According to the latest Annual Report (2015-16), NMDC may also start production from its Kumaraswamy Iron Ore Mine in Karnataka from the current fiscal.
"Since the formulation of SMP (Strategic Management Plan), the business environment for commodities/iron ore has witnessed severe downturn, necessitating a relook at the ambitious growth agenda. The prices of steel products and iron ore have come down significantly in the last one year.
Accordingly, 'Vision 2025' of the company is under review to align the growth plan in line with global and Indian iron ore market scenario, the miner said in the report.
NMDC achieved production of 285.74 million tonnes of iron ore and sales of 288.39 MT during last year.
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Turnover for the year under review was Rs 6,456 crore compared to Rs 12,356 crore in the previous financial year, recording a decrease of 48 per cent. Similarly, profit after tax (PAT) was Rs 3,028 crore as against Rs 6,422 crore in the previous financial year 2014-15 recording a decrease of 53 per cent.
"The entire project is being executed through 6 packages. Orders have been placed for all the packages and major works have been completed. Integrated trial of crushing plant and downhill conveyor is in progress. Electrical substation charged. Service center facilities and water pipe line works are completed. Production is scheduled during FY17," it said.
It also said with a strategic vision to augment production, the construction of Bailadila Deposit - 11/B Mine at an enhanced capacity of 7 million tonnes of ROM ( Run of Mine) per annum has been taken up.