Vedanta has large iron ore mines in Goa and Karnataka and a pig iron plant in Goa, and consists of exploration, mining and processing of iron ore, pig iron and metallurgical coke and power generation. The mining operations are carried out at the Codli group and the Sonshi group of mines in Goa; the Narrain mines at Karnataka, a Met coke and a Pig Iron plant at Goa. The iron ore business also has a power plant at Goa in India for captive use.
At Karnataka, production recommenced on February 28, 2015, following receipt of all requisite clearances and approvals, at an annual capacity of 2.29 mtpa. About 0.3 mt of saleable ore was produced during the quarter and the sales are expected to resume through e-auctions in Q1 FY2015-16. During Q4 FY 2014-15, the Ministry of Environment and Forest revoked its earlier order which had kept the environmental clearances for iron ore mines in Goa in abeyance.
On August 10, 2015 the company announced reopening of its Codli mine in Goa. With this Vedanta became the first company to restart iron ore mining in Goa. The company has received all approvals to restart mining at its Codli and Bicholim mines. Final clearances to other mines are expected to be granted by end of August. Post monsoon season, the company plans to fully resume mining and by the end of the current fiscal year, to utilise its full annual production allowance of 5.5 million tonnes.The inauguration ceremony at Vedanta’s Codli mine was graced by Mr. Laxmikant Parsekar, Hon’ble Chief Minister of Goa. With this, Vedanta became the first company to restart iron ore mining in Goa.
For more information read: Vedanta resumes Iron Ore mining in Goa after 3 years
The company opened its second mining lease in the state of Goa in September 2015.
Iron Ore, a key ingredient in steel making, is expected to benefit from increased demand in India as a result of higher consumption of consumer durables and the Government's target to increase steel production to 300mt by 2025 to match India's growing infrastructure needs. Investment in new capacity is under way leading to a projected growth aret in demand for steel of 5.3%. As Vedanta iron ore mines come back into production, it will help service the projected demand growth.
As our mines return to production and domestic demand expands, we remain positive about the future.
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