India’s Mineral Production Registers Significant Growth in February 2024

New Delhi: India’s mineral production witnessed a substantial surge in February 2024, with the index reaching 139.6, marking an impressive 8.0% increase compared to the same period last year. The cumulative growth for the 11-month period of April to February in FY24 also saw a significant rise, standing at 8.2% over the corresponding period of the previous fiscal year.

Several non-fuel minerals contributed to this positive growth trajectory, including Bauxite, Chromite, Copper Concentrate, Gold, Zinc Concentrate, Manganese Ore, Phosphorite, Diamond, Graphite (R.O.M.), Limestone, Magnesite, among others.

Iron ore and Limestone emerged as key drivers of this growth, jointly constituting approximately 80% of the total mineral production by value under the Mines and Minerals (Development and Regulation) Act (MMDR). Iron ore production, in particular, witnessed a remarkable increase from 230 million metric tons (MMT) in the April-February period of FY23 to 252 MMT in the corresponding period of FY24, representing a robust growth rate of 9.6%. It is anticipated that iron ore production in FY24 will surpass the previous year’s record of 258 MMT.

Similarly, limestone production exhibited a noteworthy uptick, climbing from 366 MMT in the April-February period of FY23 to 407 MMT in the corresponding period of FY24, marking an impressive growth rate of 11.2%. This surge has already surpassed the full-year production record achieved in FY23, which stood at 406.5 MMT.

In the non-ferrous metal sector, primary Aluminium production also witnessed growth, rising from 37.11 lakh tons (LT) in the April-February period of FY23 to 38.02 LT in the corresponding period of FY24, reflecting a growth rate of 2.5%. The full-year production of primary Aluminium in FY24 is expected to exceed the previous record achieved in FY23, which was 40.73 LT.