Vedanta assessing impact of Goa suspension
JOHANNESBURG (miningweekly.com) – Diversified mining company Vedanta Resources confirmed on Thursday that its mines would be affected by the Indian Supreme Court ruling that cancelled 88 mining leases in the iron-ore producing province of Goa.
Mining operations would stop on March 16, Vedanta said, adding that operations would only be allowed to resume when fresh leases and fresh environmental clearances have been granted.
“The company is assessing the financial and operational impact of the said judgment,” the London-headquartered company said in a statement.
The Supreme Court ruled that Goa had acted hastily by renewing the mining leases in 2015, just before an amended Mines and Minerals (Development and Regulation) Act made auction of leases mandatory for mining notified minerals, like iron-ore.
Court action against illegal mining in 2012 shut the iron-ore mining industry in the state for more than two years. Before the ban, the state produced 50-million tonnes a year. The Supreme Court later placed a cap on production in the state of 20-million tonnes a year.
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