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Long Pending issue of Donimalai Iron ore Mine has been finally resolved

Posted On: 2020-12-04 07:21:58 (Time Zone: Arizona, USA)


The long pending issue of Donimalai Iron ore mine (ML No.2396) of NMDC Ltd, which was suspended since November 2018, has finally concluded through the endeavor of the Government. The decision has not only paved way for operationalization of the mine but also is a timely decision taken in a situation when the steel companies are facing a shortage of supply of Iron ore.

Exercising the power conferred to GOI under section 31 of the MMDR Act, 1957, the Government of India reached at an agreement with Government of Karnataka and Ministry of Steel to extend Donimalai Iron ore lease.

Donimalai Iron ore mine, which has total concession area of 597.54 Ha and estimated resource of 149 MT shall increase the annual Iron ore production in the country by 7 MTPA. Based on the existing high price of ore, it is expected that Donimalai Iron ore mine will contribute around INR 400 crore to the State Exchequer, during the ongoing financial year.

The operationalization of the mine would contribute a total of around INR 1100 crore to the State exchequer per annum. It will also take the nation a step closer towards the vision of the Government to achieve 300 MTPA crude steel capacity by 2030-31. The mine shall offer direct Employment to thousands of people (including the contract labourers) and create indirect employment opportunity for lakhs of people.

The operationalization of the mine shall bring a sense of security for more than two dozen SMEs (with 100s of employees) near Donimalai area that were directly or indirectly dependent on NMDC for supply of raw material. Further, the Local community dependent on NMDC CSR activities will not be deprived of benefits, like Hospital, Free Transport, RO water facilities etc.

Shares of NMDC LTD. was last trading in BSE at Rs.106.75 as compared to the previous close of Rs. 105.75. The total number of shares traded during the day was 834552 in over 8987 trades.

The stock hit an intraday high of Rs. 107.7 and intraday low of 103.55. The net turnover during the day was Rs. 88506826.


Source: Equity Bulls

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