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Odisha Mining Corporation registering 7.7 million tons of iron ore business turnover during the financial year 2016-17

Bhubaneswar:5/8/17: With Orissa Mining Corporation registering 7.7 million tons of iron ore business turnover during the financial year 2016-17, the state-run mining company is all set to achieve its highest ever production.

Despite the global market slowdown, OMC could sale around 7.7 million tons of iron ore during the financial year 2016-17 against the total sale of 4.5 million tons during 2015-16.  The sale of iron ore up to 31st July of current year ( 2017-18) has crossed 2.14 million tons thereby recording an increase of 9% over the same period of last year. Similarly, in spite of the drastic fall in ferro-chrome price, OMC has started its business operation for sale of around 1 MT chromites during 2017-18 against 0.8 million ton of sale in last financial year. The sale value of this production is expected to be around Rs.2800 cr which also would be highest in comparison to last 5 years. The Corporation has scaled up its net profit to Rs.846 cr during the financial year 2016-17 after paying all taxes.

Chief Secretary Aditya Prasad Padhi today reviewed OMC’s activities and directed the engineers and officers of the department to adopt innovative methods for scaling up mining operations and business transactions.

Officials said during the year 2015-16 the Corporation paid Rs.1415 crore to Govt towards royalty, DMF, NMET, dividend, sales tax and income tax. During the year 2016-17 OMC paid Rs 1548 cr to Govt under the same heads. In the 1st quarter of the current year OMC has already paid Rs 300 cr towards royalty, dividend and sales tax. Sri Krishna also mentioned that work plan has been set to ramp up production to 20 MT by the year 2019-20.

In another significant development OMC has set up Odisha Mineral Exploration Corporation Ltd (OMECL) as a 100% subsidiary of OMC. The corporation will conduct exploration activities for new mining sites. The scope of the exploration work has been listed out by a committee headed by Director of Mines. Four manganese blocks in Bolangir, 4 bauxite blocks in Rayagada, 7 iron ore blocks in Khandadhar, 1 iron ore block in Thakurani-A have been identified for exploration through OMECL.

Principal Secretary Steel & Mines Sri Raj Kumar Sharma, Principal Secretary Industry Sri Sanjeeb Chopra, MD OMC Sri Vineel Krishna, Chief General Manager  Sri Nrusingha Charan Sahoo, AGM Sri Abhiram Sahoo along with senior officers, mining engineers, geologists and technical experts of MOC participated  in the discussions.

 

 

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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