India’s state-run iron ore miner NMDC Limited increased its capital expenditure by 40 percent during the fiscal year 2023-24 to INR 2.07 billion ($246 million), a company official said on Thursday, August 15.
The official said that this was aimed at ramping up iron ore production to 100 million mt in the short term and meeting the target of 100 million mt per year by 2030, up from 45 million mt achieved in 2023-24.
“At NMDC, we recognise the enormity of the task at hand and hence we have set an internal goal to more than double our capacity to 100 million mt per year by 2030 in line with the national vision achieving steel production of 300 million mt per year by then,” said K. Venkateswarlu, general manager, finance, said. He said that the capex of INR 2.07 billion, the highest ever, was excluding the company’s investment in constructing the 3 million mt per year greenfield steel mill - NMDC Steel Limited.