Summary

  • NMDC Ltd., a Navratna PSE (Public Sector Enterprises) under Ministry of Steel, Govt. of India.
  • NMDC is engaged in mining of iron ore which is crucial for the steel industry.
  • NMDC produces around 35.57 million tonnes per annum of iron ore from three mechanized mining complexes in India.

Company Overview

NMDC Ltd., (NSE: NMDC)  a Navratna PSE under Ministry of Steel, Govt. of India is the single largest producer of iron ore in India owns and operates highly merchandized iron ore mines in CG & Karnataka. NMDC is considered to be one of the low-cost producers of iron ore in the world. It also operates the only merchandized diamond mine in India at Panna, MP. The company is diversifying into steel making and has undertaken several capital intensive projects to modernise and increase capacities to retain its domestic leadership and has also forayed overseas successfully.

NMDC is engaged in mining of iron ore which is crucial for the steel industry. NMDC produces around 35.57 million tonnes per annum of iron ore from three mechanized mining complexes, two in Chhattisgarh and one in Karnataka which supply ore in the form of lumps and fines for production to various steel industries using blast furnace / DRI route.

NMDC0.jpg

Products

IRON ORE

  • Baila ROM: 10 mm to 150 mm size with Fe 65.5%.
  • Baila lump: 6.3 mm to 40 mm size with Fe 65.5%
  • DR CLO: 10 mm to 40 mm size with Fe 67%.
  • 10-20 mm Baila Sized Lump: 10-20 mm with Fe 65.5%
  • Baila Fine: -10mm with Fe 64%.
  • Doni lump: 6.3 mm to 31.5 mm size with Fe 65%.
  • Kumaraswamy Lump: 6.3 mm to 31.5 mm size with Fe 64.5%.
  • 10-20 mm sized Kumaraswamy Lump: 6.3 mm to 31.5 mm size with Fe 64.5%.
  • Doni Fines: - 10 mm with Fe 64%.
  • Kumaraswamy Fine: -10 mm with Fe 64%.
  • Slimes: Produced during wet screening of iron ore having nearly less than 0.5 mm size and mostly less than 61%Fe. Suitable for pellet making
  • Iron ore pellets: Produced at Donimalai with around 64% Fe.

Rough Diamonds

NMDC1.jpg

Plant / Mine Locations:

The mines / units of the Company are located 1

Iron Ore Mines/Projects

  • Bailadila Iron Ore Mines, Bacheli
  • Bailadila Iron Ore Mines, Kirandul
  • Donimalai Iron Ore Mines

Steel/ Sponge Iron Units

  • NMDC Iron & Steel Plant, Jagdalpur
  • Sponge Iron Unit, Paloncha

Other Mineral Projects

  • Diamond Mining Project, Panna
  • Lalapur Silica Sand Project, Lalapur
  • Arki Limestone Project, Arki

Research & Development, Uppal, Hyderabad

  • Global Exploration Centre, Raipur
  • NMDC Central Workshop, Bacheli

Subsidiary Companies

  • Jammu & Kashmir Mineral Development Corporation, Jammu
  • NMDC-CMDC Limited, Raipur

NMDC3.png

Industry Overview

Global: Steel & Iron Ore

Uncertainties that arose due to Corona Virus spread had a devastating impact during Q1 & Q2 of CY2020 in many countries due to the halt of activities across various industries including iron & steel, risking steel demand. Consumptions side has declined significantly affecting the production & supply cycle. Spread of Covid-19 could not be contained to a significant level despite Government attempts globally. 2

Global steel demand is forecasted to fall by around 8% year-on-year in 2020. Excluding China, the fall is forecasted to be around 16%. If the economy does not revive fast, global steel demand may sink further & crude steel production will not return to 2019 levels of output for two to three years.

In China, Construction activity has shown some unexpected resilience after the coronavirus outbreak. The Chinese government is relying on financial stimulus into infrastructure projects to boost the economy following the downturn, to support the growth of 6.4% year-on-year in steel demand. Crude steel production is running unexpectedly hot in 2020, supported mainly by integrated steel players. Thereafter it is expected to fall following the steel demand retreat.

