Indian government-run miner MOIL Limited is looking to acquire overseas assets of manganese and other critical mineral assets, while together with joint venture partners it is also looking to expand domestic manganese mining operations in the states of Gujarat, Madhya Pradesh and Chhattisgarh, MOIL chairman and managing director Ajit Kumar Saxena said on Thursday, Thursday 19.
The company is looking for expansion into geographies overseas, including Africa (South Africa and Gabon), Australia and in Latin American countries like Brazil, for expansion of manganese ore extraction operations, Mr. Saxena said.
South Africa has the largest manganese ore reserves globally, while Gabon has around 25 percent of the world’s resources. Australia, on the other hand, is a major exporter of manganese ore.
MOIL will also be entering into JV tie-ups with the Gujarat and Madhya Pradesh governments for manganese ore mining in these respective states and exploration activities are being carried out in Chhattisgarh state too.
Mr. Saxena said that in Gujarat nearly 9.5 million mt of reserves of manganese ore have been established and the company is in advanced discussions for a JV with the state government and with Gujarat Mineral Development Corporation Ltd (GMDC). Production can start 12–18 months after the finalization of the joint venture.
“We can apply for the necessary approvals only after the JV has been formalized,” he said.
For Madhya Pradesh, resources have been established in the area allocated to MOIL, and it will begin work on forming a joint venture with the state government and the state mineral development corporation, he added.
Currently, MOIL has 10 manganese mines across the states of Maharashtra and Madhya Pradesh.