India’s NMDC offers technical, financial support for stressed NINL to resume iron ore mining

Tuesday, 31 August 2021 11:31:07 (GMT+3)   |   Kolkata

Indian government-run miner NMDC Limited has offered technical and financial support to state-run steel mill Neelchal Ispat Nigam Limited (NINL) to enable the latter to resume mining operations at its iron ore asset in Odisha, an NMDC official said on Monday, August 30.

Financially stressed NINL’s steel mill in Odisha remains closed with the government putting NINL up for privatization through competitive bidding from investors.

As per a memorandum of understanding (MoU) signed between NINL and NMDC, the financial and technical support extended by the latter enabled resumption of mining operations at the Mithirda iron ore block last Friday, the official said.

With NINL’s steel mill closed, the company has received permission for the sale of 1 million mt per year of iron ore for merchant sale from its captive Mithirda iron ore mine.

Most Recent Related Articles

Odisha annuls auction of iron ore and manganese mine due to poor response

India’s NMDC reports 47% rise in iron ore output in September

Indian merchant miner Rungta Mines secures iron ore mine in Odisha through auction route

India’s steel ministry directs SAIL to set specific timelines to liquidate idle iron ore stocks

Indian government hikes GST rates on metallic ores to 18% from 5%