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Last Updated : Dec 19, 2019 09:54 AM IST | Source: Moneycontrol.com

NMDC gets nod to hike Kumaraswamy iron ore output; share price up 3%

On December 17, the company said it had received a 20-year extension for four mines in its biggest mining project in the central state of Chhattisgarh.

 
 
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Shares of India's largest state-owned iron ore miner NMDC rose almost 3 percent in early trade on December 19, a day after the firm said it had received the nod to hike Kumaraswamy iron ore output.

In a regulatory filing, the company on December 18 said it had received the approval for a modified mining plan of Kumaraswamy Iron Ore Mines from 7MTPA (7-million tonnes per annum) to 10 MTPA from the Indian Bureau of Mines (IBM).

On December 17, the company said it had received a 20-year extension for four mines in its biggest mining project in the central state of Chhattisgarh.

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In a statement, the company said Chhattisgarh's government had extended four mining leases in the state's Bailadila area, which produced 24 million tonnes out of NMDC's total iron ore production of 33 million tonnes in 2018-19.

Shares of NMDC traded 2.13 percent higher at Rs 122.45 on BSE around 09:35 hours IST.

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First Published on Dec 19, 2019 09:54 am
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