MOIL's Manganese Production Surges Despite Market Challenges

State-owned MOIL announced a 7% increase in manganese ore production, reaching 7.24 lakh tonnes for April-August 2024. Despite market challenges, the company maintained similar sales levels to last year. Revenue rose by 11%, and exploration drilling rose significantly. MOIL operates mines in Maharashtra and Madhya Pradesh.

State-owned MOIL reported a 7% increase in manganese ore production, totaling 7.24 lakh tonnes during the April-August period of this fiscal year.

The company disclosed in an exchange filing that it has achieved a production of 7.24 lakh tonnes in the first five months of the current financial year, registering a 7% growth over the corresponding period of last year (CPLY).

Despite facing challenging market conditions and high international price volatility, MOIL managed to achieve sales of 5.92 lakh tonnes during the April-August period, maintaining almost the same level as last year.

The company's revenue from operations during this period rose by approximately 11% compared to the corresponding period last year. Emphasizing exploration, MOIL has conducted exploratory core drilling of 46,585 meters up to August, which is 1.6 times more than the previous year.

Under the administrative control of the Ministry of Steel, MOIL produces and sells various grades of manganese ore. The PSU operates underground and opencast mines in Nagpur and Bhandara districts of Maharashtra and Balaghat district in Madhya Pradesh.

(With inputs from agencies.)