MOIL hikes Manganese Ore prices by 45% for May, offers to reduce interest rate for the existing credit period

Bhubaneswar: Public sector Manganese Ore producer MOIL has hiked different grades of Manganese Ore by 45% for the month of May. The company has announced the price hike four days after resuming mining operations.

Meanwhile, MOIL has offered it buyers to reduce the interest rate for the interest-bearing credit period from 15% per annum (1.25 % p.m.) to 9% per annum for the existing contracts of the April-June quarter.

“In pursuance to the existing contracts for the Quarter April – June 2020, MOIL Ltd. hereby offers to reduces the interest-bearing credit period from 15% per annum (1.25 % p.m.) plus GST to 9% per annum (0.75 % p.m ) plus GST and separate overdue interest period from @21% per annum ( 1.75 % p.m.) plus GST to 12% per annum ( 1 % p.m.) plus GST. This payment term shall be valid for the dispatches to be made for existing contract w.e.f. 01.05.2020” said MOIL.

MOIL on April 28 resumed operations at its mines located in Maharastra and Madhya Pradesh after a gap of 20 days. However, the PSU is utilizing only 20% of its capacity currently.

MOIL operates total eleven mines in Nagpur and Bhandara districts of Maharashtra and Balaghat district of Madhya Pradesh. Out of these eleven mines, seven mines are underground mines and four are open cast mines.