NMDC RANKS AMONG TOP TEN PSES

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National Mineral Development Corporation Ltd. (NMDC) has been chosen as one of the top ten Public Sector Enterprises (PSE) for the MoU Award of the Government of India. Shri P.R.Tripathy, Chairman-cum-Managing Director received the award from the Hon'ble Vice-President of India Shri Kishan Kant on May 4, 2002. NMDC, one of the 108 MoU signing PSEs has been signing the MoU since 1991-92. Ever since the company has been rated as excellent every year except for 1998-99. The company has been able to maintain the excellent rating against the depressing market scenario for iron ore. The PSE has paid dividends @ 25 per cent for the last five years and @ 20 per cent for the preceding five years. From its production mines in Bailadila (Chattisgarh) and Donimalai (Karnataka), NMDC is currently producing 15 million tonnes of ore per year. Certified as ISO 9002, the projects produce iron ore that has a brand image in the international market. The production capacity of the company is being expanded to reach 27 million tonnes by 2005 by developing new mines. NMDC operates the only mechanized diamond mine in India at Panna (Madhya Pradesh). For the current year the target of NMDC is to produce 84,000 carats of diamond.