India: NMDC reports highest-ever Q1 iron ore production in Q1FY'23

India's largest iron ore miner, NMDC, produced 8.92 million tonnes (mnt) of the steel-making raw material in Q1FY23 (April-June, 2022), a slight increase against 8.89 mnt in the corresponding period last year (CPLY), the company has recently announced.

Out of the total volume produced in the period under review, a major chunk was recorded from NMDC's Chhattisgarh mines at 6.86 mnt, while the remaining 2.06 mnt was extracted from its Karnataka mines. The miner's production from Chhattisgarh rose y-o-y by 16% while that from Karnataka was down significantly by 30% y-o-y.

Notably, the mining major reported its highest-ever Q1 iron ore production in Q1FY2022-23 since its inception.

Meanwhile, production volumes fell by 20% m-o-m in June 2022 to 2.57 mnt when compared to 3.20 mnt in May.

Iron ore sales down in Q1FY23

NMDC reported a 20% y-o-y decrease in total iron ore sales in April-June, 2022 at 7.66 mnt as compared to 9.57 mnt in Q1FY22. Total sales from its Chhattisgarh mines stood at 6.20 mnt and the remaining 1.46 mnt were from Karnataka mines.

NMDC iron ore production & sales summary

Congratulating the NMDC team for the company's best-ever Q1 production performance, CMD Sumit Deb said, "Our performance in Q1FY23 reflects NMDC's prowess and leadership character, both constantly fueling growth. An eco-friendly and socio-culturally responsible company, NMDC ensures that India's development is sustainable."