As stated by Rana Som, chairman of Indian state-run miner National Mineral Development Corporation (NMDC), for the 2011-12 financial year (started April 1) the company's iron ore output target has been revised down to 28-29 million mt, from the previous target of 31 million mt. In the last financial year (FY 2010-11), NMDC's iron ore output totaled 25 million mt.
Meanwhile, NMDC's iron ore export volume to Japan and South Korea is expected to reach 1.4 million mt in FY 2011-2012, down from 2.56 million mt in the previous financial year.
The iron ore output of NMDC accounts for about 15 percent of India's total iron ore output. The proven iron ore reserves of NMDC currently stand at 1 billion mt.