Mining

Monnet has acquired many coal, iron ore and limestone blocks with an aim to reduce its dependency on vagaries of market and to reduce the cost of the vital raw materials for its sponge iron, power plants.

Monnet has got coal blocks like Gare Palma IV/5, Utkal B2, Urtan North, Rajgamar dipside block and Mandakini. Monnet is also selected to work as MDO partner for the Morga III coal block. It has also been allotted Guma Pusari and Gaitra Limestone block.

Milupara coal project is the first underground mine in India to have a production of over 1 million per annum. This mine is expected to cross a production of 1.2 MTPA in the current financial year 2010-11.

Though mining was started purely as backward integration activity to reduce the input cost, with the addition of Morga III and many more to come, it (mining) is going to become a major source of revenue.

Monnet has stepped out of the Indian Territory to chart out global growth path & acquired two coal assets in Indonesia. The target for 2010-11 is to produce and market 1 MTPA of coal from this venture, which would be scaled up to 5 MTPA by 2011-12.