KIOCL DESPATCHES 2.5 MILLION TONNES PELLETS TO CHINA

---

Kudremukh Iron Ore Company Limited (KIOCL), a public sector undertaking of the Steel Ministry has despatched 2.513 million tonnes of pellets and 1.534 million tonnes of concentrate to China during the year 2002-03. For the first time, despatch of pellets to China crossed 2 million tonne mark. The company sold 1.906 million tonnes of pellets to Chinaduring the previous financial year. Shipment of 3.539 million tonnes of pellets during 2002-03 is the highest quantity despatched in any financial year so far, surpassing the previous high of 3.285 million tonnes sold in 1999-2000. This information was given by the KIOCL chairman Shri P.Ganesan to the Minister for Steel Shri Braja Kishore Tripathy who was reviewing the performance of the company during 2002-03.

The Minister was briefed that the highest annual turnover of Rs. 727.14 crore during the year surpassed the previous high of Rs.721. 69crore of last year. It also recorded an all time high gross margin of Rs.169.75 crore during the year. The company produced 5.53 million tonnes of iron ore concentrate and 3.369 million tonnes of pellets fulfilling 101 per cent and 96 per cent of targets respectively. It achieved a net profit of Rs. 89.10 crore in 2002-03 against Rs. 88.37 crore in the previous year.

The Minister asked the company to further improve its techno-economic performance to meet international benchmark standards. He asked the company to expedite the filing of review petition before the Supreme Court on extension to mining lease. He congratulated the KIOCL collective for their efforts in achieving higher production and sale. The CMD said that the company has drawn up short term and long term plans including a mining plan for exploitation of ore in other states.