In the US, traditional trade defenses could not protect producers from a domestic demand slide during 2020. A 25% fall in production in 2020, may take three years to recover to pre-covid levels. For the EU28, current year demand has been revised down by 33 MT, the second consecutive year of decline in demand. Recovery is expected in the coming years, however, it may take a considerable time to match 2018 volumes.

2020 is shaping up to be another extraordinary year for iron ore due to the gap in demand and supply of ore. The 62% Fe benchmark index has averaged out above $90/t CFR in H1-2020, providing the iron ore majors with EBITDA margins above 65%. Iron ore prices climbed high during June’20 reaching a level of $ 105/ ton for 62% Fe. The high prices in H1-2020 are driven by strong Chinese demand and weak Brazilian supply. Both the drivers will moderate in H2 2020, putting downward pressure on prices, with the 62% Fe index averaging $80/t CFR in H2 versus $90/t in H1.

Seaborne supply and demand are expected to be more closely aligned from 2021 onwards, with prices gravitating towards long term forecast of $70/t CFR by 2030. A cyclic low price may be observed at $55/tonne for 62% Fe in 2023. The supply-demand scenario from Brazil & China will remain a governing factor in the medium term. In the longer term, key drivers for iron ore include India’s growth and net trade position; the interaction between scrap and hot metal, and the transition towards low carbon “green” steel.

In 2019, Global iron ore production increased to 2.50 billion tonnes (usable ore basis), up from 2.46 billion tonnes in 2018. Australia remained the highest producer with an estimated production of 930 million tonnes in 2019 while India was a distant fourth with a production of around 235 MT in FY2019. The price of Iron ore was averaged at $93/t CFR in 2019 due to supply disruptions on account of dam collapse in Brazil and cyclone in Australia.

India: Steel & Iron Ore

Indian crude steel production has observed significant lows in April 2020 post lockdown & revived significantly with strong economic support from the government. However, revival is not up to the level of the previous year with most of the private large integrated mills operating at about 80% of their production levels, while state-owned mills are still lagging behind. The secondary steel producers continue to struggle with capacity utilization at around 50 - 55%, due to low domestic demand, shortage of workforce, disruption in supply chain and liquidity related issues.

Crude steel production for FY’21 is projected to decline by 15% over FY’20 to produce 95 Mt due to the Covid outbreak. However, a V-shaped recovery is expected in the next financial year to attain production of 110 Mt due to strong economic fundamentals.

On account of the competitiveness of Indian steel in global markets and subdued domestic demand till Dec’2020, steel exports are expected to remain dominant till Q3 of FY’2020. The export share of Indian steel production has reached about 50 – 60%, in the previous months. The decline in the price of domestic finished steel coupled with the devaluation of Indian currency in the last few months is further supporting the exports. Domestic demand is expected to pick up by Dec’2020 with support from the infrastructure sector as well as the automobile sector.

It is unlikely that Indian iron ore production will reach the historic highs achieved in FY’20 anytime soon. Integrated steel mills dependent on merchant miners are operating at sub-optimal levels, under subdued demand of steel post lockdown. The expiry of leases from March’2020 has further curtailed down the capacity by about 80 MT (having production of about 60 MT) affecting the supply side. However, iron ore exports have remained steady for both agglomerated and non-agglomerated ore. Supreme Court of India has allowed movement of legally mined and royalty paid iron ore in Goa, within six months, from January 2020. Indian merchant pellet players are also focused on exports due to subdued domestic demand.

Production of Iron Ore in India was about 245 MT in FY’20 was 16.7% higher than that of FY’19. Further, the export of ore from the country at approx. 25.1 MT during the year FY’20 was 360% higher than that of preceding year’s export of 6.87 MT, due to the high demand of low-grade ore from China during the year

Indian iron ore production is likely to grow in line with domestic steel production, which is envisaged to reach 300 MTPA of crude steel capacity by FY’31. In the short term, the domestic supply of ore is likely to be hampered due to subdued supply from Odisha & delay in the start of Auctioned Mines. However, with the start of these mines post-transfer to the new lessee, and with the support from the government for extending EC & FC for 2 years, the production of Iron ore is expected to pick up from Oct’2020. Various analysis agencies across the globe have projected production of around 180-190 MT of iron ore in FY’21, under the support of domestic demand and export of iron ore & pellets.

