State-owned manganese company MOIL registers 7% output growth by far in FY25
Sep 08, 2024
New Delhi [India], September 8 : With the best-ever August production of 1.24 lakh tonnes in August 2024, state-owned manganese manufacturer MOIL sustained its performance momentum.
It has achieved production of 7.24 lakh tonne during the first five months of the current financial year 2024-25, registering a growth of 7 per cent over the corresponding period of last year, the government said earlier this week in a statement.
The company achieved sales of 5.92 lakh tonnes during April-August 2024, almost at the same level as last year.
"This is despite challenging market conditions and high international price volatility over the past few months," the Ministry of Steel said.
Revenue from operations has increased by about 11 per cent during April- August 2024 over the same period of last year.
Giving utmost thrust to exploration, MOIL has carried out exploratory core drilling of 46,585 meters up to August which is 1.6 times than the previous year.
MOIL Limited is a Schedule-A, Miniratna category-1 CPSE under the administrative control of the Ministry of Steel, Government of India.
The company has an ambitious vision of doubling its production to 3.00 million tonnes by 2030. MOIL now explores business opportunities in Gujarat, Rajasthan, and Odisha besides other areas in Madhya Pradesh.
Manganese is mostly used to make steel and ferromagnese alloys.
