Highest-ever Capital Expenditure and Exploration
MOIL Limited has recorded its second-highest production since inception, registering 6% growth over the previous year’s record with the production of 13.02 lakh tonnes of Manganese (Mn) Ore in the Financial Year 2022-23. Capital expenditure of Rs.245 crores has also been achieved in FY’23, which is 14% higher than Financial Year 2021-22.
Shri Ajit Kumar Saxena, CMD MOIL Limited, congratulated MOIL on the achievements and expressed confidence that MOIL is poised to achieve much higher levels of production in the coming years, with strategies and an action plan for it firmly in place.
With the 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 the average exploration achieved in the last 5 years. The same will not only form the basis of enhanced production from its existing mines but will also be the foundation of opening new Manganese mines in the country.
Record sales turnover of EMD achieved
Sales turnover of Electrolytic Manganese Dioxide (EMD) reached a new high, which is more than 2 times than previous year. EMD is a 100% import substitution product, used mostly for pharmaceuticals and the manufacturing of batteries.
About MOIL: MOIL Limited is a Schedule-A, Miniratna Category-I CPSE under the administrative control of the Ministry of Steel, Government of India. MOIL is the largest producer of manganese ore in the country, contributing ~45% of the domestic production. It operates eleven mines in the state of 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 the States of Gujarat, Rajasthan, Chhattisgarh and Odisha.
Disclaimer: This is an official press release by pib