State-owned manganese ore mining company MOIL Ltd. has lowered the prices of different grades of manganese ore and other products starting from August 1.
In a filing to the stock exchanges on Tuesday, the Mini-Ratna PSU said that the prices of all Ferro grades of manganese, SMGR with manganese content of 25 percent and 30 percent, fines and chemical grades have been decreased by 5 percent from the prevailing prices of July 1.
However, the basic price of Electrolytic Manganese Dioxide (EMD) remains unchanged. EMD is a 100 percent import substitution product, used mainly for pharmaceuticals and manufacturing of batteries.
In the financial year 2022-23, the public sector miner reported a 6 percent year-on-year growth in manganese ore production at 13.02 lakh tonnes (LT). This was the company's second highest production figure since its inception.
In addition, MOIL made record capital expenditure to the tune of Rs 245 crore in financial year 2023, an increase of 14 percent from preceding fiscal.
Also, the Nagpur-headquartered company carried out best ever exploratory core drilling of 41,762 metres in financial year 2023, which is 2.7 times of the average exploration achieved in the last five years.
MOIL Ltd, a Mini-Ratna public sector enterprise under the Ministry of Steel, operates 11 mines in Maharashtra and Madhya Pradesh. It is the largest producer of manganese ore in India with a market share of 45 percent.
Shares of MOIL are trading 0.4 percent lower at Rs 184.90.
