Vedanta hit by mining suspension in Goa
Goa, a major iron ore producing state in India, has temporarily suspended all mining activities in the state after a mining scam was uncovered.
Goa, a major iron ore producing state in India, has temporarily suspended all mining activities in the state after a mining scam was uncovered.
The move follows a government investigation which uncovered "serious illegalities and irregularities" in the state's mining operations.
The order to stop digging was issued late on Monday, September 10th. Indian daily India Today reports that an enquiry commission headed by Justice MB Shah has pointed the finger at various state government agencies, including the mines and geology department, forest department, pollution control board, as well as central government agencies, particularly those functioning under the umbrella of the union ministry for mines and environment and forests.
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 report has also squarely blamed former chief minister Digambar Kamat and other bureaucrats linked to the ministry as the main architects of the illegal mining scam, along with major mining industry players," the paper said.
The moratorium will hit Sesa Goa, a subsidiary of London-listed Vedanta Resources. Vedanta said Sesa Goa has suspended all mining operations with effect from Tuesday, September 11th, until further notice, although the company is at liberty to sell or transport ore already dug out of the ground, subject to inspection by the relevant authorities.
Sesa is India's largest producer and exporter of iron ore in the private sector.
JH
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
One million pensioners are now higher rate taxpayers and it's not just income tax to worry about
Rising state pension payments have pushed more people into higher tax brackets but this could also affect other areas of your finances
-
HMRC slaps pensioners with record high surprise tax bills - do you owe the taxman money?
More than a million people face surprise tax bills by HMRC, including thousands of pensioners, as triple lock pushes more retirees into taxable income brackets