Vedanat to resume mining in Goa in October

Vedanta Ltd chairman Naveen Agarwal on Saturday said the company was "encouraged" by the efforts taken by the central government to revitalise the mining industry while his company expected to recommence mining operations in Goa by October.

"Mining in Karnataka resumed in February 2015 and we have been granted an interim capacity of 5.5 million tons of saleable ore in Goa... mining is expected to recommence after the monsoons October onwards post receiving the required government approvals," Agarwal told shareholders at the 50th annual general meeting here.

Stating that it was "disappointing that iron ore mining did not resume last year" in Goa, he said that the National Democratic Alliance government's decision to reduce export duty on low grade iron ore and the enactment of Mines and Minerals (Development and Regulation) Amendment Act, 2015 were "steps in the right direction".

The legislation, Agarwal said, would "provide continuity to our mining leases and which will bring transparency to future auction processes for mineral concessions".

Commenting on Vedanta's 2016 prospects as far as alumina production is concerned, he said that the company was poised for accelerated growth, thanks to ramped-up capacity of he new alumina smelters at Korba in Chhattisgarh and Jharsuguda in Odisha.

The expansion of the Lanjigarh Alumina refinery was in final stages and the environmental clearance was expected shortly, he said.

--Indo-Asian news Service

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