NMDC sees 50% hike in iron ore price

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Mumbai, Feb 12 : National Mineral Development Corporation (NMDC) Ltd, India’s biggest iron ore producer, is expecting the ore prices to increase by 40-50% from April this year.

“The rise would be in alignment with the international market and we will review our prices accordingly,” NMDC director (production) VK Jain said. He was speaking on the sidelines of a steel conference in Mumbai.

The hike in the prices of iron ore in international markets is determined mainly by Australian, Brazilian and Japanese iron ore positions. Jain said NMDC would increase its iron ore production to 30 million tonne by the end of this financial year, with an approximate 10% increase over the last year.

Moreover, the company is also looking for acquiring iron ore assets in West Africa and Canada, and coal mines in Australia. “The company has a cash reserve of Rs 6,000 crore at present and will utilise the reserves for acquiring these assets,” he said.

NMDC Ltd is involved in the exploration of a wide range of minerals, including iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite and beach sands. At present, t he company is producing 20.74 million tonne of iron ore from three fully-mechanised mines such as Bailadila Deposit-14/11C, Bailadila Deposit-5,10/11A and Donimalai Iron Ore Mines.