"MOIL Sets Sights on Lithium Mining and Expansion of Manganese Ore Reserves"

MOIL (formerly Manganese Ore India Ltd), a central public sector enterprise (CPSE) under the Steel Ministry, is actively considering venturing into lithium mining and participating in upcoming auctions. Simultaneously, the company aims to expand its manganese ore mining operations beyond its current leasehold area.

The exploration strategy involves targeting new regions, including Madhya Pradesh, Gujarat, Chhattisgarh, Karnataka, Jharkhand, Andhra Pradesh/Telangana, Goa, West Bengal, and Rajasthan. Ajit Kumar Saxena, Chairman and Managing Director of MOIL, highlighted the company's openness to diverse exploration, mining, and forward integration initiatives, emphasizing the need for the mining sector to evolve beyond conventional bulk minerals.

During a recent earnings call, Saxena expressed the company's keen interest in lithium mining, stating, "We are looking eagerly into that (lithium mining)..... whenever it is open for the public, the auctions are there, then perhaps we will be participating."

Addressing potential challenges in entering the lithium mining sector, Saxena affirmed MOIL's competency, citing the company's extensive experience in operating both open-cast and underground mines. He noted that their existing mines reach depths of 400 meters, with plans to extend to 650 meters within the next one to one and a half years.

MOIL's strategic exploration and willingness to diversify into lithium mining underscore the company's commitment to staying at the forefront of the mining industry, adapting to emerging opportunities and contributing to the evolving landscape of mineral resource extraction in India.

HBL