State owned Gujarat Mineral Development Corporation Ltd has registered 42% rise in its net profits at INR 101 crores for the third quarter ended December 2010. Company's quarterly turnover stood at INR 360 crores up 33% against the corresponding period last year and 45% against the immediate preceding quarter.

the company said that by ensuring strategic mining operations across the Board, GMDC could achieve the highest ever quarterly turnover and net profit.

Announcing the results, Mr VS Gadhavi MD of GMDC said that the quarterly results for the third quarter had once again proven the capacity and capability of the company to soar new skies in the coming periods. On the production front, the lignite production for the quarter stood at 2,480,000 tonnes which was 16% higher over the previous comparative quarter. In order to further boost the lignite sales, GMDC is proposing to set up a pyrite removal plant of 1.5 million tonnes per annum capacity at its Bhavnagar mines. This would enhance the lignite quality and in turn would benefit the end users.

Similarly, GMDC is also proposing to set up a lime-crushing plant of 200,000 tonne per annum capacity at its Panandhro Lignite mines, which would enhance the quality of limestone for cement industry and power plant.

(Sourced from BS)