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MOIL, MP Mining Forge JV for Manganese Boost
31 Jan
Summary
- MOIL and MP Mining Corporation will form a joint venture.
- MOIL will hold a 51% stake in the new venture.
- The JV aims to boost manganese ore mining in Madhya Pradesh.
State-owned MOIL has been granted preliminary approval by the Ministry of Steel to establish a joint venture with Madhya Pradesh State Mining Corporation Limited (MPSMCL). This significant development, which requires final clearance from DIPAM, marks a strategic move to enhance manganese ore extraction and processing capabilities.
The proposed joint venture company will be structured with MOIL holding a controlling 51% stake, while MPSMCL will retain 49%. This collaboration, rooted in a draft agreement from October 2024, is poised to tap into Madhya Pradesh's substantial manganese ore reserves.
This partnership is expected to drive economic growth within the region by fostering mining activities and creating new employment opportunities. The initiative aligns with broader goals of mineral resource development and value addition in Madhya Pradesh.
