National Aluminium Company (NALCO), a navratna public sector company under the Ministry of Mines, is eyeing Jerrela block of bauxite ore in Visakhapatnam district for allotment after KR Konda and Gudem mines were earmarked for it.
The two mines are estimated to have 70 to 80 million tonne of reserves. NALCO Chairman and Managing Director T.K. Chand told The Hindu that they had requested the Centre to allot them Jerrela block. The block has huge reserves of high-grade bauxite ore.
Big-ticket plans
NALCO’s proposal is pending before the Centre for establishing a 1.4 million tonne to 2 million tonne alumina refinery with an investment of ₹7,000 crore to ₹12,000 crore in addition to a smelter complex and captive power plant in Visakhapatnam district.
The company hopes that their investment plan in consultation with the Andhra Pradesh government would not come in the way of implementing of Land Transfer Regulation Act. Its mines and alumina refinery are located in Koraput district bordering Andhra Pradesh.
Mr. Chand said NALCO had submitted the mining plan for Pottangi block, which has an estimated 90 to 100 million tonne of bauxite ore. The block is located near Sunki bordering A.P.. The clearance of the Ministry of Environment and Forests is awaited.
High targets
The company is all set to increase its net profit to the level of ₹1,700 crore during current financial year ending on March 31. During the next two years, its business plan speaks of taking the level of net profit to more than ₹2,000 crore.
With plans to open Utkal D coal block near Talcher in Odisha by end of 2019, its objective seems to be in well achievable limits.
NALCO’s net profit was ₹600 crore during 2015-16. The turnover during current fiscal, which was put at ₹9,000 crore as per last week’s figures with a profit of ₹1,500 crore is expected to go up to ₹12,000 crore by March 31.
