India's Ministry of Steel has announced that the National Mineral Development Corporation (NMDC) produced 20.1 million mt of iron ore during April-December 2007, registering a growth of 12.5 percent over production during the same period of the previous year. The ministry added that the rate in question exceeded the official target by six percent.
NMDC sold 19.86 million mt of iron ore during the first nine months of fiscal year 2007, as against 17.49 million mt during the same period in the previous year. During the period in question, the company earned a net profit of $565 million compared to $406 million during the corresponding months of the previous year.
NMDC chairman Shri Rana Som said that transport bottlenecks and threats from Maoists had led to a shortfall in dispatch of iron ore, and added that the company would set up an investigation and exploration centre at Raipur to assist the government in mineral exploration activities.