NMDC hits fresh 52-week high after govt approves mining expansion plan
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Shares of NMDC hit a fresh 52-week high in otherwise subdued market, up 3 per cent at Rs 123 on the BSE on Thursday, after the state-owned company announced that the Indian Bureau of Mines (IBM) approved its mining plan to enhance the production of iron ore from Kumaraswamy iron ore mines in the state of Karnataka.
“The company has received approval for modified mining plan of Kumaraswamy iron ore mines of NMDC from 7MTPA (million tonnes per annum) to 10 MTPA from the Indian Bureau of Mines (IBM), Ministry of Mines, Government of India,” NMDC said in a regulatory filing on Wednesday after market hours. The effective date of approval is for 2020-21 and 2021-22, it added.
This is another big boost to NMDC immediately after obtaining the extension of four mining leases of NMDC in Chhattisgarh.
In a statement on Tuesday, the company said the Mineral Resources Department, Government of Chhattisgarh, has extended the four mining leases in Bailadila in South Bastar, Dantewada district for a further period of 20 years.
The leases of Bailadila Deposit No.5, Deposit No.10, Deposit No.14, and Bailadila Deposit No.14NMZ have been extended for a period of 20 years ending September 2035, it said.
That apart, NMDC also announced that it has received the allocation of Rohne Coal Block in Jharkhand.
This allocation would ensure the coking coal requirement of NMDC's upcoming steel plant at Nagarnar, Chattisgarh to some extent. This is an important step for raw material security for the steel plant and also to some extent reduce the import of coking coal, it added.
In the past seven trading days, NMDC has outperformed the market by surging 12 per cent, as compared to a 3 per cent rise in the S&P BSE Sensex.
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