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Our Bureau

Hyderabad , June 10

MANGANESE Ore (India) Ltd (MOIL), the Nagpur-based public sector undertaking (PSU), has achieved its highest ever turnover and production of Rs 229 crore and 7.99 lakh tonnes during the financial year 2003-04.

The record performance has earned the company a net profit of Rs 28.52 crore. While the increase in net profit is 60 per cent over the previous fiscal of 2002-03, the sales turnover has gone up by 29 per cent, according to an MOIL release here.

The `Miniratna' PSU under the Ministry of Steel, MOIL, which has been paying a dividend of 27 per cent since 2001, is contemplating to hike it this year, in view of the good performance. The company is the largest producer of high-grade manganese ore in the country and operates 10 major mines in the States of Maharashtra and Madhya Pradesh.

Referring to the future plans, the Chairman-cum-Managing Director (CMD), Mr P.M. Reddy, said work on sinking a new vertical shaft at Gumgaon mine at a cost of Rs 9.5 crore, setting up an integrated mineral beneficiation plant at Balaghat Mine in MP costing Rs 10 crore and undertaking feasibility studies for installation of a ferro manganese plant phase - 2 along with a captive power plant at Balaghat Mine were top priority.

With the steel industry looking up, the demand for manganese ore has risen manifold. Hence, the company is planning to increase its production further, he said.

Incidentally, of the total production of ferro manganese of 10, 899 tonnes, 10, 688 tonnes was sold. The installed capacity was exceeded.

MOIL operates a 10,000 tonnes per annum (TPA) ferro manganese plant at Balaghat mine in MP, a 1000 TPA Electrolytic Manganese Dioxide (EMD) plant at Dongri Buzurg mine in Maharashtra.

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