MOIL was originally set up in the year 1896 as Central Province Prospecting Syndicate which was later renamed as Central Provinces Manganese Ore Company Limited (CPMO), a British Company incorporated in the UK. In 1962, as a result of an agreement between the Government of India and CPMO, the assets of the latter were taken over by the Government and MOIL was formed with 51% capital held between the Govt. of India and the State Governments of Maharashtra and Madhya Pradesh and the balance 49% by CPMO. It was in 1977, the balance 49% shareholding was acquired from CPMO and MOIL became a 100% Government Company under the administrative control of the Ministry of Steel.
During the Financial year 2010-11, MOIL got listed on 15th December, 2010 on National Stock Exchange and Bombay Stock Exchange. After the listing, the shareholding in the company, of Govt. of India, Govt. of Maharashtra and Govt. of Madhya Pradesh is 71.57%, 4.62% and 3.81% respectively. Rest 20% shares are held by the public.
At present, MOIL operates 10 mines, six located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh. All these mines are about a century old. Except 3, rest of the mines are worked through underground method. The Balaghat Mine is the largest mine of the Company. The mine has now reached a mining depth of about 383 meters from the surface. Dongri Buzurg Mine located in the Bhandara district of Maharashtra is an opencast mine that produces manganese dioxide ore used by dry battery industry. This ore in the form of manganous oxide is used as micro-nutrient for cattle feed and fertilizers. MOIL fulfils about 50% of the total requirement of dioxide ore in India. At present, the annual production is around 1.1 million tonne which is expected to grow in the coming years.