Information  X 
Enter a valid email address

Vedanta Resources (VED)

  Print      Mail a friend       Annual reports

Wednesday 01 December, 2010

Vedanta Resources

Closure of Sesa Goa's Third P

RNS Number : 1717X
Vedanta Resources PLC
01 December 2010
 



1 December 2010

 

Vedanta Resources Plc

Closure of Sesa Goa's Third Party Mining Operations in Orissa                               

Vedanta Resources plc's subsidiary, Sesa Goa Limited ("SGL") issued the following release.

In FY 2010, the Orissa mine produced 1.9mt of the total iron ore production of 21.4mt. The Orissa operation was the highest cost operation, and the mining contract could not be renewed on viable commercial terms.

___________________________________________________________________________________

 

Sesa Goa Limited

Closure of Third Party Mining Operations in Orissa

 

Goa, 30 November 2010 : Sesa Goa Limited ("SGL" or the "Company") today announced that its third party mining contract for Thakurani Mine in Barbil, Orissa is expiring on 30 November 2010.

 

The Company started operating the Thakurani mine in 1999 under a 10 year contract, which expired in June 2009. Since then, the company has been operating the mine on short term renewals.  Having been unable to renew the mining contract on viable commercial terms on a long-term basis, the Company is ceasing its mining operations at the Thakurani mine with effect from 1 December 2010.

 

For further information, please contact:

 

Ashwin Bajaj

Vice President- Investor Relations

sesa.ir@vedanta.co.in

+91 22 6646 1531

 

Sheetal Khanduja

Associate General Manager - Investor Relations

 

sesa.ir@vedanta.co.in

+91 22 6646 1531

 

About Sesa

Sesa is India's largest producer and exporter of iron ore in the private sector. The company is a majority owned and controlled subsidiary of Vedanta Resources plc, the London listed FTSE 100 diversified metals and mining major. For over five decades, Sesa has been involved in iron ore mining, beneficiation and exports. Over the last two decades, it has diversified into the manufacture of pig iron and metallurgical coke. Sesa has mining operations in Goa, Karnataka and Orissa while it also operates a 280,000 TPY metallurgical coke plant and a 250,000 TPY pig iron plant in Goa. The Company acquired the shares of V.S. Dempo & Co. Pvt. Ltd, which in turn holds 100% equity shares of Dempo Mining Corp. Pvt. Ltd. during FY '10.

 

 

For further information, please contact:

Ashwin Bajaj

VP - Investor Relations

Vedanta Resources plc

 

investorrelations@vedanta.co.in

Tel: +44 20 7659 4732 / +91 22 6646 1531

Faeth Birch

Gordon Simpson

Finsbury

 

Tel: +44 20 7251 3801

 

About Vedanta Resources plc

Vedanta Resources plc ("Vedanta") is a London listed FTSE 100 diversified metals and mining major. The group produces aluminium, copper, zinc, lead, iron ore and commercial energy. Vedanta has operations in India, Zambia and Australia and a strong organic growth pipeline of projects. With an empowered talent pool of 30,000 employees 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 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.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCGMMGZZMMGGZM