MOIL reports highest-ever manganese ore production for February month at 1.51 lakh tonnes
In an unprecedented achievement, MOIL has reported its highest-ever manganese ore production for the month of February, reaching 1.51 lakh tonnes, marking a 15% year-on-year increase. This milestone is part of a broader trend of remarkable growth for the company, with production hitting 15.84 lakh tonnes up to February 2024, a 37% year-on-year increase. This performance not only surpasses MOIL’s previous annual production records but also sets a new benchmark for the industry since the company’s inception.
On the sales front, MOIL continues to excel, with February sales reaching 1.56 lakh tonnes, an 18% increase compared to February 2023. The cumulative sales for the year, up to February 2024, have reached 13.91 lakh tonnes, showcasing an impressive 32% growth compared to the previous year. These figures reflect MOIL’s strong market presence and the increasing demand for manganese ore, a critical component in steel production and other industrial applications.
MOIL’s commitment to exploration has been equally noteworthy. In the current fiscal year, up to February 2024, the company has achieved core drilling of 78,922 meters, more than doubling its year-on-year performance. This significant increase in exploration activities underscores MOIL’s dedication to expanding its manganese ore reserves and ensuring the sustainability of its operations.
Ajit Kumar Saxena, the Chairman and Managing Director of MOIL, lauded the team’s efforts for achieving these record-breaking performances. “Our concerted efforts have resulted in this record performance,” he stated, highlighting the team’s hard work and dedication. Saxena expressed full confidence that this growth momentum would continue into the next financial year, setting the stage for further achievements and success.
MOIL’s recent accomplishments in manganese ore production and exploration are indicative of the company’s strong operational capabilities and strategic focus on growth. These achievements not only contribute to MOIL’s bottom line but also have broader implications for the mining industry, signaling a move towards more efficient and sustainable mining practices. As the demand for manganese and other essential minerals continues to rise, MOIL’s ongoing efforts to expand its production capacity and explore new reserves will be crucial in meeting global needs.