Vedanta declared as preferred bidder for Goa mining block

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The Block I ‐ Bicholim Mineral Block has resources of 84.92 million ton.

In September 2022, the Government of Goa had invited tenders to participate in electronic auction for grant of mining lease of iron ore mine (Block I ‐ Bicholim Mineral Block) in Goa.

Vedanta had submitted its bid in the said auction. As per the notice dated 22 December 2022 issued by the Directorate of Mines & Geology, Government of Goa, Vedanta has been declared as ''preferred bidder'' in e-auction of Block I - Bicholim Mineral Block, based on highest final price offer of 63.55% submitted by the company.

The company said that the Block I ‐ Bicholim Mineral Block has resources of 84.92 million ton. The grant of mining lease by the Government of Goa in respect of aforesaid mine shall be subject to making of necessary payments, completion of other terms and conditions, Vedanta said.

Vedanta, a subsidiary of Vedanta Resources, is one of the world's leading oil & gas and metals company with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, and aluminium & power across India, South Africa and Namibia.

On consolidated basis, Vedanta's net profit declined 53.71% to Rs 2,690 crore despite of 20.6% increase in revenue from operations to Rs 36,237 crore in Q2 FY23 over Q2 FY22.

Shares of Vedanta declined 2.81% to Rs 293.50 on the BSE.

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