The country's top manganese ore producer MOIL said it has signed an MoU with the steel ministry to meet production target of 12.50 lakh tonnes and a capex of Rs 205.8 crore in the current fiscal, reported PTI. "The company has recently signed the MoU with the ministry for the FY 2017-18. The said MoU, includes targets for achievement of various performance parameters which inter alia, includes manganese ore production targets of 12.50 lakh tonnes and capex amount of Rs 205.80 crore for the FY 2017-18, for excellent grading," MOIL said in filing to BSE.
MOIL has been signing the Memorandum of Understanding (MoU) with its administrative ministry (Ministry of Steel) for more than last 20 years. At present, MOIL produces and sells different grades of manganese ore. It operates 10 mines, six located in the Nagpur and Bhandara districts of Maharashtra and four in Balaghat district, Madhya Pradesh.