Union Steel and Heavy Industries Minister H.D. Kumaraswamy has given the green light for operations to commence at the Devadari iron ore mine located in Sandur taluk, Ballari district, Karnataka. KIOCL, as reported, aims to achieve an annual iron ore production capacity of 2 million tons from this newly approved mine.

KIOCL, a flagship company under the Ministry of Steel, GOI, holds Mini Ratna status and focuses on exports. It specializes in iron ore mining, filtration technology, and the production of high-quality pellets. Additionally, the company provides operating and maintenance (O&M) services for steel projects. As of March 31, 2024, the Government of India maintained a significant 99.03% stake in the company.

In its financial report, KIOCL recorded a standalone net loss of Rs 42.91 crore in the fourth quarter of the 2024 fiscal year, contrasting with a net profit of Rs 82.21 crore in the same quarter of the 2023 fiscal year. Despite this, income from operations surged by 49.34% to Rs 372.18 crore in the fourth quarter of the 2024 fiscal year.