J&K Minerals Limited has set an ambitious Rs 1900 lakh target for production and sale of coal, gypsum and sapphire corundum for the current fiscal.

In its 163rd meeting of Board of Directors, Managing Director JK Minerals Limited said the corporation has generated all time high Rs 15.56 cr revenue in 2010-11 which according to him is up by 30 per cent from Rs 11.97 registered a year there-before.

He said the corporation has sold 25,906.933 MT coal and 49,115.665 MT gypsum. “The corporation has significantly restricted the annual expenditure to Rs 14.46 crore thus generating cash surplus for the first time since its inception in 1962,” he said.

He said the revenue growth in just two years time has been over 94 per cent as compared to the achievements of the year 2008-09, an official statement said.

In this fiscal, the corporation is targeting to produce and sell 27,000 MT of coal and 70,000 MT of gypsum besides sapphire corundum.

The Board of Directors gladly noticed the unique achievement of extraction of 63.63 grams and 13.30 grams pieces of sapphire crystals in 2010-11which would fetch many crores to extent further fillip to the liquidity position of the corporation.

The board was reported that the services of Gem & Jewellery Export Promotion Council, Government of India is being availed for proper valuation of these precious pieces so that the same are put up to auction in National / International markets.

The Board also noted that the corporation is availing the services of Mineral Exploration Corporation of India (MECL) for undertaking extensive exploration at coal mines Kalakot to identify huge reserves of Coal.

The Magnesite Project, Panthal which is coming up in Joint Venture with NMDC, Government of India with the investment of Rs 153 crore was discussed at length.

While discussing the status, the Board noted that the construction work in the project shall start in couple of months the projects will be completed in two year’s time and it will generate wide employment opportunities to the locals.

With the improved liquidity position, the corporation has bridged the salary gap which was existing since a long and now timely salaries are being paid to the employees/workers.

Importantly, the corporation has set in motion the process for releasing retrial benefits to the retirees by releasing full and final settlement of their claims to 109 retirees.