MOIL Limited reports 9% increase in turnover
MOIL has put special thrust on expansion and modernisation of its mines to sustain production levels and attain capacity enhancement
MOIL Limited, the largest producer of manganese ore in the country, reported a 9% increase in turnover to Rs 1,440 crore, its highest-ever, led by a 9% jump in total production.
MOIL, which hopes to double production to 25 lakh tonne by FY 2024-25, said its core production – which does not include manganese ore fines-- went up 15% during the just concluded fiscal, even as total production crossed 13 lakh tonne, a 9% rise over the previous year. The company has also achieved highest-ever production of non-fines manganese ore. Non-fines sales are also at a record-high of 11 lakh tonnes, up by 13% year-on-year. The company’s total production grew around 30% in the last three years. Currently, MOIL holds 34% of manganese ore reserves of the country and is contributing 50% of the domestic production.
MOIL has put special thrust on expansion and modernization of its mines to sustain production levels and attain capacity enhancement. Projects of sinking of second vertical shaft at Chikla mine and shaft deepening at Kandri and Balaghat mines were completed during FY19. This will help sustain enhanced level of production from these mines while other projects like shaft sinking at Ukwa and Munsar mines and high speed shafts at Balaghat and Gumgaon mines are progressing as per schedule.
In addition to the above, development and production activities have been started during the year at Parsoda (in Nagpur district) – the company’s 11th mine. Annual production at this mine will gradually increase to 40,000 tonne. MOIL is also actively pursuing cases of prospecting and mining leases in Maharashtra and Madhya Pradesh, mostly in areas adjacent to its existing mines. These projects and new leases are aimed at achieving MOIL’s vision of doubling production to 25 lakh tonne by FY 2024-25.