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During the year 1999-2000, the Company excelled in its general performance with following major achievements:

• The total ilmenite production reached an all time high figure of about Rs. 3.8 lakh tons.
• The total sales turnover of the Company has for the first time crossed Rs. 200 crore mark and reached a figure of Rs. 215 crore – an improvement of 21% over the previous year.
• Foreign exchange earned through export sales reached an all time high figure of more than Rs. 78 crore.
• Loan and Interest payment of Rs. 15.4 crore to the Government of India.
• Profit before tax (PBT) was about Rs. 23.5 crore – a 150% increase over that of last year.
• This excellent performance has enabled the IREL to erase its accumulated losses and registered an accumulated profit of Rs. 15.7 crore. The ratio of net worth to paid-up capital of this company has thereby been enhanced to 1.18.

Total Sales & Exports by IREL

With regard to unit-wise performance, the total income and profit margin of Chavara increased by 30% and 34% respectively. The difficulties in acquiring mining land from villages near Chavara Plant had earlier been a major constraint on its expansion programme. During this year IREL succeeded in acquiring 9 acres of land through government approved negotiation process. The Manavalakurichi Unit had restarted collection and processing of beach sands in cooperation with local fishermen. It is the third unit of IREL to receive ISO-9002 certification. During the year, OSCOM achieved an ilmenite production of 1,75,000 tons (80% of name plate capacity) and reduced the loss by 51% inspite of the severe damage caused by the super-cyclone in October 1999. A month long campaign to test the in-house modified Benelite process, had been successfully completed by OSCOM producing about 1100 tons of 93% grade synthetic rutile at a much reduced variable cost of production. The modified process is now ready to be taken up for commercial production. The Rare Earths Division (RED) also succeeded in reducing its losses by 25% through various austerity measures and by adopting modified product mix commensurate with the sluggish market scenario.

A Dredge and Wet concentrator (DWC) in operation at OSCOM

IREL has formulated a Corporate Plan for the next 5 years along with suitable organisational structure and promotion policy to achieve goals such as doubling up the production and sales turnover. IREL also submitted a financial restructuring proposal to the Government in this regard.

IREL signed a joint venture agreement with AUSTPAC Resource NL, to put up a 10,000 tpa demonstration plant at OSCOM for producing high grade synthetic rutile using a new technology.
 
 

ISO-9002 certification obtained by  Manavalakurichi Unit

Pilot plant for production of Stabilised  zirconia at OSCOM

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