NMDC is bullish on the growth prospects of India’s steel industry with its competitive advantages and the impetus being given by the government to the steel sector. Growth in domestic steel demand in all key sectors, such as infrastructure, housing, automobile, etc. is envisaged to support domestic demand. At the same time, global demand in the near future will also support the domestic players. Further, the increase in demand for high-grade ore and the price of iron ore in the international market is expected to support NMDC in improving its performance in terms of quantity as well as EBITDA margins.

NMDC2.jpg

Business Overview

NMDC Ltd is the largest iron ore mining company in India, with an average annual production of over 32 MT over the last 5 years. With iron-ore production of around 31.9 million tonnes in FY’20, it contributed to around 18% of domestic production (excluding captive iron ore production). At an average of 64% Fe, NMDC sells one of the best grade Iron ore globally. The organization produces different variety of ore in terms of grade & size, to suit the requirement of its customers. Apart from sale of ore in the domestic market, NMDC also supplies ore to Japan & South Korea under the long-term agreements with the two countries.

NMDC plans to increase the production capacity from its three mining complexes from the existing 43 MTPA to 67 MTPA in the near future to meet the growing requirements of iron ore of the Indian Steel Sectors. The Company is also focused to diversify from the existing business of exploration and mining. NMDC has invested in the construction of a 3 MTPA integrated steel plant in Jagdalpur (Chhattisgarh) and a 1.2 MTPA pellet plant in Donimalai (Karnataka). NMDC has also ventured into the mining of coal through the allocation of two coal blocks in Jharkhand on nomination basis by the Government of India.

The company immensely focusses on productivity improvement as well as cost optimization which results in high profitability for the organization. NMDC recorded a Profit (before tax) of `6,123 crores in FY’20 and a net worth of ` 27,534 crores (as on 31st March 2020). NMDC has a strong history of rewarding investors with an average dividend payment of around 625% in the last 5 years, which is the testimony to consistently create value to its stakeholders.

Operating Projects

NMDC operates three highly-mechanised iron ore mine complexes in the states of Chhattisgarh and Karnataka. Two of the complexes are located in Dantewada (Chhattisgarh) namely Kirandul Complex and Bacheli Complex, that produce around 24 MTPA. The third complex in Bellary (Karnataka), namely, Donimalai Iron Ore Complex produces 12 MTPA (from the two pits- Kumaraswamy & Donimalai). NMDC also has a 1.2 MTPA pellet plant at Donimalai. The present operations in Donimalai mine of NMDC in Karnataka is suspended due to imposition of additional premium of 80% of IBM sale price.

NMDC also operates the Diamond Mining Project, Panna (M.P.), which is the only mechanized diamond mine in Asia, with an annual production of around 28,450 carats (FY’20).

Global Presence

NMDC has a majority stake of 92.32% in Legacy Iron Ore Limited, an ASX listed entity based in Perth, Australia which has iron ore (magnetite), gold, nickel, base metal and tungsten interests (21 tenements) in Western Australia. Legacy iron ore has raised A$ 9.227 million through rights issued in Dec’19. NMDC’s equity in the company has increased to 92.32% after the rights issue, from an earlier stake of 78.56%.

International Coal Ventures Limited (ICVL), a joint venture company of SAIL, NMDC and RINL, acquired a coking / thermal coal mine in Mozambique in 2014 and took over the operation. NMDC holds a 26% stake in ICVL. Benga Mine, one of the operational assets of ICVL, produced around 1.78 MT of coal (Coking & Thermal) in FY’20 (all-time high) compared to 1.32 MT production in FY’19.

NMDC holds 4 gold leases in Tanzania and is in the process of conducting detailed exploration & setting up of a pilot-scale processing plant for the same; First phase of the exploration has already been completed.

Growth plan

NMDC has made a comprehensive plan to enhance iron ore production capacity to 67 MTPA to meet the growing requirements of iron ore of the Indian Steel sector. The strategy focuses on growth largely through brownfield expansion of existing mines and improving the evacuation infrastructure.

