The mines has an annual production capacity of 3.5 million tonnes and has reserves estimated at 111 million tonnes, projecting a mine life of 32 years.
Upon obtaining the remaining requisite statutory clearances, the mine is expected to become operational soon.
The mined Bauxite would be transported to NALCO Refinery at Damanjodi through an overland conveyor of 18.5 Kms.
"This strategic move ensures a secure supply of raw material for NALCO's existing Refinery and supports future expansions.
With this enhanced resource base, NALCO is poised to strengthen its position in the Aluminum Industry, optimize production efficiency and meet the growing demand for Aluminum domestically and internationally,” the company said in a statement.
National Aluminium Company (NALCO) is a schedule ‘A' Navratna CPSE established. It is one of the largest integrated Bauxite-Alumina-Aluminium- Power Complex in the country. At present, Government of India holds 51.28% of paid up equity capital. The company has been operating its captive Panchpatmali Bauxite Mines for the pit head Alumina refinery at Damanjodi, in the District of Koraput in Odisha and Aluminium Smelter & Captive Power Plant at Angul.
The company's standalone net profit soared 94.65% to Rs 1,015.83 crore as against Rs 521.88 crore recorded in Q4 FY23. Revenue from operations stood at Rs 3,579.05 crore in fourth quarter of FY24, down 2.51% from Rs 3,671.37 crore reported in the same period a year ago.