Mining major National Mineral Development Corp. (NMDC), India’s largest iron-ore producer and a diversified Navaratna public sector unit (PSU), recorded a sharp rise in overall production and sales in July as compared to the corresponding period last year.
Despite the market uncertainty triggered by the COVID-19 pandemic, NMDC was able to achieve excellent physical performance through its continual push towards higher volumes that witnessed the production of 2.19 million tonnes (MT) and sales of 2.57 MT, a growth of 13 per cent and 7 per cent, respectively, over the corresponding period last year.
Sumit Deb, Chairman & Managing Director, NMDC, commented, “The last few months have been quite challenging for the entire industry due to the COVID-19 pandemic situation impacting the performance of all major producers. However, this challenge was treated as an opportunity by us to accelerate our efforts towards stabilising the production and continuously improving our production processes. Going forward NMDC will strive to maximise cost efficiencies to improve its bottom-line.”
In July 2020, the company’s projects in the state of Chhattisgarh registered a production of 1.56 MT as compared to the total production of 1.16 MT in the corresponding month of July last year, an increase of 35 per cent. NMDC also achieved record sales in July 2020 by selling 1.90 MT of iron ore in July 2020 as against 1.60 MT in July 2019, which is 20 per cent higher than the previous year.