New Delhi: During the April-August period of this fiscal year, MOIL, which is owned by the government, reported a 7 per cent increase in manganese ore production to 7.24 lakh tonnes. In a filing with the stock exchange, the company reported producing 7.24 lakh tonnes in the first five months of the current fiscal year (April to August 2024), showing a 7 percent increase compared to the same period last year.
The company has recorded sales of 5.92 lakh tonnes from April to August this year, similar to the same period last year. Despite facing difficult market conditions and high international price fluctuations in recent months, the company still stated this. The PSU saw an approximately 11 per cent increase in revenue from operations from April to August when compared to the same period last fiscal year.
MOIL has focused heavily on exploration and has completed exploratory core drilling of 46,585 meters by August, surpassing the previous year's efforts by 1.6 times. MOIL operates under the supervision of the Ministry of Steel. The PSU manufactures and markets various types of manganese ore. Currently, MOIL runs its underground and open-pit mines in Nagpur and Bhandara districts of Maharashtra, and Balaghat district of Madhya Pradesh.
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