MOIL has reduced prices of various grades of manganese ore by up to 25% for the April-June quarter. Prices of all ferro grades of ore with manganese content of 46% and above have been reduced by 10%. While prices of ferro grades of ore with manganese below 46% have been reduced by 15%. The company has also cut existing price of Electrolytic Manganese Dioxide by 5%.
Meanwhile, Government has started the process for the disinvestment of MOIL’s 10% stake through an offer for sale which could fetch around Rs 500 crore to the exchequer. It holds 71.57% in the Miniratna PSU which is the largest producer of high grade manganese ore -- an essential input for steel making.
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).
