Ban on mining in K'taka sees Vedanta's yearly iron ore output drop
12 years, 11 months ago

Ban on mining in K'taka sees Vedanta's yearly iron ore output drop

Firstpost  

India-focused miner Vedanta posted a drop in full-year iron ore output, as a ban on mining in Karnataka and logistical bottlenecks continued to bite. London: India-focused miner Vedanta posted a drop in full-year iron ore output, as a ban on mining in Karnataka and logistical bottlenecks continued to bite. The miner said its iron ore production over the full-year to the end of March fell to 13.8 million tonnes compared with 18.8 million tonnes a year ago. Vedanta in February unveiled long-awaited plans to streamline its structure, improve access to cash and reduce debt - a process of eliminating cross holdings that will begin with the proposed merger of base metals producer Sterlite Industries and iron ore miner Sesa Goa to create Sesa Sterlite, an umbrella unit for others.

India Karnataka Tonnes Iron Vedanta Iron Ore Ore Production  karnataka  drop  ban  tonnes  sees  iron  vedantas  mining  miner  output  yearly  zinc  ktaka  ore  production  million

History of this topic

Vedanta Q3 result: PAT jumps 70% YoY; company records highest ever 3rd quarter EBITDA of ₹11,284 crore
1 month, 3 weeks ago

Vedanta Q3 result: PAT jumps 70% YoY; company records highest ever 3rd quarter EBITDA of ₹11,284 crore

Live Mint  

Vedanta Q3 result: Anil Agarwal-led Vedanta, on Friday, January 31, reported a solid 70 per cent year-on-year jump in its December quarter consolidated net profit to ₹4,876 crore from ₹2,868 crore in the same quarter last year. In an exchange filing, the company said it recorded the highest-ever third-quarter EBITDA of ₹11,284 crore, which was up 30 per cent YoY. …

Vedanta shares: Is this a stock to buy after Q3 metal production update?
2 months, 3 weeks ago

Vedanta shares: Is this a stock to buy after Q3 metal production update?

Live Mint  

Vedanta share: The mining major Vedanta Limited released its October to December production data on Friday, January 3. Vedanta Q3 Update Speaking on Vedanta's Q3 update, Anshul Jain, Head of Research at Lakshmishree Investment and Securities, said, “Vedanta Ltd showcased a mixed bag of performance in its Q3 FY25 operational update, with notable achievements and some challenges across key business …

Mining and steel firms in a limbo on tax uncertainty and weak prices
3 months ago

Mining and steel firms in a limbo on tax uncertainty and weak prices

Live Mint  

Mining and steel companies are caught between a rock and a hard place. A lingering concern is that the Karnataka Tax Bill 2024—which proposes to impose tax on a retrospective basis from 2005 and rates up to 3x the existing royalty rate—could significantly erode their profitability. The casualties are NMDC Ltd and Vedanta Ltd, the mining companies, and JSW Steel …

Karnataka’s new minerals tax stumps iron ore mining companies
3 months, 1 week ago

Karnataka’s new minerals tax stumps iron ore mining companies

Live Mint  

A proposed legislative bill in Karnataka could triple the tax burden on miners operating pre-auction era iron ore mines, potentially squeezing their margins and triggering ripple effects on steel prices, according to experts. Together, these companies account for a significant portion of Karnataka’s iron ore production, which makes up roughly 15% of India’s annual output of 280 million tonnes, according …

Vedanta Q2 aluminium production rises 2% YoY to 5.94 lakh tonnes
1 year, 5 months ago

Vedanta Q2 aluminium production rises 2% YoY to 5.94 lakh tonnes

Live Mint  

Vedanta Ltd reported a 2% rise in its total aluminium production to 5,94,000 tonnes in the second quarter of FY24. At Zinc International, Vedanta said its total mined metal output declined by 10% to 66,000 tonnes from 74,000 tonnes, year-on-year. The company's overall production during Q2FY24 at 66 kt was lower by 10% YoY and 3% QoQ largely due to …

Karnataka iron ore mining | Why has the Supreme Court relaxed a decade-old ban?
2 years, 6 months ago

Karnataka iron ore mining | Why has the Supreme Court relaxed a decade-old ban?

