Vedanta Marks Final Shipment from Lisheen Mine in Ireland

Jan 25, 2016, 06:19 ET from Vedanta Limited

MUMBAI, India, Jan. 25, 2016 /PRNewswire/ -- Vedanta Ltd's Lisheen Mine marked its final shipment of zinc on Thursday 21 January 2015. Mining activity at the Lisheen Mine was concluded in November 2015, whilst milling ceased in December 2015, after 17 years of operation.

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"Lisheen has made a hugely valuable contribution to Vedanta and has also made a very positive impact to the local and national economy, bringing significant employment opportunities to the area," said Ms. Deshnee Naidoo, CEO, Vedanta Zinc International. "Over the life of the mine, Vedanta has remained committed to optimising its continuous development objective, aided by a strong and dedicated team of workers and stakeholders. I would like to thank our employees - past and present, the community, the Government and all our other stakeholders. They have supported our commitment to closing the mine in line with 'best in class' environmental standards in a safe, responsible and sustainable manner, with active community participation," she added.

"Our priority is not just the physical closure of the mine, but also the aftercare of the site to ensure that it is a long-term success. We made a commitment to our stakeholders to leave the site in a safe condition that will allow productive use of the land, and a detailed and fully-costed Closure, Restoration and Aftercare Management Plan is already underway," said Mr. Alan Buckley, General Manager at Lisheen. "Wherever possible, we will strive to build a sustaining economy in the surrounding region to ensure that a positive legacy remains now that the mine's operations have ceased," he added.

"I would like to commend the genuine commitment of Vedanta and the Lisheen Management to the workforce and the wider local community. This support was evident not only during the life of the mine but over the last two years. Intensive efforts have been made to plan for post closure investment and employment at the site, by harnessing the support of local and national government," said Ms. Liz O'Donnell, former government minister and the Chairman of the Lisheen Mine Task Force. The Task Force was established in 2013 and comprises internal and external advisors and members of the Irish Industrial Development Authority. Its aim is to facilitate and promote post closure opportunities and it is actively pursuing a number of initiatives, such as the establishment of a Green Energy Hub/Bio economy Campus at the site.

The Lisheen Mine is located in County Tipperary, Republic of Ireland, and it produced zinc and lead in concentrate which was shipped overseas through the port of Cork. It consisted of an underground mine, concentrator and backfill plant, and typically produced 300,000 tonnes of zinc concentrate and 38,000 tonnes of lead concentrate every year. Operations at Lisheen began in 1999 following a successful development partnership between Minorco, which merged with Anglo American in 1999, and Ivernia West. In 2011, Vedanta Limited, a listed subsidiary of Vedanta Resources, acquired the mine from Anglo American, which had taken full ownership of the site in 2003. Over its life, 22.4 million tonnes of ore was mined at Lisheen, at an average grade of 11.63% zinc and 1.96% lead.

Committed to a positive legacy with Best-in-Class practices:

Since the start, Lisheen has operated under an Integration Pollution Control licence from the Environmental Protection Agency (EPA), which sets out stringent controls and monitoring of all aspects of how the Mine interacts with the environment. This is done within a strict European Union regulatory framework.

The closure of the site represents a significant milestone for Vedanta and the company will now focus on a world-class closure, including its Biodiversity Action Plan, to ensure the mine's positive legacy. The main element of the Closure Plan is the capping of the Tailings Management Facility (TMF) in a safe and environmentally-friendly manner. All plans have been approved by the regulators, and progressive restoration of the TMF began in 2009. Vedanta made a commitment to the local community that 60% of the TMF would be capped by the time mine production ceased; this target has been achieved and costs associated with the physical closure and rehabilitation of the site are fully pre-funded. The rehabilitated part of the TMF has now been turned back into productive agricultural land and successful animal trials have been approved by the Irish Department of Agriculture. Environmental compliance is in accordance with the company's EPA-issued Integrated Pollution Prevention and Control Licence, and an Aftercare Fund has also been established to cover the required 6 year monitoring and 30 year aftercare period. Furthermore, as part of its Outplacement Training Programme, Vedanta has actively supported employees to find new employment opportunities or pursue further education and training. Lisheen's management team has been actively exploring further business opportunities and ways to utilise the considerable resources and skills available at Lisheen following the closure.

About Vedanta Limited (Formerly Sesa Sterlite Ltd.)

Vedanta Limited is a diversified natural resources company, whose business primarily involves producing oil & gas, zinc - lead - silver, copper, iron ore, aluminium and commercial power. The company has a presence across India, South Africa, Namibia, Australia, Ireland, Liberia and Sri Lanka.

Vedanta Limited, formerly Sesa Sterlite Limited is the Indian subsidiary of Vedanta Resources Plc, a London-listed company. Governance and Sustainable Development are at the core of Vedanta's strategy, with a strong focus on health, safety and environment and on enhancing the lives of local communities. Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange in India and has ADRs listed on the New York Stock Exchange.

For more information please log on to www.vedantalimited.com

Vedanta Limited
(Formerly known as Sesa Sterlite Limited)
Vedanta, 75, Nehru Road,
Vile Parle (East), Mumbai - 400 099

www.vedantalimited.com

Registered Office:
Sesa Ghor, 20 EDC Complex,
Patto, Panaji (Goa) - 403 001
CIN: L13209GA1965PLC000044

Disclaimer

This press release contains "forward-looking statements" – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward–looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

For further information, please contact:

Communications
Roma Balwani
President – Group Communications, Sustainability & CSR
Tel: +91-22-6646-1000
gc@vedanta.co.in

Investor Relations
Ashwin Bajaj
Director – Investor Relations

Sunila Martis
Manager – Investor Relations

Vishesh Pachnanda
Manager – Investor Relations

Tel: +91-22-6646-1531
vedantaltd.ir@vedanta.co.in

SOURCE Vedanta Limited



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