Resumption of mining operations in Bellary (Karnataka) has aided Sandur Manganese and Iron Ore Limited to post a profit of Rs 1.68 crore in second quarter (Q2) this fiscal.
In the same period last year, the company suffered a loss of Rs 4.06 crore.
The company’s income from operations is lower by 20.89 per cent to Rs 29.23 crore.
S.Y. Ghorpade, Chairman and Managing Director, said: “Considering the recommendations of the Central Empowered Committee, the Supreme Court in its April 20 order has permitted resumption of mining operations of category A mines (including company’s mines) subject to compliance with certain conditions prescribed. The company is in the process of complying with the same.”
“In the meanwhile, the existing stocks of iron ore are being sold by the monitoring committee constituted by the Supreme Court.
Further, the Supreme Court, in its order dated May 4, has permitted sale of company’s manganese ore through e-auction.
However, supply of manganese ore for company’s captive consumption and supply to the subsidiaries is exempted from e-auction.”
anil.u@thehindu.co.in