India’s NMDC plans sharp increase in iron ore output

NMDC, India's largest iron ore producer, is planning an output of 48mn t in 2020-21. The company produced 22mn t in the April-December period of the 2019-20 fiscal year, up by around 0.7pc from 21.85mn t in the same period a year earlier. Total output in 2018-19 was 32.38mn t. Strategy and detailed plans for increasing output have been worked out and the production target has been proposed to the steel ministry for its approval, said NMDC chairman Baijendra Kumar. Domestic iron ore prices have increased by 8-30pc in January as mills and pellet producers stock up in anticipation of a squeeze in supplies post-March 2020 when several mining leases of private merchant mining firms will expire. Recent gains in steel prices have also supported iron ore markets. "NMDC needs to gear up for opportunities coming its way post-March 2020 and should work on an aggressive growth plan to meet the demand of the domestic iron and steel industry," Kumar said earlier in December. NMDC's plan to lift its iron ore output hinges on its ability to restart the 7mn t/yr Donimalai iron ore mine in the southern state of Karnataka, which has not been in operation for more than a year because of a royalty dispute with the Karnataka government. A court has ruled in favour of NMDC in the dispute, while Delhi has recently made it mandatory for state governments to renew state-run companies' expiring mining leases by an additional 20 years. "NMDC is very sure of starting operations at Donimalai very soon. Legally and morally NMDC is on the positive side," said Kumar. But he has not received any communication from the state government yet on the lease renewal. Securities broking firm IDFC has forecast NMDC's 2020-21 output at 38.8mn t, expecting Donimalai to be restarted soon. By Prasenjit Bhattacharyasource: Argus Media

India’s NMDC plans sharp increase in iron ore output

Copper slips as US data stokes worries about rate-cut policy

El Salvador sitting on $3 trillion worth of unmined gold, president says

Gold price could extend record run into 2025, Heraeus says

Trump tariff risk roils gold and silver as New York prices jump

Rio Tinto’s $2.5 billion lithium plan is a win for Milei

Copper price jumps on China policy, but we’ve been here before

Zimbabwe wants 26% free-carry stake in new mining projects

Glencore ties up with Cyclic Materials in copper recycling push

Lithium supply surplus set to stay with battery makers’ help

China tightens rules to curb methane emissions from coal mines

Rio Tinto, BHP, and BlueScope to build ‘green iron’ plant

Arcadium Lithium investors sue miner over Rio Tinto takeover

Skeena advances Eskay Creek permitting, unlocks Orion funding

US foreign investment panel split on Nippon-US Steel deal

Norge Mining acquires Europe’s largest natural graphite producer

Australia’s CEFC invests $75m in homegrown critical minerals

Forensic technology aids Brazil’s crackdown on illicit Amazon gold trade

Mobarakeh steel is producing green steel through scrap recycling

BHP seeks Brazil growth to emerge from shadow of mining disaster

Norilsk Nickel plans to sell all it produces in 2025