NMDC’s Iron Veins Produce 45 Million Tonnes in FY24

Hyderabad, 2nd April 2024: India’s largest iron ore producer, NMDC is now the first mining company in the country to cross the 45 million tonne mark. The company delivered unprecedented volumes in FY24, producing 45.1 MT and selling 44.8 MT of iron ore in the fiscal that closed this Sunday.

Proving its mettle as the nation’s Navratna, NMDC achieved a 10% growth in production and 16% growth in sales compared to FY23 volumes. The industry leader, NMDC achieving its best ever yearly physical performance inspired confidence in the future of India’s iron and steel economy.

The state-run mining company recorded 13.31 MT production and 12.54 MT sales in the fourth quarter of FY24, with 4.86 MT produced and 3.96 MT sold in the month of March 2024.

In the runup to this milestone, NMDC’s major iron ore mines – Kirandul and Bacheli in Chhattisgarh, and Donimalai in Karnataka delivered their highest-ever annual production in company history. The bottlenecks in pellet production were resolved leading to the company’s peak volume of 2.65 lakh tonnes of pellet production.

With strategic agility towards capacity building, NMDC also outperformed in CAPEX with an expenditure of Rs. 2,014 crores against the target of Rs. 1,769 crores in FY24, which is up by 14%.

Crowning these achievements, the company received necessary permissions from the Honourable Supreme Court and MoEFCC and consequently resumed mining operations at its Diamond Mining Project in Panna, Madhya Pradesh during FY24.

Congratulating his team on a spectacular FY24, Shri Amitava Mukherjee, CMD (Additional Charge) said, “Crossing 45 MT has truly honoured and enriched the NMDC legacy. We have navigated the rigors of the industry, built upon our technical and digital strength, fortified our financial resilience, and worked tirelessly to achieve this goal. In the way forward, NMDC’s compass points north – toward innovation, sustainability, shared purpose, and a 100 million tonne strong future.”