Business
State-Owned MOIL, India's Largest Manganese Ore Producer, Achieves Second-Highest Production Ever In FY23
Pic Via PIB Website
MOIL Limited, India's large manganese ore mining public sector undertaking (PSU), has recorded second-highest production since its inception in the financial year 2022-23.
Founded in 1962, MOIL Limited is a PSU under the administrative control of Ministry of Steel.
It is the largest producer of manganese ore in the country, contributing around 45 per cent of the domestic production.
The firm operates eleven mines in Maharashtra and Madhya Pradesh.
The company is planning to more than double its production to 3 million tonnes by 2030.
MOIL is also exploring business opportunities in the Gujarat, Rajasthan, Chhattisgarh and Odisha.
"MOIL Limited has recorded its second highest production since inception, registering 6 per cent growth over the previous year record with the production of 13.02 lakh tonnes of Manganese (Mn) Ore in Financial Year 2022-23," the Ministry of Steel said in a statement on Monday (3 April).
"Capital expenditure of Rs 245 crores has also been achieved in FY’23, which is 14 per cent higher than Financial Year 2021-22," it added.
According to the ministry, MOIL has carried out best ever exploratory core drilling of 41,762 metres in FY23, which is 2.7 times of the average exploration achieved in the last five years.
The same will not only form the basis of enhanced production from its existing mines but will also be the foundation of opening new Manganese mines in the country, it added.
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