NMDC produces record 40 MT iron ore; stock rises 1%

21 Mar 2022 , 10:33 AM

Shares of NMDC gained in the morning trade amid a volatile market. As per Ministry of Steel data released on Saturday, National Mineral Development Corporation Ltd. (NMDC), the Country’s largest Iron Ore producer, a CPSE under the Ministry of Steel became the first company in the country to cross 40 million tonnes (MT) iron ore production in a year.

From the production of 4 MTPA in the late 1960s to 40 million tonnes now, the growth trajectory of the largest iron ore producer of the country has been exceptional. Starting from 4 million tonnes in 1969-70, NMDC crossed 10 million tonnes in 1977-78, added another ten million by 2004-05, crossed 30 million tonnes within a decade and has now breached the 40 million mark.

The stock is currently trading at Rs152.45 up by Rs1.2 or 0.79% from its previous closing of Rs151.25 on the BSE. The scrip opened at Rs153.50 and has touched a high and low of Rs153.50 and Rs152.15 respectively.

Keeping pace with the constant surge in the domestic iron ore demand, the company has been rolling out ambitious expansion plans and capex outlay in pursuit of enhanced production.

In recent times, NMDC has adopted cutting-edge technology and built a transformational digital infrastructure to overcome Covid induced slowdowns and the cyclical volatilities in the sector. Growing from scale to strength, the company has achieved the milestone of 40 million tonnes of iron ore production on the back of steady fundamentals and a visionary workforce.

Congratulating the team on the historic achievement, Sumit Deb, Chairman and Managing Director, NMDC said, “NMDC’s ground-breaking achievement of becoming the first iron ore mining company in India to cross 40 MT is an illustrious display of its ability to accept challenges despite all odds. The company’s perseverance and consistency have paid off and I congratulate the team for this historic accomplishment. I am confident that we will continue to cross many more milestones on our way to fulfil the Nation’s vision of #AtmanirbharBharat. This achievement also shows that we are on the track to become a 100 MTPA company by 2030.”

It is pertinent to mention that the company has set a target of becoming a 100 MTPA company by 2030. The CPSE also plans to leverage their expertise in moving towards a multi-mineral outlook with coal, diamond, gold and other strategic minerals of national interest in their portfolio, the Ministry data added.