NMDC eyes international iron ore price hike by 50%

Hyderabad-based, National Mineral Development Corporation (NMDC) anticipates that international price for iron ore may increase by 40-50% by April this year.

The price hikes in the international markets are determined mainly by Australian, Brazilian and Japanese iron ore positions, said V K Jain, director (production), NMDC.

The company is also eyeing acquisitions of iron ore mines in Canada and West Africa.

NMDC Limited engages in the exploration and production of a range of mineral products in India. The company has produced 20.1 million tonnes of iron ore during April-December 2007, recording a 12.5 per cent growth over the same period last year.

During the period, the company earned net profit of Rs 2,234.01 crore compared to Rs 1,609.20 crore in the previous year.