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|India's NMDC Plans To Open Two New Mines|
|= Deposit-11B and Kumaraswamy =|
India's state-owned iron ore producer and exporter NMDC announced its financial results for the first quarter (April - June) of 2011. The company's production and sales of iron ore during the quarter touched 616.2 million tonnes and 686.7 million tonnes respectively which represent about 7% improvement in both production and sales over the same quarter the previous year.|
In addition to achieving better physical performance, the company has posted a turnover of Rs. 2,783 crore (up 11% from the same quarter the previous year), gross profit of Rs. 2,663 crore (up 18%, same) and net profit after tax of Rs. 1,504 crore (up 20%, same). The net sales for the quarter marked the best since inception.
NMDC has been pursuing all its expansion programmes, and as part of its programmes, the company has plans to open two new mines, one in Bailadila Sector in Chhattisgarh i.e. Deposit-11B Iron Ore Project and the other in Bellary-Hospet region in Karnataka i.e. Kumaraswamy Iron Ore Mine. Besides opening of these two mines, NMDC has already placed the orders for setting up of 1.2Mtpa capacity pelletization plant in Karnataka.
Besides, recently NMDC signed the contract for setting up the country's largest blast furnace of 4,506m3 for its 3Mtpa steel plant with Tata Projects Limited, Danieli Corus, Netherland and Danieli Corus.
The company has also been pursuing all its CSR activities in the areas of education, health & medicare, infrastructure development, etc.
|last modified : Tue 09 Aug, 2011 [10:58]|