MOIL reports record turnover of Rs1,440 cr in FY 2018-19
03 Apr 2019
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Manganese Ore India Limited (MOIL), the largest producer of manganese ore in the country, has reported the highest-ever turnover of Rs1,440 crore during financial year 2018-19, a growth of 9 per cent over the previous year, unaudited provisional figures released on Tuesday showed.
MOIL, a Mini Ratna Schedule-A central public sector undertaking under the administrative control of the ministry of steel, said core production (non-fines, ie, production excluding fines) jumped 15 per cent during the year. Total production crossed 1.3 million tonnes in FY’19 (up by 9 per cent y-o-y), which is the highest achievement in last ten years.
The company has also achieved highest-ever production of non-fines manganese ore. Non-fines sales are also at a record-high of 1.1 million tonnes (up 13 per cent y-o-y). Total production growth in last three years is around 30 per cent.
MOIL holds 34 per cent of manganese ore reserves of the country and is contributing 50 per cent of the domestic production.
MOIL is also giving special focus thrust on expansion and modernization of its mines to sustain production levels and attain capacity enhancement. The company has completed the sinking of a second vertical shaft at Chikla mine and shaft deepening at Kandri and Balaghat. These will enable the company sustain enhanced level of production from these mines.
Its projects of shaft sinking at Ukwa and Munsar mines and high speed shafts at Balaghat and Gumgaon mines are progressing as per schedule, it added.
In addition, MOIL said, development and production activities have been started at Parsoda (in Nagpur district) – the eleventh mine of MOIL. Annual production at this mine will gradually increase to 40,000 tonnes. The company is also actively pursuing cases of prospecting and mining leases in Maharashtra and Madhya Pradesh, mostly in areas adjacent to its existing mines.
With expansion of existing projects and new leases, MOIL expects to move towards its vision of doubling production to 25 lakh tonnes by FY 2024-25.
