NMDC profits all time high: CMD

Hydereabad, Jun 25 (UNI) The National Mineral Development Corporation (NMDC) has achieved an all-time high profit before tax of Rs 2,770 crore for 2005-06, its Chairman and Managing Director B Ramesh Kumar today said.

Distributing the Indira Gandhi Memorial National Awards for Excellence in Indian Industry here, Mr Ramesh said NMDC had been making profits consistently from 1989-90 and enjoyed an uninterrupted divided paying record for the last 16 years.

Its final and total dividend for 2005-06 was Rs 365.57 crore.

With accent on modern technologies and operational efficiences comparable to the best in the world,the NMDC was determined to achieve its objective of becoming a world-class mining organisation.

It planned to open new mines at Bailadila in Chhatisgarh and Kumaraswamy in Karnataka and reach a production level of 32 metric tonne by 2010 from the present level of 23 metric tonne, he said.

Mr Kumar said the corporation was diversifying into limestone, beach sand and high value minerals mining.

Besides, it had also taken up vigorous exploration activities for diamonds in Anantapur district of Andhra Pradesh and Gold in Karnataka and Tanzania in Africa.

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