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Vedanta Resources (VED)

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Wednesday 24 August, 2011

Vedanta Resources

Ratification of MDA for WCL Iron-ore Project

RNS Number : 9366M
Vedanta Resources PLC
24 August 2011
 



24 August 2011

 Vedanta Resources Plc

Sesa Goa announces Ratification of Mineral Development Agreement

for Western Cluster Project

 

Vedanta Resources plc's subsidiary, Sesa Goa Limited today announced that the Legislature of the Republic of Liberia has ratified the Mineral Development Agreement for the Western Cluster Project. The full text of the release issued by Sesa Goa Limited is set out below.

 

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Sesa Goa Limited

Update on Western Cluster Limited: Ratification of Mineral Development Agreement

 

Goa, 24 August 2011: Sesa Goa Limited ("Sesa Goa"), a majority-owned subsidiary of Vedanta Resources plc ("Vedanta"), the London-based FTSE 100 metal and mining group is pleased to announce that the Legislature of the Republic of Liberia has ratified the Mineral Development Agreement ("MDA") for the Western Cluster Project executed with the Government of Liberia. Western Cluster Limited will carry out the development of the Project as per the provisions of the MDA.

 

Sesa Goa had announced on 6 August 2011, that it had signed the definitive agreement with Elenilto Minerals and Mining Limited for the acquisition of 51% stake in Western Cluster Limited subject to the ratification of the MDA by the Legislature of Republic of Liberia.

 

With this ratification, all the necessary approvals from the Government of Liberia for the acquisition of the 51% interest in the Western Cluster Project have been completed.

 

For further information, please contact:

 

Ashwin Bajaj

Senior Vice President- Investor Relations

 

sesa.ir@vedanta.co.in

+91 22 6646 1531


 

Swapnil Patil

Associate General Manager - Investor Relations

 

sesa.ir@vedanta.co.in

+91 22 6646 1531


 

Mohammed Tariq Mujahid

Associate 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 and Karnataka while it also operates a 280,000 TPY metallurgical coke plant and a 250,000 TPY pig iron plant in Goa.

 

 

Disclaimer

This press release contains "forward-looking statements" - that is, statements related to future, not past, events and may be interpreted as 'forward looking statements' within the meaning of applicable laws and regulations. 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. Actual results might differ substantially or materially from those expressed or implied. Important developments that could affect the company's operations include a downtrend in the steel, pig iron and met coke industry - global or domestic or both, significant changes in political, economic, business, competitive or regulatory environment in India or key markets abroad and from numerous other matters of national, regional and global scale including but not limited to natural calamity,  tax laws, litigations, Government policies and regulations, fluctuations in interest and or exchange rates of Indian Rupee, etc.  Any forward-looking information in this press release has been prepared on the basis of a number of assumptions, which may prove to be incorrect.  This press release should not be relied upon as a recommendation or forecast by Sesa Goa Ltd.  The views expressed herein may contain information derived from publicly available sources that have not been independently verified; no representation or warranty is made as to the accuracy, completeness or reliability of this information.  We do not undertake to update our forward-looking statements.

 

For further information, please contact:

Investors:

Ashwin Bajaj

Senior Vice President - Investor Relations

Vedanta Resources plc

 

 

ir@vedanta.co.in

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

Media:

Gordon Simpson

Faeth Birch

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, silver, iron ore and commercial energy. Vedanta has operations in India, Zambia, Namibia, South Africa, Ireland and Australia and a strong organic growth pipeline of projects. With an empowered talent pool of 31,000 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, 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.

 


This information is provided by RNS
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