Date | Jun 30, 2016:

MOIL has received its board approval for investment proposals of Rs 461 crore in mining projects. The first project involves investment of Rs 265.96 crore in the first phase in designing, construction, furnishing & equipping of a Vertical Shaft (high speed shaft) at Balaghat Mine. With commissioning of this shaft and related development, the production of Balaghat Mine is targeted to touch around 6 lakh tonnes (from about 3 lakh tonnes at presently) by FY-2025.

The second project involves investment of Rs 195 crore, in the first phase in designing, construction, furnishing & equipping of a Vertical Shaft (high speed shaft) at Gumgaon Mine. With commissioning of this shaft and related development, the production of Gumgaon Mine is targeted to touch around 1.40 lakh tonnes (from about 0.70 lakh tonnes at presently) by FY-2024.

The above projects are in the lines of strategic Management Plan of (SMP) of the company to increase its production and also mechanization of its mining activities.

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).

(Source: http://money.livemint.com/)