9th May 2014 08:40
LONDON (Alliance News) - Vedanta Resources PLC Friday announced that at will not look at mining bauxite from the Niyamgiri hills in India to feed its Lanjigarh alumina refinery in Odisha without approval from the local community.
The Indian multi-commodities company made the announcement in response to a verdict in January from India's Ministry of Environment and Forest, which turned down Vedanta's mining proposal on site after a local villagers meeting expressed opposition to mining the region on social, cultural and religious grounds.
?In deference to the sentiments of the community, Vedanta confirms it is not seeking to source bauxite from the Niyamgiri bauxite deposit for its alumina refinery operations and will not do so until we have the consent of the local communities,? Vedanta said in a statement.
Vedanta said that, according to the terms of a memorandum of understanding with the government of Odisha, which assures the supply of 150 million tonnes of bauxite for its processing facility, it is now working to find alternative options for its long-term bauxite security.
The company added that all its operations follow guidelines for sustainable development, and it will continue to work closely for community development in and around the refinery location.
Vedanta Resources shares were down 0.4% to 917.50 pence in early trading Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Vedanta Resources