Vedanta is all set to start iron ore mining operations at the Codli mines in Goa from August 10. The mining conglomerate will restart iron ore business in Goa after a closure for nearly 3 years. The actual operations will begin post monsoon around the second half of September. The company has a permission to mine 5.5 million tonnes per annum (MTPA) of the total permitted 20 million tonnes (MT) capacity for iron ore production in Goa by the Supreme Court.
The company will commence operations at a time when iron ore prices are at their lowest. Since the closure of mining operations in September 2012, prices have crashed to USD 32-33 per tonne for Goa grade of iron ore (average grade 58 per cent FE) from a peak of about USD 140 per tonne in 2012.
Vedanta is one of the world’s largest diversified natural resource companies. Its business primarily involves exploring, extracting and processing minerals and oil & gas.
