Very often, with state-owned mining companies, well-intentioned public policies can create perverse economic incentives. The National Mineral Development Corporation, India's largest iron ore miner, operates in such a system.NMDC achieved record production levels, with 31% year-on-year growth in the April-June quarter of 2025-26. Yet, it faces relentless margin compression from a royalty system that automatically extracts more government revenue even as commodity prices strengthen and output increases.
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