Diversified miner Vedanta Resources confirmed on Friday that the mining ban in Goa is still ongoing after the government found 'serious and illegalities and irregularities' in the state's mining operations last month.
The company said: "Hon'ble Supreme Court of India today ruled that the ban on mining activities will continue in the State of Goa and referred the matter to Central Empowered Committee (CEC) to file a preliminary report in next four weeks."
Since the order to stop digging was issued on September 10th, the court has restricted any movement of ore from mines and stockyears until the CEC files its preliminary report, Vedanta said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm operates in the region through its subsidiary Sesa Goa. Sesa is India's largest producer and exporter of iron ore in the private sector.
Despite the news, Vedanta's shares were up 4.15% at 1,109.22p by the close of trade in London.
BC
-
Should you sell in May this year?The market adage looks unlikely to apply in 2024, and global equities are proving resilient
-
Should you invest in UK equities?The FTSE 100 hit a record high this week, but UK equities remain unloved and undervalued compared to their global and US peers. Should you snap them up at a discount?
