India: NMDC eyes 46-50 mnt of iron ore output in FY'24

NMDC, India's largest iron ore producer, recently announced its financial year (April 2022-March, 2023) results. The company reported its second-best iron ore production volumes in the preceding fiscal. Expected production in FY24 will be around 46-50 million tonne (mnt) as against the current volume of 41 mnt.

Notably, the mining major reported its best-ever fourth-quarter iron ore production in Q4FY23 (January-March, 2023) at 14.13 mnt. Performance highlights: Iron ore production edges down 3% y-o-y: The miner recorded iron ore output at 40.82 mnt in FY23 as against 42.18 mnt in FY22. Iron ore sales fall 6% y-o-y: NMDC's total iron ore