MOIL reports 9% growth in turnover at Rs 1,440 crore during 2018-19
Mumbai (Maharashtra) [India], Apr 1 (ANI): MOIL Limited, India's largest producer of manganese ore, said on Monday it registered the highest-ever turnover of Rs 1,440 crore during the financial year 2018-19, marking a growth of 9 per cent over previous year.
ANI
Apr 01, 2019 11:07 IST
Mumbai (Maharashtra) [India], Apr 1 (ANI): MOIL Limited, India's largest producer of manganese ore, said on Monday it registered the highest-ever turnover of Rs 1,440 crore during the financial year 2018-19, marking a growth of 9 per cent over previous year.
Core production (non-fines, that is production excluding fines) jumped 15 per cent during the year. Total production crossed 13 lakh tonnes in FY 19, up by about 9 per cent year-on-year, which is the highest achievement in past ten years.
The public sector company also achieved highest-ever production of non-fines manganese ore. Non-fines sales were also at a record high of 11 lakh tonnes, up by 13 per cent. The total production growth in the last three years is about 30 per cent, according to an official statement.
MOIL currently holds about 34 per cent of manganese ore reserves of the country and is contributing nearly 50 per cent of the domestic production.
The company is also giving thrust on expansion and modernisation of its mines to sustain production levels and attain capacity enhancement. Projects of the sinking of a second vertical shaft at Chikla mine and shaft deepening at Kandri and Balaghat mines were completed during the year.
These will enable MOIL to sustain an 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 progressing as per schedule.
It said development and production activities started during the year at Parsoda in Nagpur district. It is the 11th mine of MOIL.
Annual production at this mine will gradually increase to 40,000 tonnes MT. The company is also actively pursuing cases of prospecting and mining leases in Maharashtra and Madhya Pradesh, mostly in areas near its existing mines.
These projects and new leases will enable MOIL to double production to 25 lakh tonnes by 2024-25, it said. (ANI)
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