Indian state-controlled mining firm NMDC is aiming to produce 55.4mn t of iron ore in the April 2025-March 2026 fiscal year, 25pc higher on the year.
In the previous fiscal year, 40-45 days of workers' protests prevented output from reaching 50mn t, the firm said. The protests reduced production by more than 6.5mn t, NMDC chairman and managing director Amitava Mukherjee said during the company's conference call on Wednesday.
The firm's iron ore production in April rose by 15pc on the year to 4mn t.
NMDC, India's largest merchant iron ore mining firm, has also been trying to expand into coking coal mining. The firm said it is looking to invest in Australian and Indonesian coking coal assets, most of which are close to operational.
Steelmaking is expected to grow in India and as most of the added capacity will be blast furnace-based, the requirement for imported coking coal will increase, Mukherjee said. The mining firm's own Rohne coal block in Jharkhand state will be operational in the current fiscal year, he added.
NMDC is also targeting overseas assets for a range of other minerals, including copper, lithium, cobalt, nickel, gold and bauxite.
The implementation of safeguard measures was successful in pushing up steel prices and while hot-rolled coil prices are largely stable, there are pockets of weakness in other segments such as sponge iron, NMDC said.
The firm's revenue from operations rose by 8pc on the year to 70bn rupees ($819.5mn) in January-March. Profit was nearly 5pc higher year on year at Rs14.8bn.
