MOIL reports record 41% YoY rise in manganese ore sales in May

The company’s previous record stood at 1.83 lakh tonnes of monthly sales of manganese ore witnessed in December 2019.

Further, MOIL’s manganese ore sales jumped 31.5% YoY in the April to May 2024 period compared to the corresponding period of the previous year.

During this period, the mining company also reported manganese ore production of 3.05 lakh tonnes, noting a single-digit increase of 7% over the production side as opposed to the same period last year.

The company has intensified its focus on the exploration activities April to May 2024 period, reporting a 26% YoY jump in exploratory core drilling of 18,609 meter during this period.

MOIL has also increased the prices of various grades by nearly 65% in the current financial year, led by market conditions.

The prices of all the Ferro grades of manganese ore having Manganese content of Mn-44% and more, have been raised by 35% on the prevailing prices, starting June 1, 2024. On the other hand, for all other Ferro grades of manganese ore having Manganese content under the specified percentage, the prices have been raised by 30% on the prevailing prices.

MOIL has also increased the prices of SMGR, Fines and Chemical grades by 30% on the prevailing prices, while the basic price of EMD has been revised and increased by ₹1,000 PMT for the month of June 2024.

Shares of MOIL Ltd closed 12.04% lower at ₹462 apiece on the NSE.