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business | IST

Expect to get clearance from Karnataka government shortly on Donimalai mine, says NMDC

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NMDC reported second-quarter earnings in-line with the expectations.

NMDC reported second-quarter earnings in-line with the expectations.
CNBC-TV18’s Nigel D'Souza spoke with Sumit Deb, Chairman-and-Managing Director of the company to discuss the company's second-quarter performance. He began by asking about the time frame with respect to the starting of Donimalai mine.
“We are waiting for clearance from the government of Karnataka to commence our mining operations. There is an amendment to be made in MMR Act which we will have to ensure that there is a premium to be paid. We expect to commence operations in Q3 of FY21," Deb said.
On sales volumes, Deb said, “We hope to catch up and exceed the target of last year, H2 production has picked up and things are improving and we are seeing signs of increased production.”
On pricing, he said, “Definitely the prices are at a discounted to imported landed prices, but then most of our sales are in the domestic market and prices are competitive with respect to other miners. Prices are on an uptick, steel prices are going up and we hope to increase prices also in the near future.”
To know more, watch this video.
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