In early Friday trading, shares of MOIL, the country's largest manganese ore producer, rose by 4.60% to reach 314.40 apiece following the company's 2023 production update. In a filing on Thursday, the company announced that it had achieved a production of over 16 lakh tonnes in the current calendar year so far, marking another significant milestone for MOIL. This production figure represents a remarkable 26% increase compared to the previous record set in 2019. : Additionally, the company reported that sales for the calendar year up to December 20, 2023, have surpassed 14 lakh tonnes, breaking the multi-year record set in 2007. The company has placed significant emphasis on exploration efforts. In November 2023 alone, MOIL successfully completed core drilling covering 7551 metres, representing a two-fold increase compared to November 2022. Throughout the period from April to November 2023, MOIL has conducted effective core drilling of 9,389 metres, demonstrating a notable 2.5-fold rise over the same period in the previous year (CPLY), as per the company's exchange filing made on December 04. : MOIL stands as the largest producer of manganese ore, commanding a substantial 46% market share in the country and possessing extensive reserves. Of the total 503 million tonnes of manganese ore resources in India, MOIL holds approximately 101 million tonnes, constituting 20% of the share, showed the company's FY23 annual report. To capitalise on emerging opportunities and meet growing demand, the company has strategically increased investments both domestically and internationally. MOIL is actively developing existing mines and exploring prospects for new ones. Additionally, the company is focusing on acquiring areas surrounding its current mines to establish diversified projects. With a remarkable year-to-date return of 84%, soaring from 170 per share to 312.60, MOIL's shares are delivering their best annual performance since listing in 2010. : Looking ahead, as India targets a crude steel capacity of 300 million tonnes by 2030–31, creating a substantial demand for manganese ore, MOIL finds itself in an advantageous position. The country's increasing demand for manganese ore (4.56% growth) surpasses the nearly flat production growth (1.32%), presenting significant growth opportunities for the manganese ore industry. At 10:00 AM, the stock was trading with a gain of 3.97% at 312.60 apiece. Livemint tops charts as the fastest growing news website in the world to know more. Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away!