Stating that domestic steel production is going up Chairman and managing director of MOIL, Mr Ajit Kumar Saxena informed that MOIL is ramping up its exploration capabilities and shall explore higher numbers this fiscal.

The company has been giving utmost thrust to exploration. In November, 2023 alone, MOIL accomplished core drilling spanning 7551 meters, marking a two-fold increase compared to November, 2022. 

During Apr-Nov, 23 period, MOIL has effectively carried out core drilling of 49,389 meters, showcasing a 2.5 -fold rise over CPLY.

‘Last year we did about 41000 meters of exploration and this year we intend to do about 77000 meters by the end of FY 24’ said MOIL’s CMD, Mr Saxena speaking to Vizag Industrial Scan.

The miniratna state-owned manganese-ore mining company headquartered in Nagpur, had in fact produced 1.3 MTPA of Mn last year which was the second highest since its inception.

Continuing with its stellar performance, MOIL achieved manganese (Mn) ore production of 1.62 lakh tonnes in November 2023, which is 35% higher y-o-y. 

In the current FY also, the company has registered a remarkable growth of 43% y-o-y, with production of 10.9 lakh tonnes of manganese ore in Apr-Nov, 23.

On the sales front too, the company continued to scale impressive growth, which was 18% and 52% during November, 2023 and Apr-Nov, 23 respectively. 

With a market share of 50%, it is the largest producer of manganese ore in India. MOIL operates 11 mines in adjoining districts of Maharashtra and Madhya Pradesh. 

The Balaghat Mine is the largest mine of the Company.

The company has an ambitious vision of more than doubling its production to 3.50 million tonnes by 2030. MOIL is also exploring business opportunities in the State of Gujarat, Rajasthan, Chhatisgarh and Odisha, besides other areas in the State of Madhya Pradesh.