The Hindu  

The story so far: On August 26, 2022, the Supreme Court raised the ceiling limit of iron ore mining for Ballari, Chitradurga and Tumakuru districts in Karnataka, saying conservation of the ecology and environment must go hand in hand with the spirit of economic development. SPS, Citizens For Democracy and other organisations have also supported the Supreme Court’s order rejecting …

Industry captains seek ease of Karnataka curbs on iron ore export and sale
4 years ago

Industry captains seek ease of Karnataka curbs on iron ore export and sale

Hindustan Times  

The southern chapter of the Federation of Indian Minerals Industries on Wednesday made a representation to the Karnataka government expressing the distress on the sector due to restrictions on sale and exports of iron ore. FIMI said restrictions on sale and expor of iron ore had led to ‘artificial oversupply’ of iron ore in Karnataka) “There is a peculiar disparity …

Vedanta will suffer loss of $100 million if Tuticorin copper smelter remains shut for a year, says Anil Agarwal
6 years, 8 months ago

Vedanta will suffer loss of $100 million if Tuticorin copper smelter remains shut for a year, says Anil Agarwal

Firstpost  

Vedanta has sought a permanent injunction against the state government from interfering with the operations of its copper smelter Mumbai: Vedanta Ltd would suffer a loss of about $100 million if its Tuticorin copper smelter in Tamil Nadu continues to remain shut for a year, Chairman Anil Agarwal told television channel ET Now on Friday. The smelter has been shut …

Iron ore unsold, babus' hand black?
6 years, 9 months ago

Iron ore unsold, babus' hand black?

Deccan Chronicle  

Ballari: While the steel industry is starved of iron ore, its key raw material, and has appealed to the Supreme Court to increase the ceiling on iron ore production in the state, about 5.40 lakh metric tonnes of iron ore valued at Rs 165 crore is lying unsold with the mines of the Mysore Minerals Ltd in Sandur, Ballari district. …

Vedanta hit by up to $600 million charge for closure of Goa iron ore unit
6 years, 11 months ago

Vedanta hit by up to $600 million charge for closure of Goa iron ore unit

Hindustan Times  

London-listed Vedanta Resources said on Thursday it would likely record an impairment charge of up to $600 million following the closure of its iron ore business in Goa. Vedanta Ltd is expected to produce around 5.5 million tonnes of Goa ore in the fiscal year ending March 31. In February, the Supreme Court quashed all iron ore mining permits and …

Vedanta to invest $1 bn in Jharkhand: Anil Agarwal
8 years, 1 month ago

Vedanta to invest $1 bn in Jharkhand: Anil Agarwal

India TV News  

The company also plans to set up a 1 million tonne steel plant in the stateKeen to get a strong foothold in Jharkhand, mining baron Anil Agarwal on Thursday said he has "big plans" for the state but initial foray will be with $1 billion investment that includes setting up a 1 million tonne steel plant. Dubbing Jharkhand as "a …

SC dismisses Vedanta plea to export iron ore from Karnataka [Read Judgment]
8 years, 6 months ago

SC dismisses Vedanta plea to export iron ore from Karnataka [Read Judgment]

Live Law  

The Supreme Court on Thursday dismissed Vedanta Group’s plea to export iron ore mined from Karnataka. It stated that Vedanta’s inability to sell the ore due to higher pricing cannot be made the ground for its export.However, the apex court allowed the National Mineral Development Corporation to continue with its dual pricing mechanism.The Karnataka Iron and Steel. to indicate otherwise.” …

Vedanta will not cut zinc output as costs are low: CEO
9 years, 5 months ago

Vedanta will not cut zinc output as costs are low: CEO

Live Mint  

Johannesburg: The chief executive of Vedanta Resources said on Wednesday the mining company had no plans to cut zinc output but could adjust the development of its South African operation depending on prices. Weak commodities prices prompted heavyweight miner and trader Glencore to cut 500,000 tonnes of zinc production, or 4% of global supply, a move that sent zinc prices …

Vedanta gets government nod to restart iron ore mining operations in Goa
9 years, 7 months ago

Vedanta gets government nod to restart iron ore mining operations in Goa

India TV News  

New Delhi: Anil Agarwal-led mining firm Vedanta said it has received necessary government approvals and will resume operations starting today at its biggest iron ore mine at Codli in Sanguem taluka in Goa. "The company has received relevant consent, licence and approvals to commence iron ore mining operations in Goa for some of its leases. However, expressing caution over iron …

Vedanta to Resume Iron-Ore Mining in Goa
9 years, 7 months ago

Vedanta to Resume Iron-Ore Mining in Goa

The Quint  

Anil Agarwal-led mining firm Vedanta said it has received necessary government approvals and will resume operations at its biggest iron ore mine at Codli in Sanguem taluka in Goa, on Monday. The company has received relevant consent, licence and approvals to commence iron ore mining operations in Goa for some of its leases. — Vedanta Ltd BSE Filing The company …

