MOIL gains as board approves Rs 461 crore investment proposals

The stock was up 3% at Rs 240 on the BSE.

MOIL was trading higher by 3% at Rs 240 on the BSE after the company announced that its board approved investment proposals of Rs 461 crore in mining projects.

The first project involves investment of Rs 266 crore in the first phase in designing, construction, furnishing & equipping of a Vertical Shaft (high speed shaft) at Balaghat Mine. The second projects involve investments of Rs 195 crore at Gumgaon Mine.

“With commissioning of this shaft and related development, the production of Balaghat Mine is targeted to touch around 6 lakh tonnes (from about 3 lakh tonnes at presently) by FY-2025,” MOIL said in a BSE filing.

“The production of Balaghat Mine is targeted to touch around 1.4 lakh tonnes (from about 0.70 lakh tonnes at presently) by FY-2024,”it added.