OMC Targets 20 MT Ore

Even as it is all set to accomplish the highest ever annual production and sale target of 8 million ton this fiscal, the State owned mining behemoth Odisha Mining Corporation (OMC) is all set to ramp up production to 20 MTPA by 2019-20. 

 
This was revealed during a review of the company’s performance by the Chief Secretary Aditya Prasad Padhi earlier today.
 
Mr.Padhi directed officers of the Department of Steel and Mines to adopt innovative methods for scaling up mining operations and business transactions.

Review further revealed that beating 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 that of 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.  
 
 “OMC has constantly enhanced its production of iron ore over last 5 years. While in the year 2013-14 the total iron ore production was around 1.8 MT, it was increased to 3.1 MT during 2014-15, 6 MT during 2015-16 and further to 6.4 MT during the year 2016-17”, said OMC Managing Director R Vineel Krishna . 
 
Chief Secretary Mr.Padhi advised the corporation to enhance its production to 8 MT during the current year. Target was set to produce around 3 MT of ore from Daitari, 2.6 MT from Gnadhmardan and 2.4 MT from Kurmitar mines. Similarly, the target was set for enhancing the chromites production up to 1.16 million tons from the  mines like south Kaliapani, Sukurangi and Bangur, said Mr.Krishna. 
 
Mr.Krishna appraised that during the year 2015-16 the Corporation paid Rs.1415 cr 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. 
 
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, four bauxite blocks in Rayagada, seven iron ore blocks in Khandadhar, one iron ore block in Thakurani-A have been identified for exploration through OMECL. 
 
The matters relating to IT applications in business reengineering, online file processing, CCTV surveillance in mining sites and head office, biometric attendance at regional offices and mine offices with web based real time reporting, standardized tender schedule for raising contracts, preparation of the purchase & procurement  manual, sale & marketing policy, pricing policy for ores etc were also reviewed in the meeting. 
 


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