India: NMDC reports best-ever annual performance in FY'22

India's largest iron ore miner, NMDC, produced 42.15 million tonnes (mnt) of the steel-making raw material in FY'22, higher by 23% y-o-y compared to 34.15 mnt in the same period last year, the company has recently announced.

Meanwhile, NMDC's annual sales performance also improved significantly by 22% on the year to 40.7 mnt as against 33.25 mnt in the year-ago period.

Notably, the mining major reported its best-ever annual production and sales performance since its inception.

Iron ore production rises in Mar'22

NMDC produced 4.98 mnt of iron ore in Mar'22, up 15% m-o-m compared with 4.31 mnt in Feb'22.

Out of the total volume produced in March, a major chunk came from NMDC's Chhattisgarh mines at 3.68 mnt, while the remaining 1.30 mnt was extracted from its Karnataka mines. The miner's production from Chhattisgarh and Karnataka rose by 13% and 23%, m-o-m, respectively.

Iron ore sales up in March

NMDC reported a 6% increase in total iron ore sales in March at 4.21 mnt as against 3.97 mnt in Feb. Total sales from its Chhattisgarh mines stood at 3 mnt and the remaining 1.21 mnt were from the Karnataka mines.

NMDC Iron Ore Production & Sales Summary

Congratulating the NMDC team for the company's best-ever performance, CMD Sumit Deb said: "NMDC has achieved a record-breaking physical performance for FY'22 on the back of a propelling expansion and investment strategy. We are entering the new fiscal with a valuable headstart. As the Government of India seeks to ramp up the domestic per capita steel consumption in our country, NMDC will take on an enhanced role to strengthen raw material supply and give impetus to self-reliance in the sector."