India: MOIL posts 35% y-o-y growth in manganese ore production in Q1FY24

Manganese Ore India Ltd. (MOIL), the country's largest manganese ore producer accounting for 45% of domestic production and which operates 11 mines in Maharashtra and Madhya Pradesh, has released its operational and financial results for the first quarter of fiscal year 2024 (April-June'23).

Operational results

• Production up 35%
  MOIL achieved its highest-ever quarterly manganese ore output of 436,000 tonnes (t) in Q1FY'24, indicating a 35% increase over the corresponding period last year (CPLY). The 150,000 t produced in June is also the highest output ever recorded during the month since the company's inception.
  
  
• Sales rise 40% y-o-y
  MOIL recorded its best-ever first quarter sales performance, with sales of 396,000 t in the first quarter of the current fiscal year, an increase of 39% over CPLY.
  
  
• Exploration activity rises 3.8 times y-o-y
  MOIL completed its best-ever quarterly exploratory core drilling of 20,086 metres in the first quarter of FY'24, which is 3.8 times compared to CPLY.
  
  
• MOIL has also recorded highest production of Electrolytic Manganese Dioxide (EMD) during the quarter. EMD is a 100% import-substitution product, used mostly for pharmaceuticals and manufacturing of batteries.
  
  

Future plans
By 2030, the company intends to more than treble its output to 3.50 mnt. MOIL is also searching for business opportunities in Gujarat, Rajasthan, Chhattisgarh, Odisha, and regions in Madhya Pradesh apart from those where its operations are located at present.