AC Choksi Share Brokers Private Limited

A C ChoksiShare Brokers Private LimitedA C Choksi Institutional Research |Initiation Report|MINING MOILApril 26, 2011sMine Wise Operating &Production FiguresExhibit 53 -Manganese Ore Mine Wise ProductionManganese Ore Production in TonnesMines FY 2008 FY 2009 FY 2010 HY 2011Underground MinesBalaghat 300,051 284,563 300,000 151,452Chikla 300,786 198,037 150,047 79,049Kandri 59,099 60,546 65,619 29,492Munsar 65,415 62,635 60,760 23,713Ukwa 52,511 55,422 50,751 25,929Gumgaon 47,001 42,405 41,001 24,634Beldongri 51,239 46,220 32,598 14,637Total Underground 876,102 749,828 700,776 348,906Opencast MinesDongri Buzurg 345,572 300,101 282,758 115,328Tirodi 141,141 123,549 106,764 47,435Sitapatore/Sukli 1,760 1,840 3,065 5,080Total Opencast 488,473 425,490 392,587 167,843Total 1,364,575 1,175,318 1,093,363 516,749Exhibit 54 -Underground vs Open CastExhibit 55 -Underground vs Open Cast1,600,0001,400,0001,200,0001,000,000800,000600,000400,000200,0000Underground Mines Opencast Mines TotalFY 2008 FY 2009 FY 2010 FY 2011 E FY 2012 EMOILs production is heavilydependent on Balaghat &Dongri MinesKandri6%Ukwa5%Gumgaon5%Munsar5%Beldongri3% Sitapatore/Sukli1%Other75%Chikla15%Tirodi9%DongriBuzurg22%Balaghat29%More than 51% productionfrom the two mines.As per the latest numbers;Balaghat (29.31%),Dongri Buzurg (22.32%),Chikla (15.30%) & Tirodi (9.18%)accounts for 76.10% of the totalMn Ore production of thecompany.The rest 23.90% is producedfrom the remaining 6 mines takentogether._____________________________________________________________________________________Source: MOIL Ltd, RHP, A C Choksi Institutional ResearchA C Choksi Institutional Researchresearch@acchoksi.com 39