NMDC has announced plans to invest Rs 70,000 crore in capital expenditure over the next five years to boost its production capacity to 100 million tonnes by 2030. The move is part of NMDC’s strategy to build essential infrastructure for evacuation and transform its digital ecosystem.

This target aligns with India’s National Steel Policy 2017, aiming for 300 million tonnes of domestic steel production. In the fiscal year 2023-24, NMDC produced 45.02 million tonnes of iron ore and sold 44.48 million tonne. The company spent Rs 2,066 crore on capital expenditure, marking its highest-ever spend and a 17% increase over the initial target of Rs 1,769 crore. Managing Director Amitava Mukherjee emphasized that reaching the 100 million tonne target by 2030 is a critical and once-in-a-lifetime opportunity for NMDC to strengthen its position as a global mining leader.

Mukherjee urged vendors and partners to prepare financially, build their resource base, and adhere to strict timelines to ensure the successful execution of this major expansion effort. Iron ore is crucial for steel production, and while some steel manufacturers like Tata Steel and SAIL operate their own mines, others rely on the open market to purchase iron ore.