Business News | Miniratna MOIL Achieves Best November Performance
Get latest articles and stories on Business at LatestLY. MOIL, a Miniratna state-owned manganese-ore mining company, has MOIL has recorded production of 1.63 lakh tonnes of Manganese Ore in November this year which is the best November performance since inception, the Ministry of Steel stated on Wednesday.
New Delhi [India], December 4 (ANI): MOIL Limited, a Miniratna state-owned manganese-ore mining company, has recorded production of 1.63 lakh tonnes of Manganese Ore in November this year which is the best November performance since inception, the Ministry of Steel stated on Wednesday.
The ministry said that during first eight months of FY'25, the company has recorded production of 11.80 lakh tonnes, which is higher by 8.46 per cent over corresponding period last year (CPLY).
On the sales front also, the company has achieved its best-ever November sales of 1.33 lakh tonnes, higher by 32 per cent over CPLY. During the first eight months of FY25, the company has registered sales of 9.90 lakh tonnes, which is higher by 4.76 per cent over CPLY.
The company has surpassed a turnover of Rs 1,000 crore within 8 months of FY'25, achieving this milestone over a month earlier than last year, the ministry stated.
Continuing utmost thrust to exploration, MOIL has carried out exploratory core drilling of 63,654 meters during April-November, 2024, which is 1.28 times over CPLY.
Ajit Kumar Saxena, CMD MOIL, mentioned that it is heartening that the company has continued the momentum of upward performance both in production and sales. He further added that MOIL team is geared up to register yet another successful financial year.
MOIL is a Schedule "A" Miniratna Category-I Company. It was originally incorporated as Manganese Ore (India) Limited in the year 1962.
Subsequently, name of the Company was changed from Manganese Ore (India) Limited to MOIL Limited during the financial year 2010-11.
MOIL was originally set up in the year 1896 as Central Province Prospecting Syndicate which was later renamed as Central Provinces Manganese Ore Company Limited (CPMO), a British Company incorporated in the UK.
At present, MOIL operates its underground and opencast mines located in the Nagpur and Bhandara districts of Maharashtra and Balaghat district of Madhya Pradesh. All these mines are about a century old.
The Balaghat Mine is the largest mine of the Company. The mine has now reached a mining depth of about 435 meters from the surface. Dongri Buzurg Mine located in the Bhandara district of Maharashtra is an opencast mine that produces manganese dioxide ore used by dry battery industry.
This ore in the form of manganous oxide is used as micro-nutrient for cattle feed and fertilizers.
MOIL fulfils about 46 per cent of the total requirement of dioxide ore in India. At present, the annual production is around 1.3 million tonne which is expected to grow in the coming years. (ANI)
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