NMDC also envisages expanding through the development of Deposit-13 & Deposit-4 (greenfield projects), under a Joint Venture company of NMDC Limited and Chhattisgarh Mineral Development Corporation Ltd. (NCL). For Deposit-13, MDO has already been appointed for the development of a greenfield mine for a capacity of 10 MTPA mine. For Deposit-4, Government has granted reservation in favour of NMDC-CMDC Limited on 30th September 2019; Further actions to be initiated post-issuance of LOI.

NMDC is in the process of setting up a slurry pipeline in phases for economical transportation of iron ore to locations from where the pellets /ore can be supplied to the industry. Land acquisition for the slurry pipeline is in an advanced stage. Efforts to increase evacuation capacity through doubling of Kirandul-Kothavalasa (KK) line is also in full swing and few completed sections have been opened for traffic.

NMDC is in advanced stages of setting up a 3.0 MTPA greenfield Steel Plant at Nagarnar in Chhattisgarh, which is expected to operationalize in FY’21. The commissioning of the integrated steel plant got delayed due to the pandemic. NMDC has also forayed in pellet-making through setting up of a 1.2 MTPA pellet plant at Donimalai. Another 2 MTPA pellet plant is in the process of being set up at Nagarnar, Chattisgarh.

Exploration & Reserve Estimation

NMDC has a dedicated exploration wing at Raipur, fully equipped to undertake the exploration of minerals. NMDC has conducted more than 17300 meters of core drilling in FY’20, at existing mines. Apart, NMDC also doing exploration in different blocks of iron ore, manganese, gold & diamond in M.P., Maharastra, Jharkhand etc under NMET & MOU route. Besides, it has also established a well equipped Centre for Geostatistics. It has a remote sensing lab at Corporate Office, Hyderabad. NMDC has full-fledged mine planning wings at Corporate office as well as at project sites for orebody modeling & reserve estimation, with advanced software like Surpac, Whittle & Mineshed.

Financial Highlights

NMDC's net profit jumps manifold to Rs 2,838 crore in March quarter 3

State-owned NMDC posted a manifold jump in its net profit to Rs 2,838 crore for the quarter ended March 31, 2021.

The country's largest iron ore producer had clocked a Rs 351-crore net profit during the January-March period of the financial year 2019-20, NMDC said in a BSE filing.

Its total income during January-March 2021 more than doubled to Rs 6,932.75 crore, from Rs 3,320.95 crore in the year-ago period.

Total expenses were at Rs 2,668.36 crore as against Rs 1745.96 crore a year ago.

In a separate statement, NMDC said its profit after tax (PAT) was at Rs 6,253 crore during the whole of 2020-21 fiscal, reflecting a growth of 73 per cent from the Rs 3,610 crore achieved in FY 2019-20.

The Hyderabad-headquartered company has produced 34.15 million tonne (MT) iron ore in the financial year ended March 31, 2021, up eight per cent from 31.49 MT it had produced in 2019-20 fiscal.

NMDC sold 33.25 MT of iron ore, registering a growth of six per cent as compared with 31.51 MT sold during FY 2019-20.

In the statement, NMDC Chairman and Managing Director Sumit Deb said, "This has been an excellent year for the iron and steel sector and it gives me great pride to share these impressive results achieved in a year that has been challenging for the economy more than one reason."

NMDC Consolidated March 2021 Result

Reported Consolidated quarterly numbers for NMDC are: 4

  • Net Sales at Rs 6,847.57 crore in March 2021 up 114.84% from Rs. 3,187.34 crore in March 2020.
  • Quarterly Net Profit at Rs. 2,835.82 crore in March 2021 up 799.15% from Rs. 315.39 crore in March 2020.
  • EBITDA stands at Rs. 4,325.45 crore in March 2021 up 166.78% from Rs. 1,621.34 crore in March 2020.
  • NMDC EPS has increased to Rs. 9.64 in March 2021 from Rs. 1.03 in March 2020.

Recent developments

Govt to sell up to 4% stake in NMDC 5

6 July 2021; State-owned miner NMDC announced government plans to offload 4 percent stake in the company through an offer for sale (OFS) which opens for subscription on Tuesday.

The floor price for the offer shall be Rs 165 per equity share, NMDC informed the stock exchanges.

The President of India, acting through and represented by the Ministry of Steel, Government of India, is the promoter of NMDC Ltd, the company said.

