MECL inks MoU with Ministry of Mines for FY 2017-18 x

Source: The Hitavada      Date: 15 Jun 2017 09:38:57


Business Bureau,

MINERAL Exploration Corporation Limited (MECL), a Mini Ratna CPSE for mineral exploration in the country has signed a memorandum of understanding (MoU) with Ministry of Mines, Government of India for the financial year 2017-18 recently at Shastri Bhavan, New Delhi.

The MoU was signed by Arun Kumar, Secretary of Government of India, Ministry of Mines and Dr Gopal Dhawan, Chairman-cum-Managing Director of MECL, in presence of Dr N K Singh, Joint Secretary and Dr Joyesh Bagchi, Diector (Technical) from Ministry of Mines, Yogesh Sharma, General Manager (BD & P/E) and Dr Anjani Kumar, HoD (Planning) from MECL.

During 2016-17 MECL has carried out more than five lakh metre of drilling for various minerals like coal, lignite, iron ore, gold, copper, lead, zinc, bauxite, limestone etc., and has added 3,184 million tonne mineral resources to the national mineral inventory. The financial performance during 2016-17 has been highest since inception of the company.

The turnover and the profit before tax (PBT) of the company has risen by 28 per cent and 38 per cent respectively from the previous year and the company has paid Rs 23 crore as dividend to Government of India in the previous year.
Under ‘Swachha Bharat Abhiyan’ company has constructed more than 500 toilets and converted six villages open defecation free.

The MoU has been prepared as per guidelines of Department of Public Enterprise (DPE). The salient features of the MoU includes six lakh metre of drilling with increased productivity, procurement of 2-D seismic survey facilities, induction of 12 hydrostatic drilling rigs, completion of clients order without time over run, bringing transparency in individual performance assessments, timely conducting DPC, vigilance clearance on quarterly basis and turnover of more than Rs 400 crore in 2017-18.