Key Points

Exploratory core drilling surged significantly, reaching 5,314 metres, a strong growth of 46 per cent, demonstrating MOIL's strong focus on expanding its resource base.

The government-owned company, which supplies manganese ore as an input for making steel, also recorded an impressive growth of 18.6 per cent in sales to 3.53 lakh tonnes in September.

MOIL has also registered its best ever second quarter (July-September) production of 4.42 lakh tonnes -- to record a double digit growth of 10.3 per cent over the same period of the previous year.

The public sector company also achieved its best ever Q2 exploratory core drilling of 21,035 metres, which represents a 4.1 per cent growth over the corresponding figure of the same quarter of the previous year.

Commenting on the performance, MOIL chairman and managing director Ajit Kumar Saxena said, "The growth achieved across key parameters underscores MOIL's commitment to strengthening its operational excellence and ensuring long-term sustainability. With continued emphasis on exploration in all its operating mines, the company is well positioned to enhance its reserves to maintain leadership in the manganese sector."

MOIL is a Schedule 'A' Miniratna Category-I public sector undertaking that is engaged in the business of mining and supplying manganese. At present, the company operates its underground and opencast mines located in the Nagpur and Bhandara districts of Maharashtra and Balaghat district of Madhya Pradesh.

The MOIL Board recently approved the payment of an interim dividend of Rs. 4.02 per share for the financial year 2024-25. This represents a 15 per cent increase over last year's interim dividend of Rs. 3.50 per share.

Besides, the Board approved five shafts sinking projects including two ventilation shafts for its Dongri Buzurg Mine, Chikla Mine and Kandri Mine worth Rs. 886 crore (approximate). These shafts will help the company to sustain as well as increase its existing production level in the coming years.

- IANS