Diamond production had gone up 66% in FY12 with 18,043 carats as against 10,866 carats in previous year
NMDC is planning to ramp up its diamond operations through additional capex. The company will spend Rs 150-200 crore on capex plans over the next year-and-a-half, according to chairman and managing director, C S Verma. Diamond production had gone up 66% in FY12 with 18,043 carats as against 10,866 carats in the previous year, according to the company’s last annual report.
This is the highest in seven years. Production figures were at 43,878 carats in 2005-06. Diamond sales accounted for less than Rs 10 crore in FY12. NMDC operates the only mechanised Diamond Mine in Asia at Panna, Madhya Pradesh, with a capacity to produce one lakh carats per annum.
However, the company is better known as India’s single largest iron ore producer. It presently produces about 30 million tonnes of iron ore from three fully mechanised mines two in the state of Chhattisgarh and one in Karnataka, according to its website.
NMDC is also involved in exploration of minerals including copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, tin, tungsten and graphite. The company has lined up Rs 30,000 crore worth of capex for the twelfth five year plan. NMDC has also acquired 50% stake in Legacy Iron Ore, Australia and is also in advanced stage of exploration for gold prospects in Tanzania, according to a statement on its website. Verma was speaking on the sidelines of an event at the National Stock Exchange where NMDC was made a part of the Nifty index.
NMDC Cuts Prices of Some Iron Ore Grades in April; Shares Fall
Meanwhile NMDC Ltd. (NMDC), India’s biggest iron ore producer, cut the prices of some grades of the steelmaking ingredient for the third time in 2013 as domestic demand slumped. The shares declined.
The state-owned miner lowered the price of the high-grade lump ore by about seven percent this month, finance director Swaminathan Thiagarajan informed. Low-grade fines were unchanged from last month, he said. The company, the worst performer on the S&P BSE Metal Index (BSEMETL), fell as much as 2.4% to Rs 133.05 and traded 2% lower in Mumbai. The Metal Index climbed 0.2%.
NMDC, based in the southern city of Hyderabad, has cut prices by more than 15% since January as domestic demand fell, tracking a global trend. Benchmark prices in China dropped nine percent last month, according to The Steel Index. Ore prices may fall to $100 a ton in the third and fourth quarters next year compared with $127 a ton in the second quarter of 2013, James Glenn and Rob Brooker, analysts at National Australia Bank Ltd. said. New mine supplies and slowing demand may push the price down below $100 a ton, Bloomberg Industries analysts Kenneth Hoffman and Andrew Cosgrove informed on March 28.
NMDC is planning to ramp up its diamond operations through additional capex. The company will spend Rs 150-200 crore on capex plans over the next year-and-a-half, according to chairman and managing director, C S Verma. Diamond production had gone up 66% in FY12 with 18,043 carats as against 10,866 carats in the previous year, according to the company’s last annual report.
This is the highest in seven years. Production figures were at 43,878 carats in 2005-06. Diamond sales accounted for less than Rs 10 crore in FY12. NMDC operates the only mechanised Diamond Mine in Asia at Panna, Madhya Pradesh, with a capacity to produce one lakh carats per annum.
However, the company is better known as India’s single largest iron ore producer. It presently produces about 30 million tonnes of iron ore from three fully mechanised mines two in the state of Chhattisgarh and one in Karnataka, according to its website.
NMDC is also involved in exploration of minerals including copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, tin, tungsten and graphite. The company has lined up Rs 30,000 crore worth of capex for the twelfth five year plan. NMDC has also acquired 50% stake in Legacy Iron Ore, Australia and is also in advanced stage of exploration for gold prospects in Tanzania, according to a statement on its website. Verma was speaking on the sidelines of an event at the National Stock Exchange where NMDC was made a part of the Nifty index.
NMDC Cuts Prices of Some Iron Ore Grades in April; Shares Fall
Meanwhile NMDC Ltd. (NMDC), India’s biggest iron ore producer, cut the prices of some grades of the steelmaking ingredient for the third time in 2013 as domestic demand slumped. The shares declined.
The state-owned miner lowered the price of the high-grade lump ore by about seven percent this month, finance director Swaminathan Thiagarajan informed. Low-grade fines were unchanged from last month, he said. The company, the worst performer on the S&P BSE Metal Index (BSEMETL), fell as much as 2.4% to Rs 133.05 and traded 2% lower in Mumbai. The Metal Index climbed 0.2%.
NMDC, based in the southern city of Hyderabad, has cut prices by more than 15% since January as domestic demand fell, tracking a global trend. Benchmark prices in China dropped nine percent last month, according to The Steel Index. Ore prices may fall to $100 a ton in the third and fourth quarters next year compared with $127 a ton in the second quarter of 2013, James Glenn and Rob Brooker, analysts at National Australia Bank Ltd. said. New mine supplies and slowing demand may push the price down below $100 a ton, Bloomberg Industries analysts Kenneth Hoffman and Andrew Cosgrove informed on March 28.
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