India's NMDC reported 14 February its production and sales performance for January 2019: the production volume stood at 3.22 mil tons and sales volume at 3.11 mil tons, down 11.5% and 4.3% year-on-year (y/y), respectively. As a result, the total production and sales volumes for the first ten months of fiscal year 2019 (FY19, from April 2018 to March 2019) were 25.09 mil tons (up 10.0% y/y) and 25.25 mil tons (down 12.6% y/y), respectively, both marking a two-digit decline. |
By state, the declines in production were particularly prominent in Karnataka: the production volume in the State stood at 0.70 mil tons for January, down 27% y/y, while that for the first ten months of FY19 at 7.14 mil tons, down 32% y/y. In its discussion with the State government over the renewal of lease deed of the Donimalai Mine, NMDC has reportedly been requested, and refused, to pay an additional amount of tax. Under such circumstances, the operations of the Mine have remained suspended.