Public sector mining company NMDC Limited is holding its board meeting on Monday (Oct 8) to review the price of iron ore in the wake of decline in global prices. Though the board was slated to meet on October 1, the meeting got postponed owing to some exigencies, said a company official.
In response to steel makers' demand for reduction of iron ore prices, CS Verma, chairman-cum-managing director of NMDC last month said they would review the prices and also the formula adopted for determining the pricing in the board meeting coinciding with the start of October-December quarter. The company currently produces 32 million tonnes of iron ore a year and is firming up investment plans for developing two more assets.
Besides, the meeting is expected to discuss the disinvestment process for which the ministry has already initiated steps, including selection of merchant bankers before finalising their names by the group of ministers.