The minister "directed NMDC to enhance production incrementally and aim for annual production of 75 mtpa iron ore by 2018-19 and 100 mtpa by 2020-21, to increase iron ore availability in the country", said an official release after the meeting.
Steel Ministry today directed PSU iron ore miner NMDC to advance its 100 mtpa production target by four years to 2020-21 to ensure the raw material for the domestic steel industry at reasonable prices.
At a review meeting here, Steel Minister Narendra Singh Tomar also directed the country's largest iron ore producer to achieve the 75 mtpa target by 2018-19 against NMDC's current production of around 30 mtpa.
The minister "directed NMDC to enhance production incrementally and aim for annual production of 75 mtpa iron ore by 2018-19 and 100 mtpa by 2020-21, to increase iron ore availability in the country", said an official release after the meeting.
"After due deliberations, it was decided that NMDC will increase production every year to reach the target of 75-100 million tones. It was also decided to incorporate this target in the MoU that the company signs with the government," it added.
Tomar underscored the fact that raw material availability at reasonable prices was essential for economic development of the country.
"He directed NMDC to use all resources in its command, to achieve this ambitious target and remarked that this achievement will be the most important criterion while assessing the performance of the company," the statement said.
"This is an important decision, which will definitely enhance availability of iron ore in the country and as a result steel industry will have access to iron ore at reasonable prices," it added.
With ongoing expansions in both Bailadila and Donimalai sectors, NMDC had envisioned to raise its capacity to 65 mtpa by 2018-19 and 100 mtpa by 2024-25. Now, the company has to pull all its socks up to achieve the target.
Sources said that during the meeting, NMDC Chairman Narendra Kothari requested the government to grant the company new mining leases as it has no mining leases for development now.
NMDC stock price
On December 10, 2014, NMDC closed at Rs 134.45, down Rs 3.05, or 2.22 percent. The 52-week high of the share was Rs 196.15 and the 52-week low was Rs 123.10.
The company's trailing 12-month (TTM) EPS was at Rs 17.68 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 7.6. The latest book value of the company is Rs 75.64 per share. At current value, the price-to-book value of the company is 1.78.
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