MOIL Ltd, one of India’s leading manganese ore producer, is actively pursuing overseas mining partnerships to secure critical raw materials. The global push comes as China scales back its dominance in the critical minerals space, prompting Indian players to diversify sources.
Global Outreach: Deals in Finland, Australia, South Africa, and Indonesia
MOIL has initiated early-stage discussions with multiple international firms to tap into reserves of copper, nickel, and vanadium—key minerals for clean energy technologies and battery storage. The miner signed a non-disclosure agreement (NDA) with Zawar Group in March for projects in Finland, where exploration efforts since 2016 have covered nearly 2,600 hectares, targeting nickel, copper, palladium, platinum, gold, and cobalt. Notably, advanced-stage permits are being pursued for the Rusamo and Vallikorp/Orisburg projects.
Meanwhile, MOIL signed another NDA in April with Australian Vanadium Ltd, an ASX-listed company. At the same time, E&Y forwarded a proposal from Vanadium Resources Ltd, based in South Africa. The company is awaiting further details on the offer.
In a separate outreach, MOIL approached Indonesia’s Merdeka Battery Materials for potential collaboration in the battery minerals segment. Officials confirmed that document reviews are underway, and a response from the company is pending. To guide these complex international deals, MOIL has roped in consulting giants E&Y and Deloitte.
First Formal Overseas Move: Gabon MoU in Pipeline
Signalling its first structured international mining venture, MOIL is preparing to sign a Memorandum of Understanding (MoU) with the government of Gabon for manganese exploration and mining. Internal documents reviewed during a recent Steel Ministry review meeting confirm this planned foray into Africa.
Why Vanadium Matters
MOIL’s growing interest in vanadium is strategic. This metal is vital not only for steelmaking, where it enhances alloy strength and durability, but also for its use in vanadium redox flow batteries—a leading solution for large-scale renewable energy storage. As energy transition gains momentum globally, demand for such storage technologies is expected to surge.
Domestic Ambitions: Doubling Market Share and Production
Parallel to its international efforts, MOIL is aggressively ramping up domestic operations. The company aims to increase its production capacity to 3.5 million tons by 2030, nearly doubling its current output of 1.8 million tons. Correspondingly, it seeks to expand its domestic market share from 18% to 32%. For FY25, MOIL posted ₹1,696 crore in revenue, marking a 10% increase, and ₹382 crore in profit after tax, up 30% year-on-year.
Capacity Expansion Plans Face Delays
MOIL’s expansion blueprint includes scaling up capacity from 20 lakh tons in April 2023 to 48 lakh tons by April 2026. However, this growth is being hindered by delays in regulatory approvals. A case in point is the 3-lakh-ton clearance for the Chikla mine in Nagpur, which remains stalled due to pending mining lease approvals.
As reported by thehindubusinessline.com, to accelerate growth, MOIL is also forming joint ventures with state mining corporations in Bhudkum and Selva blocks in Madhya Pradesh, and is conducting exploratory drilling in Chhattisgarh’s Nilkanthpur block. While initial results have been promising, local land access issues continue to hamper progress.
