Sesa Goa, has cash reserves of about Rs 4,100 crore and is keen to grow its presence. GME4 is expected to start a global roadshow soon to sell the majority stake in the mine which is located in the north-eastern state of Piaui. Three years ago, GME4 had sold iron ore mine in the neighbouring state of Bahia in
Benchmark contract prices for iron ore for FY2010 is expected to be at $65 per tonne, compared to $85 in FY09. The settlement price of iron ore is vital as it would give an indication of the likely trend for steel prices, which in turn sets the pace for pricing of consumer goods and cars.
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