Mining Sector sees Record Production in FY24

The index of mineral production for Feb 2024 was 139.6, which is 8.0% higher as compared to the level in Feb 2023. The cumulative growth of this index for the 11 months of April–Feb of FY24 over the corresponding period of the previous year was higher by 8.2%.

Some of the non-fuel minerals showing positive growth during Feb 2024 as compared to the corresponding month of the previous year are Bauxite, Chromite, Copper Concentrate, Gold, Zinc Concentrate, Manganese Ore, Phosphorite, Diamond, Graphite, Limestone, Magnesite, etc.

Read Also : Over 1000 RINL employees took out a rally for non-transportation of RINL’s most essential raw material

Iron ore and Limestone together account for about 80% of the total MCDR mineral production by value. Production of these key minerals in the country has exhibited high growth in FY24 as per provisional figures. Iron ore production has increased from 230 million metric tons (MMT) during the 11 months April-Feb of FY23 to 252 MMT during the corresponding period of FY24, at 9.6% growth.

 The full-year production of iron ore in FY24 is likely to break the production record of 258 MMT achieved in FY23. Showing a similar trend, limestone production has increased from 366 MMT during the 11 months of April-Feb of FY23 to 407 MMT during the corresponding period of FY24, at 11.2% growth, and has already surpassed the full-year production record of 406.5 MMT achieved in FY23.

Read Also : NTPC Emerges as Champion in AIMA’s Corporate Management Olympiad

In the non-ferrous metal sector, production of primary Aluminium metal has increased from 37.11 lakh tons (LT) during the 11 months of April-Feb of FY23 to 38.02 LT during the corresponding period of FY24, at 2.5% growth. The full-year production of primary Aluminium in FY24 is likely to break the production record of 40.73 LT achieved in FY23.

Read Also : New Honeywell Naphtha Technology set to boost energy efficiency