India: Lloyds Metals reports the highest ever operational performance in H1FY24

Lloyds Metals and Energy Limited recorded iron ore production of 5.7 million tonnes (mnt) in H1FY24, a sharp rise of 280% as against 1.5 mnt seen in the same period last year. Notably, the company recorded its highest ever iron ore production in H1FY24.

Meanwhile, the miner received EC for a 10 mnt mine in March 2023, and with infrastructure in place, the company had begun mining for expanded capacities.

The company has also explored exports of iron ore in Q1FY24 for grades which do not attract export duties.

DRI production rises y-o-y

In H1FY24, the company's direct reduced iron (DRI) production stood at 114,468 tonnes (t) higher by 23% as against 93,281 t in H1FY23.

H1FY24 witnessed another record for the company in terms of operational performance. The company recently installed and commenced a new DRI manufacturing unit in Gadchiroli district with a capacity of 70,000 tonnes per annum (2*95 t per day). The plant was commissioned within 13 months of getting EC.

Outlook

Lloyds Metals and Energy Limited is planning to increase its iron ore mining capacity from 10 mnt pa to 12 mnt pa in FY25, as per official sources.