India: NMDC posts robust production, sales performance in Q1FY24

India's largest iron ore miner, NMDC, produced 10.70 million tonnes (mnt) of the steelmaking raw material in Q1FY'24 (April-June'23), an increase of 20% against 8.92 mnt in the corresponding period last year (CPLY), the company announced recently.

Out of the total volume produced in the period under review, a major chunk of 7.38 mnt came from NMDC's Chhattisgarh mines, while the remaining 3.32 mnt was from its Karnataka mines.

Notably, the mining major reported its highest-ever Q1 iron ore production in Q1FY'24 since its inception.

NMDC reported a 45% y-o-y increase in total iron ore sales in April-June at 11.15 mnt compared to 7.66 mnt in Q1FY'23. Total sales from its Chhattisgarh mines stood at 7.85 mnt and the remaining 3.30 mnt were from the Karnataka mines. Increasing crude steel demand has raised sales of iron ore, SteelMint reckons.

Amitava Mukherjee, Director (Finance) and CMD (Addl. Charge), said: "NMDC's contribution to the economy continues to make massive headway in meeting the increase in demand for iron ore. Our record of highest ever Q1 and June production and sales since inception resonates with our agile and diligent investments in mine planning, expansion and very efficient human assests."