MOIL sets new record in manganese ore sales, achieves remarkable growth

MOIL, a miniratna state-owned manganese ore mining company headquartered in Nagpur, India, has set a new benchmark in its sales performance by achieving a record 2.15 lakh tonnes of manganese ore sales in May 2024. This impressive figure surpasses the previous record of 1.83 lakh tonnes set in December 2019, representing a significant 41% growth over May 2023. The consistent growth is also evident in the cumulative sales for April-May 2024, which were higher by 31.5% compared to the same period last year.

Impressive Price and Production Increases

Amid favorable market conditions, MOIL has strategically increased the prices of various grades of manganese ore by approximately 65% during the current financial year. This price adjustment has played a crucial role in bolstering the company’s financial performance. On the production front, MOIL reported a manganese ore production of 3.05 lakh tonnes in the first two months of the 2024 financial year, marking a 7% growth over the corresponding period last year.

MOIL sets a new sales record in the manganese ore market, reflecting robust growth and strategic market positioning.

Enhanced Exploration and Commendation from Leadership

The company has also intensified its exploration efforts, conducting exploratory core drilling of 18,609 meters in April-May 2024, which is a 26% increase year-over-year. Ajit Kumar Saxena, the Chairman and Managing Director (CMD) of MOIL, lauded the collective efforts of the MOIL team. “Congratulations to the MOIL collective on this historic performance,” Saxena remarked, emphasizing the team’s effective utilization of market opportunities to achieve these outstanding results.

MOIL’s recent achievements highlight its robust operational strategies and adept market positioning. By increasing production capacity and adjusting pricing in response to market demands, MOIL has not only maximized its revenue potential but also reinforced its position as a leader in the manganese ore industry. This strategic approach is likely to continue driving the company’s growth and market expansion.

The record-breaking sales performance and strategic market maneuvers of the Indian manganese ore mining company underscore its resilience and forward-thinking approach in the competitive mining industry. As the company continues to build on its exploration and production capabilities, it remains well-positioned to capitalize on emerging opportunities and sustain its growth trajectory in the global market.