Vedanta has participated in the forward auction of Baghmara Gold block on February 26, 2016 after being technically qualified in an e-auction and has been declared as the successful bidder for Gold Mines at royalty of 12.55% of value of mineral dispatched. Baghmara Gold block in the state of Chhattisgarh (6.08 sq.km) was put on auction as composite licence (Prospecting License cum Mining Lease).
The winning bidder has to submit a performance bank guarantee of Rs 1.60 crore and invest in exploration. The block requires extensive exploration and the process will commence in due course.
Vedanta is a diversified natural resources company, whose business primarily involves exploring and processing minerals and oil & gas. The Company produces oil & gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power and has a presence across India, South Africa, Namibia, Ireland, Australia, Liberia and Sri Lanka.
