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The state-run NMDC, India's largest iron ore miner, announced that it had become the country's first mining company to reach 45 million tonnes (MT) of production in a fiscal year. The Hyderabad-based Navratna achieved this accomplishment in FY 2023-24 with a production of 45.1 MT and sales of 44.8 MT iron ore in FY24, which ended on Sunday, a 10% increase in production and a 16% increase in sales over FY23.
In the fourth quarter of FY24, NMDC recorded sales of 12.54 MT and production of 13.31 MT. In March 2024 alone, sales of 3.96 MT and production of merely 4.86 MT were recorded.
NMDC indicated that this was largely possible due to its major iron ore mines—Kirandul and Bacheli in Chhattisgarh and Donimalai in Karnataka—delivering their highest annual production in the company’s history. The bottlenecks in pellet production were also resolved, leading to the company’s peak volume of 2.65 lakh tonnes of pellet production, it added.
NMDC also incurred a 14% higher capex of ₹2,014 crore in FY24 against the targeted ₹1,769 crore during the fiscal year. The company also resumed mining at its diamond mining project at Panna in Madhya Pradesh during FY24 after receiving the necessary permissions from the Supreme Court and the Union Ministry of Environment and Forests. Commenting on the development, NMDC chairman & managing director (additional charge) Amitava Mukherjee said that crossing the 45MT mark was a key milestone in the company's journey towards its target of 100MTPA.
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