29th Mar 2018 15:59
LONDON (Alliance News) - Vedanta Resources PLC said Thursday it expects to record an impairment charge of between USD500 and USD600 million, net of taxes, due to curtailment of mining operations in the Indian state of Goa following a court order.
The commodities miner company added that the impairment is non-cash, and the closure of its iron ore business in Goa will not have any material impact on group profitability. The impairment charge will be recorded in the company's 2018 financial year.
The Supreme Court of India in February ordered suspension of all mining operations in Goa, effective March 16.
On Tuesday, Vedanta said it closed its copper smelting operations at Tuticorin, India, for 15 days for maintenance purposes. The planned maintenance shutdown of copper smelting operations had bee scheduled to take place in April.
Shares in the natural resources company were trading 2.0% higher at 708.27 pence.
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