MOIL recorded the second-highest production since inception in FY23
- Press Information Bureau
- April 5, 2023
Manganese Ore India Limited (MOIL) has recorded its second-highest production since inception, registering 6% growth over the previous year with the production of 13.02 lakh tonnes of Manganese (Mn) Ore in FY23. Additionally, FY23 saw a capital expenditure of US$ 29.7 million (Rs. 245 crore), which is 14% more than FY22.
With a strong focus on exploration, MOIL completed its best-ever exploratory core drilling in FY23, totalling 41,762 metres, which is about 2.7 times the average amount of exploration completed over the previous five years. The same will serve as the foundation for new manganese mines to be established in the nation as well as for increased output from its current mines.
MOIL is the largest producer of manganese ore in the country, contributing ~45% of the domestic production. The company envisions to double its production to 3 million tonnes by 2030, and is also exploring business opportunities in Gujarat, Rajasthan, Chhattisgarh, and Odisha.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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