MOIL Limited Records 2nd Highest Production Since Inception In FY’23
Highest ever Capital Expenditure and Exploration, Record sales turnover of EMD achieved
MOIL Limited has recorded its second highest production since inception, registering 6% growth over the previous year record with the production of 13.02 lakh tonnes of Manganese (Mn) Ore in Financial Year 2022-23. Capital expenditure of Rs.245 crores has also been achieved in FY’23, which is 14% higher than Financial Year 2021-22.
Shri Ajit Kumar Saxena, CMD MOIL Limited, congratulated MOIL on the achievements and expressed confidence that MOIL is poised to achieve much higher levels of production in the coming years, with strategies and action plan for it firmly in place.
With utmost thrust on exploration, MOIL has carried out best ever exploratory core drilling of 41,762 metres in FY’23, which is 2.7 times of the average exploration achieved in the last 5 years. The same will not only form the basis of enhanced production from its existing mines but will also be the foundation of opening new Manganese mines in the country.
Sales turnover of Electrolytic Manganese Dioxide (EMD) reached a new high, which is more than 2 times than previous year. EMD is a 100% import substitution product, used mostly for pharmaceuticals and manufacturing of batteries.