NMDC to invest Rs 18,000 crore to increase capacity

New Delhi, Nov 30 (UNI) The public sector National Mineral Develoment Corporation (NMDC) will invest Rs 18,000 crore over the next five years to increase its capacity to 50 Million Tonnes (MT), Steel Minister Ram Vilas Paswan said today.

Talking to newspersons after receiving the interim dividend cheque from Chairman and Managing Director of NMDC Rana Som here, Mr Paswan said the company will focus on investigation and exploration and will apply for prospective license for increasing its capacity.

He said, NMDC would like to diversify and increase its capacity in minerals other than iron ore while retaining its leadership in iron ore mining as well.

He said NMDC should emerge as a global mining company with a futuristic vision.

He said, 80 per cent of the iron ore available in the country is low grade and the challenge for the industry is to convert this low grade ore into high grade by inducing new technlogy. The Minister lauded the performance of the company saying NMDC spends five per cent of its net profit on various corporate social responsibility activities.

NMDC earned a net profit of Rs 2300 crore and targets Rs 3,005 crore in the current year. It has paid 100 per cent interim dividend amounting to over Rs 130 crore to the Government, the Minister said.

UNI