KIOCL allotted iron ore mine in Bellary
Kudremukh Iron Ore Company Ltd (KIOCL) has made a turnaround in the last fiscal despite not having captive mines. Its performance is commendable as there were challenges in the absence of captive mines, lack of iron ore security and the huge logistic costs involved in moving iron ore from the Kirandul-bacheli sector of NMDC to the pellet plant located at Mangalore Port, said KIOCL CMD Malay Chatterjee.
The company has turned around during 2016-17 by registering a profit after tax of Rs 47.93 crore, from a loss ofrs. 80.15 crore in the last financial year (2015-16).
Chatterjee expressed confidence in sustainability with the allotment of iron ore mines at the Devadari Range in Bellary district of Karnataka under the reservation route on approval of the Central government. The necessary gazette notification was issued in January after a spell of 12 years since the closure of its mine and its capability at Kudremukh in December 2005. The company has already prepared an action plan and initiated the process for obtaining the necessary statutory clearances.
“We need to get forest clearances in this mine area and pay compensation. It may take up to 36 months, but we are confident of bringing the timeline down to 24 months,” said Chatterjee at a Press conference here.
The company plans to set up a 1-MPTA pellet plant at the mine head at a cost of Rs 1,300 crore. This is expected to provide direct jobs to 500 people. “We will erect a mine-based pellet plant here of capacity of 1 MPTA and this will increase our output for both domestic needs and exports,” said Chatterjee,
The company has the potential in palletisation and beneficiation technology and is aiding NMDC, saving costs and in adding value for the latter.
CMD MALAY CHATTERJEE