KIOCL SIGNS 2003-04 MOU

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Kudremukh Iron Ore Company Limited (KIOCL), a 100 per cent export oriented public sector unit of the Steel Ministry signed today the annual memorandum of understanding (MOU) with the Government of India for the year 2003-04. The MOU envisages production of 5.250 million tonnes of iron ore concentrate and 3.575 million tonnes of pellets. The export targets agreed in the MOU are 1.675 million tonnes of concentrate and 3.575 million tonnes of pellets. In pursuance of these targets, KIOCL, a Golden Star Trading House proposes to achieve a profit of about Rs. 86 crore.

KIOCL is also in the process of locating and developing alternate sources of iron ore fines for its pellet plant and expansion of fits activities. Keeping up with its tradition of mining in harmony with nature, it continued its massive afforestation efforts for preservation of ecology in and around Kudremukh.