NALCO records 18% YoY growth in bauxite production- the highest in 2016

<p>Indian PSU National Aluminium Company (Nalco) has reported 18 per cent growth in its bauxite production in 2016. Since the inception of the company, this was Nalco&rsquo;s highest recorded growth in bauxite output, according to T K Chand, the company&rsquo;s chairman and managing director (CMD).<br /><br />While addressing Nalco's Foundation Day, Mr. Chand commented: &ldquo;During the financial year 2016-17, Nalco will surpass its production capacity of 6.82 million tonne (MT) and will achieve 7.32 MT productions.&rdquo;<br /><br />Nalco&rsquo;s share price rose 68 per cent from INR 40.20 to INR 67.60 on achieving the production milestone.</p> <p><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/BAUXITE-MINES-NALCO.jpg" alt="News" width="517" height="226" /><br />The aluminium major signed a MoU (Memorandum of Understanding) with Odisha&rsquo;s Utkal University to team up in a number of areas including R&amp;D (Research &amp; Development) projects, baseline and impact assessment survey for CSR projects and industry institution interactions. Utkal University is the main institution in the state that provides vocational training and internship to the University students and help underprivileged youth by offering them skill development training programmes.<br /><br />On being the main investors in Odisha, Nalco has decided to install a new greenfield smelter at Kamakhyanagar. This location is near to Gajamara in Dhenkanal district where Nalco is collaborating with power utility NTPC (Nalco Power Company Ltd) for setting up a 2400 Mw coal-fired power station, at a total cost of INR 14,000 crore. The power project will be put into effect by NTPC, a joint venture company.<br /><br />{googleAdsense}<br /><br />The new aluminium smelter, expected to start operations in four years has a total of capacity at 0.6 million tonne per annum. This smelter will utilize modern aluminium smelting technology.<br /><br />Nalco is also planning for brownfield expansion of its Angul smelter project with installed capacity of 0.46 mtpa. The Navratna company has a Capex (capital expenditure) of INR 10,000 crore to add 0.5 mtpa capacity.</p>