India’s MOIL Limited (formerly, Manganese Ore India Limited) on Thursday, October 27, signed an agreement with the government of the central Indian state of Madhya Pradesh to conduct exploration of manganese in the region, the company said in a statement.
MOIL signed the agreement for exploration with Madhya Pradesh Mineral Resource Development Department and Madhya Pradesh Mining Corporation Limited (MPMCL), the statement said.
According to the agreement, MOIL and MPMCL will consider forming a joint venture to develop the manganese block if the exploration project establishes the existence of commercially viable deposits in the state.
Meanwhile, in a separate statement, MOIL announced that it has effected an across-the-board price hike for all grades of manganese for deliveries during the October-December period.
MOIL has hiked prices of all ferrograde manganese ore by 25 percent, while the increase will be 20 percent for all grades of silico manganese.