Gulf Oil Corporation starts work for new mining projects

Gulf Oil Corporation Ltd has announced that they had been awarded mining projects valued at Rs 300 crores.

The Manuguru Project at Singareni started few weeks ago has now stabilised and monthly production outputs have been achieved.

The Dudhichua project (valued at Rs 190 crores) for Northern Coalfields Ltd at Singrauli, Madhya Pradesh has also started 2 weeks ago. The production has increased and is planned to be stabilised within another 4 weeks.

The work on the mining contract for National Mineral Development Corporation Limited at Donimalai Iron Ore Mine in Karnataka which was awarded for a period of 5 years has also started last week.

All mining projects awarded to the Company in Q-3 of the current year have now been started and revenue streams from the 2 large projects at Singareni and Northern Coalfields Ltd will be available for a period of 2 and 3 years respectively.

In addition, the infrastructure work undertaken by the Company on the Outer Ring Road in Hyderabad is also progressing well and further contracts are awaited.

Source : Equity Bulls

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