NMDC iron ore output, sales hit in April, May

State-owned NMDC today said its production and sales of iron ore declined by 16 per cent and 21 per cent, respectively, in the first two months of the current fiscal.

Iron ore production fell by 16 per cent to 4.14 million tonnes (m.t.) in April-May of 2015-16 fiscal from 4.94 MT during the same period in 2014-15, it said in a BSE filing.

While, sales of ore fell by 21 per cent to 4.54 m.t. from 5.74 m.t. during the reported period, it added.

The production of the company during 2014-15 touched a record at 30.44 m.t. as against 30.02 m.t. in 2013-14.

NMDC has planned a capex of Rs 3,500 crore for 2015-16 fiscal and expects iron ore prices to firm up.

The firm plans to enhance production to a level of 35 m.t. in the current financial year.

NMDC is also planning to raise its capacity to 100 m.t. by 2024—2025.

Shares of the NMDC today fell 4.48 per cent to settle at Rs 117.20 at the BSE.