Sandur Manganese & Iron Ores To Expand Production After Listing On NSE; Key Highlights Here

Newly listed Sandur Manganese & Iron Ores Limited is planning to expand its production and cater to the increasing energy requirement to expand Ferroalloys operations in FY24. The announcement was made after the company was listed on NSE on September 7. SMIORE has continuously adapted to better align itself with the vision of an integrated and sustainable future.

In a statement, it said, that Sandur proposes to enhance manganese ore production from 0.28 to 0.58 MTPA and iron ore production from 1.60 to 4.50 MTPA. SANDUR has partnered to set up a hybrid renewable power plant (42.9 MW) in an SPV with Renew Power, which was commissioned in June 2023 and will cater to the increasing energy requirement to expand Ferroalloys operations in FY24.

Further, Sandur expects all further approvals by Q2FY24 from respective authorities to ramp up production to the new maximum permissible limits. Once the production ramps up, the company will be focussing on downstream operations.

Bahirji Ajai Ghorpade, Managing Director of SMIORE, said, "From our humble beginnings in 1954, we have grown over the last seven decades to become a significant player in the metals and mining industry, thanks to the hard work and dedication of our employees, the trust of our shareholders, and the support of all our stakeholders. This listing is a reflection of the value we have created over the years and the potential that lies ahead."

Ghorpade added, "As we step onto this broader platform of the stock exchange, we are well aware of the responsibilities and opportunities that come with it. We pledge to continue upholding the highest standards of corporate governance, transparency, and ethical practices. Our commitment to sustainable development and environmental responsibility remains steadfast. To our shareholders, I express my sincere gratitude for your continued belief in our vision. This listing is a result of your faith in our journey, and we are committed to delivering value that enhances your investment."

Referring to the future, Ghorpade said, "Going forward, the Company intends to get into hot metal production and downstream value-add products, with the aim of having the maximum possible integration within all our business segments, which shall position SMIORE as a formidable force in the industry. Expanding and enabling Coke production is strategic to the Company's vision to augment its product portfolio while building internal capabilities to materialize the long-term goal of the Company to set up a steel plant." He added, "Energy conservation and adoption of cleaner energy have been core to the sustainable development framework of the Company. Recently, the Company has installed solar-based devices with an aggregated installed capacity of 42.9 MW to replace a part of our total requirement of non-production electricity."

The Company is one of the largest Manganese Ore miners in India. At present, the Company's operations span over three business segments i.e., Mining (Manganese & Iron Ores), Ferroalloys and Coke & Energy. Together, these assets work in conjunction with each other to leverage the benefits of being an integrated Company in the metals and mining industry.

On Friday, the metal stock ended at Rs 1,564.95 apiece on NSE, down by 2.01%. The stock also touched a new 52-week low of Rs 1,541.95 apiece during the day. On its listing day (September 7), the stock touched a 52-week high of Rs 1,650.15 apiece before settling at Rs 1,597 apiece.