NEW DELHI, August 10, 2015 /PRNewswire/ --
Vedanta Limited ('the Company') has received the relevant consent, license and approvals to commence the iron-ore mining operations in the State of Goa for some of its leases. The Company is likely to recommence operations from August 10, 2015 at its biggest mine at Codli in Sanguem taluka in Goa. Further the Company has been granted approval for total extraction of 5.5 million metric tons of which Codli is 3.1 million metric tons. Till date, five mining plans and schemes for the Company's mines have been cleared by Indian Bureau of Mines and we are awaiting clearance of further 15 plans. Over the balance monsoon period, we anticipate receiving these approvals and expect a full scale resumption post monsoon.
Even as India and in particular miners from Goa look to regain lost markets, Iron ore markets /prices are weak and the international trade environment remains challenging. We continue to work with central and state government to improve competitiveness of Indian exports.
Prior to the suspension of mining in 2012, India was the third largest exporter of Iron Ore and Vedanta Ltd was the largest Indian exporter of low grade Ores.
Mining of operations in Karnataka resumed in February 2015.
About Vedanta Limited
Vedanta Limited (Vedanta Ltd) is a diversified natural resources company, whose business primarily involves exploring and processing minerals and oil & gas. The Company produces oil & gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power and has a presence across India, South Africa, Namibia, Ireland, Australia, Liberia and Sri Lanka.
Vedanta Ltd, formerly Sesa Sterlite Limited, is the Indian subsidiary of Vedanta Resources Plc, a London listed company. Sustainable Development is 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 Ltd 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 visit http://www.vedantalimited.com.
(Formerly known as Sesa Sterlite Limited/Sesa Goa Limited)
Vedanta, 75, Nehru Road,
Vile Parle (East), Mumbai - 400 099
Sesa Ghor, 20 EDC Complex,
Patto, Panaji (Goa) - 403 001
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:
President - Group Communications, Sustainability & CSR
Tel: +91 22 6646 1000
Director - Investor Relations
Manager - Investor Relations
Tel: +91 22 6646 1531
SOURCE Vedanta Limited