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Construction : Deals | January 2013 | Source : Construction Update

MOIL may buy stake in Maravilloso mines in Peru

Nagpur-based State miner MOIL Limited (formerly Manganese Ore (India) is said to have advanced interest in buying a stake in Maravilloso Mines in Peru. Owned by Melrose Mines and Minerals, the company has four manganese ore concessions with a proven reserve of 2.95 mn tonne.

Melrose is a diversified mining firm having operating and developing iron ore and manganese mines with reserves of over 400 mt and 30 mt, respectively. MOIL is a miniratna State-owned manganese-ore mining company. It operates 10 mines, six located in Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh.

With the current annual production capacity of around 10.94 lakh tonne, MOIL fulfills about 50 per cent of the total requirement of dioxide ore in India. In the space, another State-owned miner NMDC was planning to acquire Brazilian iron ore company – Amplus apart from plans to acquire mines in Mozambique last year.

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