10th Aug 2015 08:49
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Vedanta Resources plc 16 Berkeley Street London W1J 8DZ Tel: +44 (0) 20 7499 5900 Fax: +44 (0) 20 7491 8440 www.vedantaresources.com |
10 August 2015
Vedanta Resources plc
Commencement of Goa Iron Ore Operations
The following release was issued today by Vedanta Resources Plc's subsidiary Vedanta Limited.
Vedanta Limited
Commencement of Goa Iron Operations
New Delhi, India, August 10, 2015: 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 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 operations in Karnataka resumed in February 2015.
For further information, please contact:
Communications | Finsbury |
Roma Balwani President - Group Communications, Sustainability and CSR Tel: +91 22 6646 1000
| Daniela Fleischmann Tel: +44 20 7251 3801 |
Investors |
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Ashwin Bajaj Director - Investor Relations
Anshu Goel Vice President - Investor Relations
Radhika Arora Associate General Manager - Investor Relations | Tel: +44 20 7659 4732 Tel: +91 22 6646 1531 |
About Vedanta Resources
Vedanta Resources Plc ("Vedanta") is a London-listed diversified global resources company. The group produces aluminium, copper, zinc, lead, silver, iron ore, oil & gas and commercial energy. Vedanta has operations in India, Zambia, Namibia, South Africa, Ireland, Liberia, Australia and Sri Lanka. With an empowered talent pool globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of entrepreneurship, excellence, trust, inclusiveness and growth. For more information, please visit www.vedantaresources.com.
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.
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