMDC is working on plans to export low-grade iron ore to China, the report said

Iron ore miner NMDC exploring lithium reserves in Australia's Perth

Indian iron ore miner NMDC Ltd said on Wednesday it is exploring lithium reserves 124.3 miles (about 200 km) off Perth, Australia

Higher prices, volumes key positives for iron ore miner NMDC stock

The company is likely to push iron ore capacity up, from the current rated 50 MTPA to 70 MTPA, which would leave it well-placed to meet demand in the next up cycle