Lockdown : MOIL halts operation at its Bhandara, Nagpur and Balaghat Manganese mines
Difficult to quantify the actual impact of the lockdown: MOIL
Biznext India: Public sector Manganese Ore miner MOIL on Tuesday said that its business activity has been impacted due to the lockdown announced by the government. However, it is difficult to quantify the actual impact of the lockdown.
In a stock market filing MOIL has informed that operation at its 3 mines-Nagpur & Bhandara mines in Maharashtra and Balaghat mines in Madhya Pradesh have been halted. Also lifting of inventory of Manganese ore has also reduced due to restrictions on the transportation activities and closure of many ferro-alloys units.
The company, however, said that though it is difficult to quantify the actual impact of the lockdown on its business, it might be marginal.
“April being the starting month of the quarter/year, company’s business operations normally starts late after reaching new contracts with customers and hence the impact as of now is marginal. Efforts are on for resuming mining operations. As of now, it is difficult to quantify the actual impact of the above” MOIL said.