State-owned Manganese Producer MOIL Registers Its 2nd Highest Output In 2022-23
State-owned mining company MOIL has recorded its second-highest production in the just concluded the financial year 2022-23.
It registered a 6 per cent increase in output growth in 2022-23 over the previous year's record with the overall production of 13.02 lakh tonnes of Manganese (Mn) Ore, an official release said on Monday. MOIL is the largest producer of manganese ore in the country, contributing 45 per cent of the domestic production. It operates eleven mines across Maharashtra and Madhya Pradesh.
The company has an ambitious vision of more than doubling its production to 3.00 million tonnes by 2030. MOIL is also exploring business opportunities in Gujarat, Rajasthan, Chhattisgarh, and Odisha.
Coming to capital expenditure, it spent Rs 245 crore in 2022-23, which is 14 per cent higher than in 2021-22.
Ajit Kumar Saxena, CMD MOIL Limited, congratulated all the company stakeholders on the achievements and expressed confidence that it is poised to achieve much higher levels of production in the coming years, with strategies and an action plans for it firmly in place.
"With an utmost thrust on exploration, MOIL has carried out best ever exploratory core drilling of 41,762 metres in FY'23, which is 2.7 times of the average exploration achieved in the last 5 years," the release said.
The exploration will not only form the basis of enhanced production but will also be the foundation of opening new manganese mines in the country, it added. (ANI)