"The promoter proposes to sell up to 11,72,24,234 equity shares of the company, (representing 4 percent of the total issued and paid up equity share capital of the company on July 6 for non-retail investors and on July 7 for retail and non-retail investors who choose to carry forward their un-allotted bids with an option to additionally sell 10,22,78,144 equity shares representing 3.49 percent of the total issued and paid-up equity share capital of the company," it said.

The floor price for the offer shall be Rs 165 per equity share, it added.

On Tuesday, the offer shall take place during trading hours on a separate window of the stock exchanges at 9:15 AM and shall close at 3:30 PM.

It will continue to take place during trading hours on a separate window of the Stock Exchanges on Wednesday from 9:15 AM and close at 3:30 PM on the same day.

NMDC, under the Ministry of Steel, is country''s largest iron ore mining company.

President of India holds 68.29 percent stake in the company.

References

  1. ^ https://www.nmdc.co.in/Locations.aspx
  2. ^ https://www.nmdc.co.in/Financial%20Information/Handlers/DownloadAnnualReport.ashx?FinancialYear=2019-20
  3. ^ https://www.moneycontrol.com/news/business/markets/taking-stock-sensex-nifty-end-marginally-lower-amid-volatility-pharma-outshines-7253341.html
  4. ^ https://www.moneycontrol.com/news/business/earnings/nmdc-consolidated-march-2021-net-sales-at-rs-6847-57-crore-up-114-84-y-o-y-7080211.html
  5. ^ https://www.moneycontrol.com/news/business/govt-to-sell-up-to-4-stake-in-nmdc-via-ofs-fixes-floor-price-of-rs-165-per-share-7128981.html
Tags: IN:NMDC
Created by Asif Farooqui on 2021/07/30 11:05
     

