NMDC plans special purpose vehicles with state govts to set up steel plants

Going by the annual reports of the public sector mining major, National Mineral Development Corporation, NMDC will set up Special Purpose Vehicles (SPVs) with the governments of Jharkhand and Karnataka to set up steel factories. Its SPV in Jharkhand has already selected the site and applied for allocation of land, water and power. In Karnataka, […]

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NMDC to invest $1 billion on infrastructure

India’s National Mineral Development Corporation Limited (NMDC) is in the process of investing about One billion dollars on infrastructure in the next three years to help ramp up iron ore production, a senior official of the public sector undertaking told Hindu Business Line. Amitava Mukherjee, Director (Finance), said that the cost of the upcoming 3-million […]

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Indian state of Karnataka threatens to cancel NMDC’s Donimalai mine lease in levy dispute

Indian state of Karnataka warned NMDC Ltd. (National Mineral Development Corporation) that it will cancel the lease of its Donimalai iron ore mine if the state-owned miner refuses to pay an additional levy on the sale of its ore. Karnataka’s threat to cancel the lease stems from a dispute between government of India-owned NDMC, India’s […]

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India’s NMDC set to produce about 45 million tonnes of iron ore, beat earlier forecast – report

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India’s state-owned NMDC Ltd aims to produce about 45 million tonnes (MT) of iron ore during the next financial year as against the expected 35 million tonnes in the current fiscal, the company’s chairman and managing director was reported as saying. “Last year, we achieved 34.5 million tonnes of production. This year (FY18) the first two quarters […]

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Indian government says it divested small shareholding in NMDC for Rs 1200 crore

The Indian government said it has successfully divested 2.52 % of paid-up capital in National Mineral Development Corporation (NMDC) for an amount of Rs. 1200 crore approx. (Rs. 980.05 crore from non-retail investors and Rs. 232 crore approx. from retail investors) through offer for sale (OFS) mechanism. Originally, the disinvestment in NMDC OFS was pegged at basic issue […]

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Supreme Court order pushes iron ore prices up in India; Odisha miners, NMDC hike prices

The Supreme Court’s order of closure of several large iron ore mines in Odisha for non-payment of the penalty imposed for excess mining over the past decade has put ore prices on fire. The uncertainty of availability has encouraged another big supplier, central government-owned NMDC, to raise its prices sharply. Between October 2017 and the present, merchant miners in […]

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