Leading alloy steel producer Adhunik Metaliks Ltd’s 100 per cent subsidiary Orissa Manganese and Minerals Limited (OMM) proposes to raise Rs 250-300 crore from a public issue later this year to fund its mining plans. All mines of OMM, except dolomite, are now in operation (iron Ore yet to start).

OMM is planning to set up Pellet plant and Iron ore beneficiation plant in Nuamundi, Jharkhand and Manganese ore beneficiation plant at Dhenkanal, Orissa. State government clearance for both the plants has already been received. These plants which will convert iron ore fines into pellets and process low grade manganese ore waste for use in ferro alloy unit are estimated to cost Rs 1100 crore. OMM has recently got in-principle approval from the Central government for diversion of forest at Ghatkuri mines which has large reserves of iron ore.

OMM today owns substantial mineral resources comprising approximately 90 million tonnes of iron ore, 50 million tonnes of manganese ore and sizeable deposits of dolomite and graphite spread over an area of more than 2000 hectares.

Besides having the requisite manpower with mining experience, the group has necessary mining equipment required for large scale mining operations. The group’s long term technical tie-up with the Mineral Exploration Corporation Ltd (MECL) gives it the extra competitive edge in mining business.

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