India: Prakash Industries to Commence Operations at its Captive Iron Ore Mine Soon

Prakash Industries Ltd (PIL) - one of the major steel producers in Central region of India today announced that they have now received the grant of surface right permission to open Sirkaguttu Iron & Manganese ore mine, Keonjhar, Odisha. The development of mine is being undertaken and iron ore extraction is likely to commence in a fortnight's time. The said Iron ore mine has geological reserves of around 9.9 MnT. With this captive sourcing, the operating margins and profitability of the company would improve significantly.

The state govt. of Odisha had executed a mining lease of Sirkaguttu Iron & Manganese ore mine in favour of the Company in Keonjhar District of the State on 11th Jan'17.

The company recorded highest ever production of 9.7 lac tonnes of Steel Billets during FY2019. It also recorded highest ever sales volume of 9.4 lac tonnes during FY'19, registering growth of 20% Y-o-Y.

The company has integrated steel plant in Chhatisgarh with finished steel capacity of 1.1 MnT.