NEWS
IRON and STEEL   Iron Ore  

Vedanta hit by iron ore mining halt in Goa

Shares in Vedanta, the London-listed natural resources company controlled by one of India’s richest men, fell as much as 5.5% on Thursday on the news that the Indian Supreme Court had cancelled all the 88 existing iron ore mining licences in Goa.

According to the ruling, the process of renewing the cancelled permits in 2015 was against the law. As a consequence, the country’s top court said that no mining activity would be allowed in the western state, one of India’s top iron ore producers, after March 15.

Top court said process of renewing permits in 2015 was against the law and ordered the cancellation of all the 88 existing iron ore mining licences in Goa.

Mining companies, said Vedanta, can then apply for new licences, but the 20 affected companies will have to wait before re-starting operations.

The court also said a special investigation team should be set, which mission will be recovering any payments the companies have made since 2015.

Vedanta’s stock dropped as much as 5.5% on the news, and it was 4.26% lower at 727.60p near the end of the day.

The company, India’s largest miner and No. 1 iron ore exporter, said it was is assessing the financial and operational impact of the ruling, which will impact 20 million tonnes a year, more than a quarter of which is operated by Vedanta.

A similar ruling in 2012 banned iron ore mining in the coastal state for more than two years. Before that, Goa generated about 50 million tonnes of iron ore a year, most of which was exported to China.

News No: 1923
Date: 2018/02/09 - 03:06
News Source: Mining.com

Vedanta  Iron Ore  Goa 

Comments:

Leave a Comment:

   
   
   
 

Railroad Project Kicks Off in Kerman

Construction of Sirjan-Kerman Railroad kicked off on Monday. The project will cost 889 billion rials ($7 million) and take 30 months to complete, the CEO of Golgohar Mining and Industrial Company, located in Sirjan, said.
 

Iron ore differentials narrow on supply pressure

Portside discounts for Fortescue Metals' 56.5pc Fe super-special fines (SSF) have dropped below 20pc to the Argus 62pc PCX portside index on 15 February, the narrowest in recent months, and may contract further as supply keeps high-grade prices under pressure.
 

Fire shuts down Vale’s Malaysia distribution center

Iron ore mining giant Vale (NYSE:VALE) issued a statement Friday advising that there was a fire in one of the transfer houses of the belt conveyor system at its distribution center in Malaysia.
 

Not so autonomous: Wifi outage results in driverless truck crash at Fortescue mine

Iron ore producer Fortescue Metals Group (ASX:FMG) revealed Friday that one of its massive driverless trucks collided with another at one of its Western Australia mines earlier this week. There were no injuries.
 

Eight Vale employees arrested in Brazil as part of dam collapse probe

Eight employees of the Brazilian mining giant Vale (NYSE:VALE) were arrested on Friday as part of an ongoing criminal investigation into the deadly dam disaster in the town of Brumadinho, which killed at least 166 with over a hundred still missing.
 

Iron ore prices reach almost two-year high

Iron ore prices reached an almost two-year high on Tuesday, following January’s fatal tailings dam breach in Brazil at Vale’s Córrego do Feijão mine. Iron ore was at $86.65/dry ton on Feb. 4, up 14% since the dam breach and the highest since March 2017, according to S&P Global Platts.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners