Manganese Ore India (MOIL) is planning to build Rs 500 crore war chest for buying mining assets abroad, most likely in Indonesia and Turkey. The company has floated expressions of interest for some smaller deposits in Indonesia and Turkey. The company may ideally look at an M&A kitty of up to Rs 500 crore for possible acquisitions.
Further, the company is also looking to expanding its domestic mining operations and plans to double its production to 2.2 million tonnes by 2020 from 1.1 million tonnes.
MOIL is the largest iron ore company in India and fifth largest in world. It currently operates seven underground mines (Kandri, Munsar, Beldongri, Gumgaon, Chikla, Balaghat and Ukwa mines) and three opencast mines (Dongri Buzurg, Sitapatore/Sukli, and Tirodi). The company is actively involved in exploration and development activities with a view to increase its proven manganese ore reserves.
