Mangalore, Feb 03: Kudremukh Iron Ore Company (KIOCL) gives a briefing on its company performance during the Financial Year(FY) 2022-2023 and its on going projects. In the press club Today 03 Feb 2023 addressing the media T. Saminathan CMD KIOCL Ltd. said "The production activities of the Company had to be stopped temporarily with the imposition of 45% Export duty with effect from (w.e.f.) 22.05.2022 by the Govt. of India, since the same was economically unviable."

"The withdrawal of 45% Export duty on Iron Ore Pellets w.e.f. 19.11.2022 by Govt. of India, had significantly helped in the growth and progress of the Company. The aforesaid 45% Export duty on Iron Ore Pellets was imposed in the month of May, 2022. Being an Export Oriented Units, it affected heavily to Company and the Company's production activities had to be stopped temporarily in view of unviable operation. During the half year ended 30th September, 2022, the Company had incurred a loss of Rs. 146 crores. Post removal of export duty, there is strive hard to overcome the challenges."

He further giving the status of Devadari Mines and Blast Furnace Unit said "MOEF & CC, Gol vide letter dated 16.12.2022 accorded Stage-II Final Forest Clearance approval for the Devadari Iron Ore and Manganese Ore Mining Project under Forest (Conservation) Act, 1980 for diversion of 388 ha of forest land out of 470.40 ha in notified area along with 13.5761 ha for Conveyor corridor, approach road, power transmission line/water line, totalling to 401.5761 ha in Swamimalai (SM) Block Forest, Sandur Taluk, Ballari Dist. (388 ha for Mining Lease area + 10.4727 ha for Conveyor corridor +0.7284 ha for approach road+ 2.3750 ha for power transmission line/water line).

The Company had executed mining lease deed of Devadari Iron Ore Mine with Director, Mines and Geology, Govt. of Karnataka on 02.01.2023 for 388 ha area for a period of 50 years for Iron Ore and Manganese Ore. 

Thereafter, the Company had registered the Mining Lease Deed of Devadari Iron Ore Mine on 18.01.2023 at the Office of Sub-Registrar, Sandur Taluk, Ballari Dist and paid Rs. 329.17 Crores towards stamp duty and registration charges."

"Blast Furnace Unit activities related to construction of 1.8 Lakh TPA capacity Coke Oven Plant at Blast Furnace Unit, Mangalore is under progress."

"Mineral Exploration Laboratory has been established at our Blast Furnace Unit, Mangalore, which is NABL accredited for testing of Iron Ore, Limestone, Manganese, Bauxite, Dolomite and Alumino Silicate Recractory material."

"KIOCL also entered into regime of extending Mineral Exploration services to private mining Companies and making efforts to secure additional Mineral Exploration Projects in Base metal and Bulk Mineral Sector in Karnataka State from NMET, Govt. of Karnataka, Central PSUs and Private Enterprises."

" The execution of Corporate Social Responsibilities(CSR) Projects / activities is going on smoothly in coordination with local authorities and all projects and activities. Out of the total CSR budget, the Company had earmarked a sum of Rs.2.22 crores for various projects/activities in Dakshina Kannada district/Mangalore areas"

B K Mahapatra Director (COMMERCIAL) were present.