Record Production Achieved in Mining Sector for FY24

February 2024 saw a significant leap in mineral production. The index of mineral production for February 2024 reached 139.6, marking an 8.0% increase compared to the same month in the previous year. This uptick is part of a broader trend, with the cumulative growth of the index over the April-February period of FY24 up by 8.2% over the same period last year.

A wide array of non-fuel minerals exhibited positive growth in February 2024, including Bauxite, Chromite, Copper Concentrate, Gold, Zinc Concentrate, Manganese Ore, Phosphorite, Diamond, Graphite (R.O.M.), Limestone, and Magnesite. Iron ore and Limestone, which together constitute about 80% of the total MCDR mineral production by value, have shown remarkable growth. Iron ore production rose to 252 million metric tons (MMT) during the April-February period of FY24, a 9.6% increase from the previous year, potentially surpassing the previous record of 258 MMT. Similarly, Limestone production grew by 11.2%, reaching 407 MMT and exceeding the past full-year record.

In the non-ferrous metal sector, primary Aluminium metal production saw a 2.5% increase, suggesting a likely new annual record by the end of FY24. This growth reflects robust demand across user industries such as steel and cement for iron ore and limestone, and points to strong economic activities in sectors like energy, infrastructure, construction, automotive, and machinery.