The JK Minerals Limited has generated a record cash surplus of Rs 2.14 crore during the first quarter of the current financial year.
This was stated at the 168th Board of Directors meeting of the JK Minerals Limited held at Civil Secretariat here today under the chairmanship of Minister of Industries and CommerceChander Prakash Ganga, according to an official spokesperson.
The Board observed that the cash surplus has been achieved after 30 years. Appreciating the performance of the Corporation in generating the record revenue, the Board approved the release of 10% of pending Cost of Living Allowance arrear in favor of the Corporation's eligible employees in order of seniority for which the financial implication of Rs. 1.50 crore will be met from the resources generated by the Corporation.
The Board also approved the release of additional 20 percent DA in favor of employees.
The meeting also discussed the excavation of Gypsum reserves from Dam Site at Parlanka through outsourcing arrangement under PPP mode. The Board directed the management of the Corporation to immediately invite EOI applications in this regard. It was observed that in order to ensure timely excavation of 5 million tons of Gypsum from the project site, the Parlanka Mine area could be bifurcated into 2 to 3 sub-sectors so that the huge submerging Gypsum reserves are excavated within the next five year period with annual production target line fixed at 10 lakh tones per annum.
The Board also directed the Managing Director JKML to get the report of the Transaction Consultant on the evaluation of RFPs of Saphire Mines at Paddar at the earliest.