MOIL's output grows 6% to 1.3 MT in FY23, 14% higher capex utilised

State-owned MOIL has registered a 6 per cent rise in its manganese ore production to 1.3 mn tonnes (MT) in 2022-23

State-owned MOIL has registered a 6 per cent rise in its manganese ore production to 1.3 million tonnes (MT) in 2022-23.

The company also utilised 14 per cent higher capital expenditure in the financial year that ended March 31 over 2021-22, the Ministry of Steel said in a statement.

MOIL Ltd recorded its second-highest production since inception, registering a 6 per cent growth to 1.3 million tonnes in FY23 over the previous year.

During FY23, MOIL carried out its best-ever exploratory core drilling of 41,762 metres which is 2.7 times of the average exploration achieved in the last 5 years.

MOIL, under the Ministry of Steel, is the largest producer of manganese ore in the country, contributing 45 per cent of the domestic production. It operates 11 mines in Maharashtra and Madhya Pradesh.