Ind-Ra: Cancellation of Iron ore Mining Lease in Goa Credit Neutral for Vedanta and Indian Steel Players
Metal and mining giant Vedanta today said its iron ore production in Goa fell 58 per cent to 1.5 MT in March quarter due to lower demand for low grade ore and closure of mining operations in the state.
In Goa, production and sales during the quarter were 1.5 MT(million tonne) and 2.4 MT, respectively, the company said in filing to BSE.
"The production volumes were lower year-on-year primarily due to lower demand for low grade ore and mine closure pursuant to a Supreme Court judgement," it said.
In Karnataka, the company's iron ore production stood at 0.1 MT.
During the quarter, Vedanta's pig iron production stood at 1,82,000 tonne. Output of copper cathodes grew 3 per cent to 1,06,000 tonne from 1,03,000 tonne in the year-ago quarter.
Aluminium production in the quarter stood at 4,77,000 tonne, up 35 per cent from the year-ago quarter.
Alumina output was 3,51,000 tonne, up 12 per cent year-on-year. This was primarily due to debottlenecking of the refinery in December quarter and consistent availability of bauxite.
The company recorded highest ever lead and silver metal production during the quarter. Integrated lead metal production was at 50,000 tonne, 11 per cent higher year-on-year on account of higher smelter efficiency.
Integrated silver production was at 170 tonne, up 22 per cent year-on-year in line with higher production from Sindesar Khurd mine.
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