New Delhi | October 27, 2016: Country's top manganese ore producer MOIL today signed a pact with Madhya Pradesh government to conduct mineral exploration in the state.

"The company has signed a memorandum of understanding (MoU) jointly with government of Madhya Pradesh, Mineral Resources Department and Madhya Pradesh State Mining Corporation Ltd (MPSMCL), a PSU under government of Madhya Pradesh, to conduct exploration and prospecting works by MOIL in Madhya Pradesh," the company said in a BSE filing.

The MoU also envisages formation of a joint venture company between MOIL (51 per cent), and MPSMCL (49 per cent) in case of availability of ore is proved in any area.

The pact is aimed at increasing the mineral resources in Madhya Pradesh. The MoU shall be placed before the board in ensuing meeting, it added.

"Ministry of Mines, Government of India has notified MOIL for conducting exploration of various minerals all over the country. In view of this, the company was in discussion with government of Madhya Pradesh to carry out exploration of identified areas under different modes," the company said.

(Source: http://www.business-standard.com/)