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The Mineral Exploration Corporation Limited (MECL), a Government of India enterprise under the Ministry of Mines, has carried out 1,73,144 meters of drilling and 7,525 meters of developmental mining during the year 2004-05 against the targets of 1,65,000 meters and 6,000 meters respectively. Its gross margin during the year at Rs. 1,794 lakh showed an increase of 38 per cent than the target and 43 per cent as compared to last year's gross margin of Rs.1,253 lakh. After a gap of 14 years the company has turned around and recorded a net profit of Rs.244 lakh. This information was given by the Chairman-cum-Managing Director of the Company, Shri Rajneesh Gupta in a performance review meeting taken by the Mines Secretary, Shri A.K.D. Jadhav.
Shri Gupta further informed that by vigorous marketing efforts, the company obtained work orders for over Rs. 40 crore during the last two years. Many new companies such as M/s. IRCON, Sterlite-Balco, HZL-Sterlite, TISCO, IISCO, HGML, Sindhudurg Mining Corporation (P) Limited, South-West Mining Limited and Sulakshini Mines & Minerals Limited have placed orders with MECL.
Shri Jadhav was happy to know that the company during the year established 4232 million tonnes (MT) of reserves for coal, lignite, bauxite, chromite, copper and ferro-silicon grades quartzite against 2,081 MT during the last year. It has taken up two exploration projects in Assam and Arunachal Pradesh in north-eastern region. The company has received an Excellence Award from the Institute of Economic Studies for its performance during the year.
The performance of the company during the last quarter of the year has been remarkable. During the quarter, its gross margin was Rs.673 lakh against the target of Rs. 347 lakh with an increase of 94 per cent and it earned a net profit of Rs.294 lakh, more than 450 per cent of its target. The Secretary asked the company to keep up the tempo of progress and to improve its performance further during the current year.
DS/SCH
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