MOIL working on new projects worth Rs 581 crore at mines in MP, Maharashtra
The company is aiming to complete these projects by August 2021, the miner said in its Annual Report 2019-20. At Munsar mine in Maharashtra, the company is setting up a new vertical shaft at a depth of 160 metres at a capital cost of Rs 51.32 crore.PTI | New Delhi | Updated: 13-09-2020 12:17 IST | Created: 13-09-2020 12:17 IST
State-owned manganese ore mining firm MOIL Ltd is working on multiple new projects worth cumulatively Rs 581 crore at its mines in Madhya Pradesh and Maharashtra, according to its annual report. The company is aiming to complete these projects by August 2021, the miner said in its Annual Report 2019-20.
At Munsar mine in Maharashtra, the company is setting up a new vertical shaft at a depth of 160 metres at a capital cost of Rs 51.32 crore. The scheduled completion of the work, it said, was in April 2020. However, the work is in progress and the completion of the project shall be in November 2020, the report said. Another project of Rs 77.15 crore for setting up a sinking vertical shaft at a depth of 324 metres is going on at the company's Ukwa mine in Madhya Pradesh.
At the site, shaft sinking and lining up to 200 metres has been completed. The project is expected to be completed in August 2021, the PSU said. A Rs 194-crore project of sinking a large diameter high-speed vertical shaft of 330-metre depth at Gumgaon mine Maharashtra would be completed by January 2021, the report said adding that shaft sinking and lining up to 180-metre depth at site is completed.
At Balaghat mine in Madhya Pradesh, work for sinking a large diameter high-speed vertical shaft of 750-metre depth is undergoing. The shaft sinking and lining up to 480-metre depth at Rs 259-crore project site is completed and the overall project is scheduled to be completed in July 2021, it said. In the report, MOIL also informed about two projects worth Rs 418.82 crore, for which its board has already given approval.
The company plans 50,000 MTPA (metric tonnes per annum) ferro alloys plant at Balaghat mine with an investment of Rs 263.82 crore, and 25,000 MTPA ferro alloys plant at Gumgaon mine with an investment of Rs 155 crore. However, the company did not share any further details with respect to the planned projects but said "these projects have been approved by the board subject to JV or offtake agreement with prospective customers. Entering into offtake agreements is now being explored and discussions are underway".