State owned NMDC’s exports of iron ore may fall by over 61% to less than 1 million tonnes this year from 2.6 million tonnes last year.

A senior official of NMDC has said the drop in exports will not impact the financials of the company, as domestic demand and prices are encouraging.

The plunge in exports is primarily due to the delay in issuance of a notification by the government permitting overseas shipment of the mineral resource even after Cabinet approval.

The official said that “Even if we get approval from the government this month or next month, we will consider exports on a pro rata basis.

The official told PTI that “If we start exports in January, we may export around 0.6 or 0.7 million tonnes this year. We may not touch the 1 million tonnes mark.”

Its total exports of iron ore amounted to 2.56 million tonnes during FY’11, as against 3.43 million tonnes in the previous financial year, a decrease of 25%

(Sourced from PTI)