NMDC firms up capex for next two financial years
KOLKATA (miningweekly.com) – India’s largest iron-ore miner, NMDC, has earmarked a capital expenditure (capex) of $902-million over the next two financial years.
NMDC has committed this investment even as the miner is on verge of starting commercial production of its three-million-ton greenfield steel plant in the central Indian province of Chhattisgarh entailing an investment of $1.94-billion, NMDC chairperson Baijender Kumar said after the company’s annual general meeting.
The miner has set a target to achieve iron-ore production of 67-million tons a year by 2021, up from levels of around 37-million tons a year at present, Kumar said.
To ramp up production, NMDC is setting up two screening plants: a 12-million-ton-a-year plant at its Bailadila mines in Chhattisgarh, and the seven-million-ton-a-year Donimalai mines plant in the southern Indian province of Karnataka.
Meanwhile, company sources said that Legacy Iron Ore, the ASX-listed subsidiary of NMDC, would spearhead the Indian miner’s overseas foray into gold and base metals starting with exploration work in some tenements in Australia.
The sources said that NMDC, on behalf of Legacy, had made applications to government of Western Australia seeking three exploration tenements for tungsten to add to its existing exploration across 19 other tenements.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation