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| J&K minerals limited heading towards self-reliance, claims MD | | | Early Times Report
SRINAGAR, Aug 11: J&K Minerals limited has set an ambitious target of production and sale of coal, gypsum and sapphire corundum to the tune of Rs.1900 Lakhs for the current fiscal.
In the 163rd meeting of Board of Directors of the corporation, the Managing Director reported that the corporation generated all times high revenue of Rs.15.56 Crores in 2010-11 vis-à-vis Rs.11.97 of its previous year, thus registered a growth of over 30% mainly by selling 25,906.933 Mts. of coal and 49,115.665 metric tonnes of Gypsum and significantly restricted the annual expenditure to the extent of Rs.14.46 Crores, thus generated cash surplus for the first time since its inception i.e. after 1962.
He further stated that the revenue growth in just two years time has been over 94% as compared to the achievements of the year 2008-09. In this fiscal, the corporation is targeting to produce and sell 27,000 Mts of Coal and 70,000 Mts of Gypsum besides sapphire corundum. Board of Directors gladly noticed the unique achievement of extraction of 63.63 grams and 13.30 grams pieces of sapphire crystals in 2010-11which would fetch many crores to extent further Philip to the liquidity position of the corporation.
Board was reported that the services of Gem and Jewellery Export Promotion council, Govt. of India is being availed for proper valuation of these precious pieces so that the same are put up to auction in National / International markets. Board also noted that the corporation is availing the services of mineral exploration corporation of india (MECL) for under taking extensive exploration at coal mines Kalakote to identify huge reserves of Coal. Magnetite Project, Panthal which is coming up in joint venture with NMDC, Govt. of India with the investment of Rs.153.00 Crores was discussed at length.
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