Indian Economy News

NMDC plans to increase iron ore output by more than 21% this fiscal

  • IBEF
  • April 25, 2023

The state-owned miner, National Mineral Development Corporation (NMDC) expects to produce 50 million tonnes (MT) of iron ore this fiscal year. From the 41.22 million tonnes of iron ore produced by the company in fiscal 2022-23, the target suggests growth of more than 21%.

Additionally, NMDC wants to boost production to over 60 MT by FY27. In the March quarter, NMDC produced 14.29 MT which was a quarter-high for the company.

NMDC operates iron ore mines in Karnataka and Chhattisgarh. The largest iron ore producer in the nation is considering exploring lithium reserves in Australia at a mine where it holds a majority stake.

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