BS reported that MMTC Ltd expects its coal imports to tumble by 33% in the current financial year and mainly on account of a lower import order by India largest power generation utility National Thermal Power Corporation Ltd.

Mr HS Mann CMD of MMTC said “In 2010-11 our coal imports stood at 15 million tonnes of which we had imported 12 million tonnes only for NTPC. We see our coal imports dropping to 10 million tonnes this fiscal due to a lower import order by NTPC."

Mr Mann refused to specify the quantum of coal import order by NTPC for 2011-12 while admitting that minerals trade including coal was one of the major contributors to MMTC bottomline.

He said that "MMTC has been granted the Prospecting License for the Gomia coal block by the Ministry of Mines nearly 4 to 5 months back. The company has already conducted the pre-feasibility study and will now be doing the detailed exploration of the block. We will be floating a tender within two months for selection of a mine developer."

Mr Mann said when asked if iron ore exports would be impacted due to a four fold hike in export duty that "Our iron ore exports would be substantially affected but we are looking to renew our long term contracts with the ore buyers in Japan and Korea."

The company has targeted a turnover of INR 65,000 crore in 2011-12 on the back of a robust growth in gold and silver exports. The country biggest gold importer and expects to import 275 tonnes of gold this fiscal as against 245 tonnes in 2010-11 while silver imports are set to surge 50% to reach 1200 tonnes.

(Sourced from Business Standard)