India’s state-owned mining company, MOIL, has reported 4.02 lakh tonnes of manganese ore production in Q4, with a 7% growth rate. Sales of manganese ore also rose 3%, reaching 3.91 lakh tonnes compared to the previous year. MOIL’s entire year of production saw a record capex of Rs 245 crore, which is almost equal to the company’s net profit, and the second-highest output since its establishment. In FY’23, MOIL completed core drilling of 41,762 meters, which is almost three times more than its average exploration for the past five years. This achievement is expected to improve production in existing mines and facilitate the opening of new manganese mines. MOIL’s commitment to achieving higher growth is evident by its plan to aim for double-digit production growth in 2023-24. MOIL Limited operates eleven mines in Maharashtra and Madhya Pradesh and aims to almost double its production capacity to 3.00 million tonnes by 2030.
MOIL Limited is a state-owned mining company, established in 1962, and is a Schedule-A, Miniratna category-1 CPSE. The Ministry of Steel, Government of India, administers MOIL. The company is the largest manganese ore producer in India, with a market share of 45%, and operates eleven mines across Maharashtra and Madhya Pradesh.
Ajit Kumar Saxena, CMD of MOIL, reiterated the company’s commitment to achieving higher growth and putting specific plans in place. Saxena is confident about the company’s growth trend and targeting double-digit production growth in 2023-24.
