March 22, 2002

    National Mineral Development Corporation Ltd. (NMDC), Hyderabad a public sector undertaking of the Steel Ministry signed today a Memorandum of Understanding with the Steel Ministry for the year 2002-03 outlining its targets for the year. The MoU was signed by Shri P.R.Tripathy, Chairman-cum-Managing Director, NMDC and Shri N.N.Khanna, Secretary, Ministry of Steel, Government of India.

    The MoU envisages a total excavation target of 231.80 lakh tonnes of iron ore, which is 19.80 lakh tonnes more than the MoU target set for this year. NMDC has proposed to produce 170 lakh tonnes of finished steel during the year, 20 lakh tonnes more than this year’s target. It has also set a target of 195 lakh tonnes for sale of iron ore during the year, 15 lakh tonnes more than the last MoU target. It also envisages that the PSU would produce 84,000 carats of diamonds during 2002-03, 12,000 carats more than the target for this year.

    NMDC is poised to cross all its MoU targets set for this year and record a turnover of more than Rs.1100 crore. Its turnover for the year 2000-01 was Rs.1029 crore.