Manganese ore production to be increasedMarch 25th, 2011 - 7:48 pm ICT by ANI
New Delhi, Mar 25 (ANI): Union Minister of State for Steel (Independent Charge) Beni Prasad Verma has asked MOIL ltd. to initiate steps to increase its manganese ore production capacity to 15 lakh tonnes (LT) by 2015-16 from 10.93 LT in 2009-10.
Reviewing the performance of the third quarter of 2010-11 of MOIL Limited, formerly known as Manganese Ore (India) Limited here, Verma advised the firm to expand the capacity of its mines by carrying out modernisation programmes and endeavour to achieve a production of 20 LT by 2020.
He also expressed his happiness over the consistent good performance of the Company and assured full support of the Government for better performance and development of the Company.
Verma also emphasized that looking to the expansion plans of the Indian Steel Industry, there is an urgent need to increase the output of manganese ore.
“It was informed that the Company has already taken several measures such as deepening and sinking of vertical shafts at its mines, large scale opencast development and acquisition of new mines in India and abroad. Besides, the Company has also set up joint venture companies with SAIL and RINL for manufacture of ferro alloys,” he addded.
The Company has been consistently showing excellent results for the past several years. During the period April - December 2010, the production of manganese ore was 8.14 lakh tones.
The sales turnover during the same period was Rs.886.09 crores. The Company earned a profit before tax of Rs.681.90 crores and profit after tax of Rs.455.69 Crores during the period. The Company has made a budget provision of Rs.5.42 crores towards CSR during the year 2010-11.
During 2009-10, the production of manganese ore was 10.93 lakh tonnes. Total Sales turnover of was Rs. 965.47 crores.
The company earned profit before tax of Rs.706.79 crores and profit after tax of Rs.466.35 crores during this period. The company has also spent approximately Rs.1.57 crores on its CSR activities. (ANI)
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Tags: budget provision, csr, endeavour, ferro alloys, happiness, india limited, indian steel industry, joint venture companies, lakh, large scale, lt, manganese ore, minister of state, New Delhi, new mines, ore production, rinl, sales turnover, union minister, vertical shafts