Shares of National Aluminium Company Limited (NALCO) surged nearly 5% on June 14 after the company signed a Mining Lease deed with the Odisha government for bauxite mines in Pottangi Tehsil, Koraput District. The area covered by the lease is 697.979 hectares, with an annual production capacity of 3.5 million tonnes.
This lease, executed on June 13, 2024, includes reserves estimated at 111 million tonnes, ensuring a mine life of 32 years. Once the remaining statutory clearances are obtained, the mine is expected to become operational soon. The mined bauxite will be transported to NALCO’s refinery in Damanjodi through an 18.5 km Overland Conveyor.
This strategic move secures a steady supply of raw material for NALCO’s existing refinery and supports future expansions. With this enhanced resource base, NALCO is poised to strengthen its position in the aluminum industry, optimize production efficiency, and meet the growing demand for aluminum both domestically and internationally.
As of 12:45 PM, NALCO shares were trading 4.04% higher at ₹194.10 on the NSE.
Ahmedabad Plane Crash