MOIL registers the highest ever turnover in FY 2018-19

02/04/2019 inquilabtimes

MOIL Limited, the largest producer of manganese ore in the country and a Mini Ratna Schedule-A CPSE under the administrative control of the Ministry of Steel, has achieved the highest-ever turnover of Rs. 1440 crores (unaudited and provisional) during financial year 2018-19, registering a growth of 9% over the previous year.

Core production (non-fines, i.e., production excluding fines) jumped 15% during the year. Total production crossed 13 lakh MT in FY’19 (up by 9% y-o-y), which is the highest achievement in last ten years. The company has also achieved highest-ever production of non-fines manganese ore. Non-fines sales are also at a record-high of11 lakh MT (up by 13% y-o-y). The total production growth in last three years is around 30%. Currently, MOIL holds 34% of manganese ore reserves of the country and is contributing 50% of the domestic production.

MOIL is also giving special focus thrust on expansion and modernization 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 been completed during the year. These will enable 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 progressing as per schedule.

In addition to the above, development and production activities have been started during the year at Parsoda (in Nagpur district) – 11th mine of MOIL. Annual production at this mine will gradually increase to 40,000 MT. The Company 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/new leases will enable MOIL to move towards its vision of doubling production to 25 lakh MT by FY 2024-25