Published On : Wed, Apr 3rd, 2019

MOIL registers best ever performance in FY 2018-19

Nagpur: MOIL Limited, the largest producer of manganese ore in the country and a Mini Ratna Schedule-A CPSE, has achieved highest-ever turnover of Rs. 1440 crore (unaudited and provisional) during the financial year 2018-19, registering a growth of 9 per cent over previous year.

Core production (non-fines, i.e., production excluding fines) jumped 15 per cent during the year. Total production crossed 13 lakh MT in FY’19 (up by 9 per cent year-on-year basis), which is the highest achievement in last ten years.

The company functional under the Ministry of Steel, has also achieved highest-ever production of non-fines manganese ore. Non- fines sales are also at a record-high of 11 lakh MT (up by 13 per cent year-on-year). The total production growth in the last three years is around 30 per cent. Currently, MOIL holds 34 per cent of manganese ore reserves of the country and is contributing ~ 50% of the domestic production.

Special thrust on expansion
MOIL is also giving special thrust on expansion and modernisation of its mines to sustain production levels and attain capacity enhancement. Projects of sinking of second vertical shaft at Chikla mine and shaft deepening at Kandri and Balaghat mines have already been completed. This will further help 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 in progress and the work is going on as per schedule.

In addition, development and production activities have began at Parsoda in Nagpur district – 11th mine of MOIL. Annual production at this mine will gradually increase to 40000 MT. MOIL is also actively pursuing cases of prospecting and mining leases in Maharashtra and Madhya Pradesh, mostly in areas adjacent to its existing mines.

The above projects and new leases will enable MOIL move ahead towards its ambitious vision of almost doubling the production to 25 lakh MT by FY 2024-25.

By: Awadhoot Pathak