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NMDC sees 25% jump in 2011-12 iron ore output

NMDC sees 25% jump in 2011-12 iron ore output
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First Published: Tue, Feb 15 2011. 07 44 PM IST
Updated: Tue, Feb 15 2011. 07 44 PM IST
New Delhi: India’s largest iron ore miner NMDC Ltd expects output to touch 30 million tonnes in 2011-12 from a likely 24 million tonnes this fiscal year, its chairman Rana Som said on Tuesday, as bottlenecks clear.
“It’s a 25% jump,” Som told reporters at an event.
Som added that NMDC has managed to clear inventory which had accumulated in mines where production was hampered by attacks from Maoist rebels, allowing output to increase.
Besides, strong demand from India’s steel and construction sectors encouraged higher production.
NMDC has mines in several areas of India where Maoist rebels have called strikes and attacked rail tracks which affect transportation of iron ore and lead to output halts.
Som said NMDC expected to export about 2.5 million tonnes of ore this year to Japan and South Korea, and was negotiating with these buyers for renewing contracts from 1 April.
He said bullishness in international iron ore prices, currently at record highs as China builds steel product stockpiles, was likely to be short-lived, as Chinese demand could ease and supply disruptions from adverse weather in Australia would be fixed.
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First Published: Tue, Feb 15 2011. 07 44 PM IST
More Topics: NMDC | Iron Ore | Minerals | Mining | Corporate News |