KIOCL al­lot­ted iron ore mine in Bel­lary

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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

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