22nd Apr 2014 08:33
LONDON (Alliance News) - Vedanta Resources PLC Tuesday said the Supreme Court in India has partially lifted the ban on mining in the state of Goa, where its subsidiary Sesa Sterlite Ltd has operations.
The FTSE 250 mining company said the court has imposed an interim restriction on the maximum annual excavation from the mining leases in Goa of 20 million tonnes, subject to determination of final capacity by an expert committee.
The company said the order stated that all mining leases in the state, including those of Sesa Sterlite, expired in 2007, and no mining operations can be carried out until renewal or execution of mining lease deeds by the Goa state government takes place.
As such, Vedanta said it is working towards securing the necessary permissions for commencement of operations at the earliest date possible.
The company's Indian operations were hit in 2013 by a suspension of iron ore mining in both Goa and Karnataka. The court allowed resumption of mining in Karnataka in April 2013, subject to certain clearances.
Vedanta Resources shares were up 2.4% to 941.00 pence, putting it in the top- ten FTSE 250 risers in early trading Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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