Moneycontrol
Last Updated : Sep 29, 2011 10:17 PM IST | Source: PTI

KIOCL exploring options of acquiring assets in Mozambique

State-owned KIOCL today said it is exploring the possibilities of acquiring iron ore deposits in Mozambique.


State-owned KIOCL today said it is exploring the possibilities of acquiring iron ore deposits in Mozambique.


"We are looking to acquire some properties (of iron ore) in Mozambique. My team is going there this week-end to examine the (iron ore) reserves. Let it come back, then I will give you full information," KIOCL (formerly Kudremukh Iron Ore Company) CMD K Ranganath told reporters here.


He added that the move is currently at beginner's stage and proper assessment of the reserves and its quality has not yet been done.


"We have been told about it by the interested vendors.


Let it get assessed by our team, the quality of ore and how much is the reserve size... It's just at starting stage" Ranganath further said.


The company, which does not have any domestic captive iron ore mine, has a cash reserves of Rs 1,200 crore and is a debt-free company.


It had produced 2.12 million tonnes of iron ore pellets (a processed form of the raw material) in 2010-11 and is dependent on NMDC for iron ore supplies.


In 2010-11, the company  had reported a net profit of Rs 76.27 crore.

During the April-June quarter of the current fiscal, the company had produced 369,000 tonnes of iron ore pellets.

First Published on Sep 29, 2011 10:00 pm
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