State-owned mining major NMDC plans to hike production capacity by 50 per cent to 48 million tonnes by 2014-15 from the present level of 32 millon tonnes. Company’s Chairman C S Verma announced this during NMDC’s 55th Annual General Meeting held at Hyderabad.
He presented a detailed outline of the projects that will help the country’s largest mining company scale up production.
To enhance its production capacity, NMDC is investing in construction of 11B Bailadila deposit with a capacity of 7 million tonnes per annum (mtpa) with the project expected to be commissioned by December, 2013.
It is also developing Kumaraswamy Iron Ore Project with a capacity of 7 mtpa with the project slated to be go on stream by March 2014. The company’s proposed pellet plant at Donimalai will have a capacity of 1.2 mtpa and the project is likely to be commissioned by December 2014.
Informing shareholders about the performance of the company during the year, Verma said, “the total dividend of 700 per cent on the paid up equity share capital for the year 2012-13 is the highest ever dividend payout made by the company in its history which shows our commitment towards maximization of shareholders wealth.”
He also informed about the increase of net worth of the company to Rs27,505 crore as on March 31, 2013, 13 per cent higher than Rs24,396 crore in the previous financial year 2011-12.