Vedanta looks to regain market after Goa mining resumption-IndiaTV News
9 years, 8 months ago

Vedanta looks to regain market after Goa mining resumption-IndiaTV News

India TV News  

Panaji: Vedanta Limited, which has managed to retain 80 per cent of its earlier mining capacity in Goa after state government's renewal of the leases, is now looking to regain the lost market share, a senior official said. When asked about retrenchment of workers, Albanese said, "Beginning last quarter, we started restructuring of our Goa business and we have initiated …

Vedanta profit hurt by costs, lower Zambia output; revenue up
10 years, 4 months ago

Vedanta profit hurt by costs, lower Zambia output; revenue up

Live Mint  

Bangalore: Vedanta Resources Plc reported a 5% fall in first-half core earnings due to lower production and higher costs at its oil and gas and Zambian copper businesses, where the company said it was continuing to face challenges. Vedanta said lower volumes at Zinc India, lower Brent crude prices, a higher share of profit on petroleum payable to the government …

Trouble for steelmakers: Jharkhand orders closure of 12 iron ore mines
10 years, 6 months ago

Trouble for steelmakers: Jharkhand orders closure of 12 iron ore mines

Firstpost  

Jharkhand was India’s third-biggest iron ore producer in the fiscal year to March, with output of around 21 million tonnes. Mining curbs in India in states such as Goa and Karnataka along with mine closures in top producing Odisha have limited iron ore availability in the country, opening the door to more imports this year, which could help absorb some …

Vedanta Resources Q3 revenue down 3% at $ 3.45 bn
11 years, 1 month ago

Vedanta Resources Q3 revenue down 3% at $ 3.45 bn

The Hindu  

Mining conglomerate Vedanta Resources on Friday reported a 3 per cent fall in revenues to $ 3.45 billion for the quarter ended December 2013, primarily due to decline in income in the zinc and aluminium businesses. However, its core profits or EBITDA rose by 3 per cent to $ 1.141 billion in the last quarter vis-a-vis $ 1.111 billion of …

Paralysis in ore mining renders 1,00,000 jobless, says Vedanta Chief
11 years, 3 months ago

Paralysis in ore mining renders 1,00,000 jobless, says Vedanta Chief

The Hindu  

Ban on iron ore mining in Goa and Karnataka is not only hurting the economy but has rendered as many as 1 lakh people jobless, Vedanta Resources chairman Anil Agarwal on Wednesday said. “Paralysis in iron ore mining hurting industries and people sentiments, has put Goa and Karnataka economy in shambles, leaving 100,000 jobless,” Mr. Agarwal tweeted on Wednesday. As …

India may have to start importing iron ore soon: Steel Ministry
11 years, 4 months ago

India may have to start importing iron ore soon: Steel Ministry

The Hindu  

The Steel Ministry is of the view that India will have to import iron ore in the immediate future to meet significantly increasing demand from domestic companies. The Ministry in its mid-year plan review has identified iron ore availability as one of the challenges to achieve the steel production target of 300 million tonnes per annum by 2025. With current …

Vedanta plunges into $217 million loss in April-September
11 years, 4 months ago

Vedanta plunges into $217 million loss in April-September

The Hindu  

Mining conglomerate Vedanta Resources plunged into a $217 million loss for the six months ended September 30 amid lower metal prices and currency losses. “Profit before tax was significantly impacted by other gains and losses mainly due to higher rupee depreciation resulting in mark to market foreign exchange losses of $429 million,” Vedanta said on Friday in a statement. According …

Days of excessive profits are over
12 years ago

Days of excessive profits are over

The Hindu  

Hit by debilitating mining curbs and a clampdown on exports through high duties, India’s iron ore industry today is a pale shadow of what it was for much of the last decade, despite some recent forward movement on restarting iron ore mining in Karnataka, one of the key producer States. During the last decade, India’s iron ore miners became important …

Vedanta Resources Q3 revenue up 7 pc at $3.5 bn
12 years, 1 month ago

Vedanta Resources Q3 revenue up 7 pc at $3.5 bn

The Hindu  

Mining and metal major Vedanta Resources said on Thursday that its revenue has gone up by seven per cent during the third quarter of the current fiscal to USD 3.575 billion buoyed by higher oil and gas production by Cairn India. The company, which has interests in areas like copper, zinc, aluminium and iron ore among others spanning over seven …