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  347. US:CUR
  348. US:CVE
  349. US:CVSI
  350. US:CYCC
  351. US:CYTR
  352. US:CYTX
  353. US:DCTH
  354. US:DEPO
  355. US:DGEAF
  356. US:DMPI
  357. US:DRKTF
  358. US:DRYS
  359. US:DVAX
  360. US:DXTR
  361. US:DYLLF
  362. US:EARS
  363. US:ECYT
  364. US:EDIT
  365. US:EGLT
  366. US:EKSO
  367. US:ELVT
  368. US:ENB
  369. US:ENDP
  370. US:ENRT
  371. US:ETRM
  372. US:EVC
  373. US:EXEL
  374. US:FATE
  375. US:FB
  376. US:FERG
  377. US:FINL
  378. US:FIT
  379. US:FLXN
  380. US:FOLD
  381. US:FQVLF
  382. US:FRFHF
  383. US:FSV
  384. US:FTR
  385. US:FTS
  386. US:FVE
  387. US:FWDG
  388. US:GALE
  389. US:GALT
  390. US:GBHPF
  391. US:GBT
  392. US:GERN
  393. US:GFL
  394. US:GIB
  395. US:GILD
  396. US:GLDFF
  397. US:GLEN
  398. US:GLYC
  399. US:GME
  400. US:GNCA
  401. US:GNMX
  402. US:GOLD
  403. US:GPRO
  404. US:GSAT
  405. US:GVXXF
  406. US:GWLIFU
  407. US:HLTH
  408. US:HMNY
  409. US:HRGLF
  410. US:HRTX
  411. US:HSBA
  412. US:HTGM
  413. US:HTZ
  414. US:HUSA
  415. US:ICPT
  416. US:IDRA
  417. US:IDXG
  418. US:IFCZF
  419. US:IHG
  420. US:IMBBF
  421. US:IMGN
  422. US:IMMU
  423. US:IMNP
  424. US:IMO
  425. US:IMUC
  426. US:INFI
  427. US:INPX
  428. US:INSM
  429. US:INVA
  430. US:ITEK
  431. US:IVITF
  432. US:JD
  433. US:JOBS
  434. US:JVA
  435. US:KAYS
  436. US:KEM
  437. US:KERX
  438. US:KGC
  439. US:KTOS
  440. US:KTOV
  441. US:LKM
  442. US:LODE
  443. US:LPCN
  444. US:LULU
  445. US:LXRP
  446. US:MACK
  447. US:MARA
  448. US:MBOT
  449. US:MBRX
  450. US:MDCL
  451. US:MDCO
  452. US:MEET
  453. US:MEIP
  454. US:MEOH
  455. US:MFC
  456. US:MGA
  457. US:MGWFF
  458. US:MNKD
  459. US:MOMO
  460. US:MQPXF
  461. US:MRNS
  462. US:MRTX
  463. US:MSFT
  464. US:MTRAFU
  465. US:MU
  466. US:MVIS
  467. US:MZOR
  468. US:NAK
  469. US:NBEV
  470. US:NBRV
  471. US:NEOS
  472. US:NG
  473. US:NH
  474. US:NLNK
  475. US:NMUS
  476. US:NTIOF
  477. US:NTNX
  478. US:NTR
  479. US:NVAX
  480. US:NVCN
  481. US:NVDA
  482. US:NVRO
  483. US:NWBO
  484. US:NWG
  485. US:NXTTF
  486. US:NYMX
  487. US:OCDGF
  488. US:OCLR
  489. US:OCUL
  490. US:OGRMF
  491. US:OMER
  492. US:ONCS
  493. US:ONTX
  494. US:ONVO
  495. US:OPGN
  496. US:OPHT
  497. US:OPK
  498. US:OPTT
  499. US:OTEX
  500. US:OTIC
  501. US:P
  502. US:PANXF
  503. US:PBYI
  504. US:PETS
  505. US:PETX
  506. US:PGNX
  507. US:PHOT
  508. US:PIRS
  509. US:PLSE
  510. US:PLUG
  511. US:PLX
  512. US:PRTO
  513. US:PSDV
  514. US:PTI
  515. US:PTN
  516. US:PTX
  517. US:PUFXF
  518. US:PULM
  519. US:PVG
  520. US:QRSRF
  521. US:QSR
  522. US:RAD
  523. US:RBA
  524. US:RBGPF
  525. US:RCI
  526. US:RCKT
  527. US:RDHL
  528. US:RDUS
  529. US:RELX
  530. US:REPH
  531. US:RGLS
  532. US:RIGL
  533. US:RNN
  534. US:RNVA
  535. US:ROX
  536. US:RSSFF
  537. US:RTTR
  538. US:RY
  539. US:SCYX
  540. US:SDRL
  541. US:SEGXF
  542. US:SENS
  543. US:SESN
  544. US:SGBY
  545. US:SGGEF
  546. US:SGMO
  547. US:SGYP
  548. US:SHOP
  549. US:SJR
  550. US:SKLN
  551. US:SLF
  552. US:SLFPF
  553. US:SMFTF
  554. US:SMGKF
  555. US:SNAP
  556. US:SNN
  557. US:SPHS
  558. US:SPLIF
  559. US:SPRWF
  560. US:SQ
  561. US:SRNA
  562. US:SRNE
  563. US:SRRA
  564. US:SSRM
  565. US:STLY
  566. US:STML
  567. US:STMP
  568. US:STRRF
  569. US:SU
  570. US:SWN
  571. US:SYN
  572. US:TAC
  573. US:TBQBF
  574. US:TD
  575. US:TECK
  576. US:TENX
  577. US:TEVA
  578. US:TFII
  579. US:TGOPF
  580. US:TGTX
  581. US:THCBF
  582. US:TK
  583. US:TMXXF
  584. US:TNDM
  585. US:TOP
  586. US:TRI
  587. US:TROV
  588. US:TRP
  589. US:TRTC
  590. US:TRVN
  591. US:TRXC
  592. US:TSG
  593. US:TSLA
  594. US:TTM
  595. US:TTNP
  596. US:TTNQY
  597. US:TU
  598. US:TVTY
  599. US:TWTR
  600. US:TXMD
  601. US:UBQU
  602. US:UNXL
  603. US:VAPE
  604. US:VBLT
  605. US:VCEL
  606. US:VDQSF
  607. US:VPCO
  608. US:VSTM
  609. US:WIT
  610. US:WLDFF
  611. US:WLL
  612. US:WMIH
  613. US:WMT
  614. US:XGTI
  615. US:XON
  616. US:XTNT
  617. US:XXII
  618. US:ZGNX
  619. US:ZSAN
  620. US:ZYNE
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