City
Epaper

Miniratna MOIL achieves best November Performance

By ANI | Updated: December 4, 2024 16:25 IST

New Delhi [India], December 4 : MOIL Limited, a Miniratna state-owned manganese-ore mining company, has recorded production of 1.63 ...

Open in App

New Delhi [India], December 4 : MOIL Limited, a Miniratna state-owned manganese-ore mining company, has recorded production of 1.63 lakh tonnes of Manganese Ore in November this year which is the best November performance since inception, the Ministry of Steel stated on Wednesday.

The ministry said that during first eight months of FY'25, the company has recorded production of 11.80 lakh tonnes, which is higher by 8.46 per cent over corresponding period last year (CPLY).

On the sales front also, the company has achieved its best-ever November sales of 1.33 lakh tonnes, higher by 32 per cent over CPLY. During the first eight months of FY25, the company has registered sales of 9.90 lakh tonnes, which is higher by 4.76 per cent over CPLY.

The company has surpassed a turnover of Rs 1,000 crore within 8 months of FY'25, achieving this milestone over a month earlier than last year, the ministry stated.

Continuing utmost thrust to exploration, MOIL has carried out exploratory core drilling of 63,654 meters during April-November, 2024, which is 1.28 times over CPLY.

Ajit Kumar Saxena, CMD MOIL, mentioned that it is heartening that the company has continued the momentum of upward performance both in production and sales. He further added that MOIL team is geared up to register yet another successful financial year.

MOIL is a Schedule "A" Miniratna Category-I Company. It was originally incorporated as Manganese Ore (India) Limited in the year 1962.

Subsequently, name of the Company was changed from Manganese Ore (India) Limited to MOIL Limited during the financial year 2010-11.

MOIL was originally set up in the year 1896 as Central Province Prospecting Syndicate which was later renamed as Central Provinces Manganese Ore Company Limited (CPMO), a British Company incorporated in the UK.

At present, MOIL operates its underground and opencast mines located in the Nagpur and Bhandara districts of Maharashtra and Balaghat district of Madhya Pradesh. All these mines are about a century old.

The Balaghat Mine is the largest mine of the Company. The mine has now reached a mining depth of about 435 meters from the surface. Dongri Buzurg Mine located in the Bhandara district of Maharashtra is an opencast mine that produces manganese dioxide ore used by dry battery industry.

This ore in the form of manganous oxide is used as micro-nutrient for cattle feed and fertilizers.

MOIL fulfils about 46 per cent of the total requirement of dioxide ore in India. At present, the annual production is around 1.3 million tonne which is expected to grow in the coming years.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Open in App

Related Stories

InternationalSouth Korea: Ruling on DP presidential candidate's election law violation case on Thursday

TechnologyIndia, Egypt agree on closer collaboration for skill development

EntertainmentEsha Deol marks 20 years since her jungle adventure with tigers during ‘Kaal’ shoot

BusinessIndia, Egypt agree on closer collaboration for skill development

NationalFormer Rajasthan CM Gehlot cancels birthday celebrations as tribute to victims of J&K terror attack

Business Realted Stories

BusinessIndrani Mukerjea Enterprise and Sandip Soparrkar Turn Rhythm into Resilience on International Dance Day

BusinessIndia's gold demand crosses 800 tonnes in 2024: Report

BusinessTwo Culinary Giants Come Together for A Milestone 3rd Year Celebration of Adrift Kaya

BusinessThe World’s First Dental Surgery Using Robotic Technology Was Done At Bharati Hospital

BusinessExhicon approves investment of Rs 50 cr for design and development of new event structures