MOIL has reserved Rs 250 crore for conducting geophysical research on the same. The exact richness may not be known but it has the prospects of being a high grade ore, he adds. He told CNBC-TV18 that the production may take about 3-3.5 years to commence production from this land and will eventually boost the company's manganese output.
He sees the company's volumes to be at 11.5-12 lakh tonnes for FY14. The production in FY13 stood at 11.4 lakh tonnes. The production from the new blocks and new sharp sinking projects will increase the total output of the company to 1.5 million tonnes (mt) by 2016-17, he says.
The company's total debtors will be reduced to less than Rs 20 crore as Steel Authority of India Limited's ( SAIL ) Chandrapur unit will repay its debt to MOIL by August 2013.
Also read: Expect industrial metals to remain subdued: Nirmal Bang
Below is the edited transcript of his interview to CNBC-TV18
Q: Could you give us some more clarity on the prospecting licence that you got in Maharashtra? What are the reserves currently? More importantly, what is the timeline by which you will secure these reserves?
A: Presently we are having 696 hectares of lease existing in Maharashtra since inception of MOIL. We are working in Maharashtra. In addition of the 597 hectares to the existing land in the adjacent areas of existing leases, good and high grade manganese deposits are available as per the old records.
These mines, these new area prospecting has worked before 1950 by some of the small producers earlier and occurrence is seen. But still, we have to do a detail prospecting by geo-physical and bore well methods. Only then we will come to know the details of the exploration. The reserve position will be very clear then.
But this is very significant for us for increasing the high grade production in MOIL. The high grade production is very limited in India. Only 15 percent of Indian reserves are higher grade. So, this will go in a long way for improving high grade availability in India and meeting their steel requirement. Projected steel requirement is around 125 million tonne over the end of 12th plan where we require about 6.8 million tonne of manganese ore.
Present production in India is only 2.6 million tonne. It is projected to go up to 4.2 million tonne by 2016-2017 as per the 12th Plan. There will be a demand gap of around 2.8 million tonnes. This will help us to improve upon and the timeline what they have got based on the infrastructure available to MOIL, we will be adhering to the time schedule of less than two years for prospecting and also converting these leases into mining leases.
Then we will apply for mining clearances and forest clearances. This is mostly 60 percent land is private and 40 percent of new area what we have got is forest. After getting the due clearances from environmental, forest, minimum we are keeping for ourselves of about three, three and half years to come into production.
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