State-owned KIOCL Ltd, which is engaged in iron ore mining, beneficiation, and pelletization technology, celebrated its 48th Foundation Day on Monday.
During FY 2021-22, the company’s performance has been strong but the levy of export duty of 45 per cent on Iron Oxide Pellet w.e.f. May 22, 2022 , dealt a major blow to the production of Iron Oxide Pellets, T Saminathan Chairman, Managing Director, KIOCL noted while addressing a gathering on the foundation day celebration.
After the removal of export duties on pellets, w.e.f. November 19, 2022, the physical performance of the company has been encouraging and continues to maintain momentum.
“In spite of the constraints, during FY 22–23, we could produce 15,10,000 tonnes of pellets and sell 14,60,000 tonnes. We obtained clearance from MoEF and CC on December 22,” said the CMD.
The mining lease deed was executed in January with the Karnataka Government for iron ore and manganese in the Devadari Range and was subsequently registered on January 18, 2023. It intends to start mining operations as soon as possible.
The company is installing a non-recovery coke oven plant at Blast Furnace Unit (BFU) under Atma Nirbhar Bharat with an indigenous technology supplier. “Captive Coke production will aid the company in input cost control for BF operations. We are exploring various alternatives to developing verticals for the production of value-added products, viz., the forward integration of BFU,” said the MD.
Moreover, the new vertical of Mineral Exploration (ME) is performing as per the targets set by the National Mineral Exploration Trust and hopes to execute more ME projects across the country.