March 21, 2002

    Kudremukh Iron Ore Company Ltd. (KIOCL), a public sector undertaking of the Steel Ministry is poised to achieve more than Rs.700 crore sales turnover this year against its MoU target of Rs.670 crore. Accordingly, it has proposed to achieve a turnover of Rs.750 crore in the next fiscal. KIOCL signed today a Memorandum of Understanding with the Government of India for the financial year 2002-03. The CMD, KIOCL, Shri S.Murari and the Secretary, Ministry of Steel, Shri N.N.Khanna signed the MOU.

    The MoU envisages production of 5.7 million tonnes of iron ore concentrate and 3.7 million tonnes of pellets during the year 2002-03. The export targets agreed in the MoU are 2 million tonnes of concentrate and 3.7 million tonnes of pellets. The MoU signed last year envisaged production of 5.7 million tonnes of iron ore concentrate and 3.85 million tonnes of pellets. The export target fixed were 2 million tonnes of concentrate and 3.85 million tonnes of pellets.

    KIOCL, one of the largest 100 per cent export oriented PSU in the country is a golden star trading house and has got ISO-9002 & ISO 14001certification to its credit. It has plans on hand to exploit the primary ore lying beneath the weathered ore, where the mining operations are currently being carried out. This will enhance the mine life by another 20 years. The Company is also in the process of locating and developing additional sources of iron ore fines for the optimal utilisation/expansion of the pellet plant. It has continued its massive afforestation efforts, preservation and enhancement of ecology and pollution control measures in and around Kudremukh.