Vedanta's iron ore sales down 86% in Q2
12 years, 5 months ago

Vedanta's iron ore sales down 86% in Q2

India TV News  

New Delhi, Oct 9: Vedanta Resources said on Tuesday that its iron ore sales fell by a whopping 86 per cent in the July-September quarter this fiscal as production dipped due to the mining ban in Karnataka for over a year now. Anil Agarwal-led company also recorded nine per cent decline in Indian zinc output to 1.9 lakh tonnes during …

Vedanta to shut Odisha plant, effects 7,000 people
12 years, 6 months ago

Vedanta to shut Odisha plant, effects 7,000 people

Hindustan Times  

Vedanta Aluminium Limited, a subsidiary of the London Stock Exchange listed multi-billion dollar Vedanta Resources group, on Thursday told the Odisha government it wants to temporarily shut down its alumina refinery in the state due to lack of bauxite by December 5. Vedanta-says-it-ran-the-plant-at-60-of-its-capacity-incurring-a-loss-of-Rs-3-000-crore-HT-File-Photo “The decision is painful because it will affect the livelihood of nearly 7,000 people including 550 direct …

Karnataka govt recommends approval of 8 iron ore mines
12 years, 8 months ago

Karnataka govt recommends approval of 8 iron ore mines

Firstpost  

The court had partially removed the mining ban earlier this year by allowing mining by category A mines besides approving NMDC’s output of 1 million tonnes per month. Bangalore: Karnataka government has recommended approval of eight iron ore mines in the state with a total capacity of 5.5 million tonnes per year, said HR Srinivasa, director, department of mines of …

Another duty hike? FY12 iron ore export unlikely to cross 50MT
13 years, 2 months ago

Another duty hike? FY12 iron ore export unlikely to cross 50MT

Firstpost  

The government had raised export duty on both lumps and fines to 20 percent in the Budget for the current fiscal in order to check the indiscriminate export of the raw material and encourage domestic value addition. New Delhi: The country’s miners have said the upward revision in iron ore export duty to 30 percent will make India’s produce uncompetitive …

Supreme Court's mining ban is ruinous for our economy
13 years, 6 months ago

Supreme Court's mining ban is ruinous for our economy

Firstpost  

Intended to show the court’s resolve to bring corrupt mining operators to book, the ban could aggravate the slowdown in the Indian economy. By Rajiv Kumar The Supreme Court of India seems to have created a crisis after imposing a large-scale ban on iron ore mining in the Bellary district of Karnataka. Although the Supreme Court has subsequently allowed the …

Karnataka Govt Fooled People Over Iron Ore Export Ban, Says Lokayukta
13 years, 9 months ago

Karnataka Govt Fooled People Over Iron Ore Export Ban, Says Lokayukta

India TV News  

Bangalore, June 8: Disputing the BJP government's claims, Lokayukta Santosh Hegde today insisted that illegal mining and illegal export of iron ore were still going on in Karnataka. Asked to comment on the claims by Chief Minister B S Yeddyurappa that he has banned exports and checked illegal mining, Hegde retorted, "Illegal mining and illegal exports are still going on. …

Assocham welcomes Karnataka decision to ban iron ore export
14 years, 7 months ago

Assocham welcomes Karnataka decision to ban iron ore export

The Hindu  

The Associated Chambers of Commerce and Industry, the industry body, on Sunday welcomed the Karnataka government’s decision to ban iron ore export, but emphasised that the State should ensure it was enforced fully. The body had favoured a delegation from West Bengal, Chhattisgarh, Jharkhand, Karnataka to meet the Prime Minister and seek support for a total ban on iron ore …

Karnataka Bans Iron Ore Exports To Curb Illegal Mining
14 years, 7 months ago

Karnataka Bans Iron Ore Exports To Curb Illegal Mining

India TV News  

BANGALORE: Chief Minister B S Yeddyurappa on Thursday announced a ban on export of iron ore from Karnataka, saying that it was the only way to stop illegal mining in the state.He also clamped a ban on transport of iron to other states. Yeddyurappa told reporters here that the ban will be in force till the completion of a state …

Mines of conflict
19 years, 3 months ago

Mines of conflict

The Hindu  

The Orissa government has handed over to private companies virtually all the iron ore mines, which are in some of the most underdeveloped districts of the State, leading to protests by tribal people and environmental activists. The areas that would witness mining of iron ore and the setting up of new steel plants and captive power plants are Keonjhar, Sundargarh, …

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