NALCO receives mining lease in Odisha; stock shines

On Sunday, National Aluminium Company (NALCO) informed the bourses that it has secured an order for Utkal-D Coal Block, from Department of Steel & Mines, Government of Odisha. This is spread over an area of 301.28 hectares under Chhendipada tehsil of Angul district. The company has been granted the mining lease by the state government through a notification issued on April 16 by Steel & Mines Department.

Utkal-D Coal Block was allocated to the company in May 2016 which has an initial capacity of two million tonnes per year with a total mineable reserve of 101.68 million tonnes.

In response to this, the stock of NALCO in today’s trading session surged by almost eight per cent to touch an intraday of Rs 34.4 apiece.

National Aluminium Company has the largest integrated alumina-aluminium complex of Asia. Its integrated operations cover the entire aluminium production value chain from mining bauxite, refining alumina, smelting aluminium and captive power generation to a strong logistic network in terms of rail & port facilities, coal mining and handling plant to support its operations and also, to become one of the most cost-efficient aluminium companies across the globe.