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Last Updated : Jun 20, 2019 12:49 PM IST | Source: Moneycontrol.com

Vedanta shares gain 2% as Goa CM assures mining issues to be resolved by July

Vedanta's iron ore production fell 38 percent to 4.4 million tonnes and sales volume declined 49 percent to 3.8 million tonnes in FY19 compared to FY18 due to lower production and sales volume in Goa

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Vedanta shares climbed 2 percent intraday on June 20 after Goa Chief Minister Pramod Sawant assured mining industry dependents that issues related to the sector will be resolved by July end.

Iron ore mining and transportation operations came to a standstill in Goa after the Supreme Court quashed 88 leases in February 2018.

Goa Mining People's Front (GMPF) President Puti Gaonkar told reporters that he "got an assurance from the Chief Minister (on June 19) that he will resolve this mining issue by the end of July."

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The chief minister said that the mining issue is already taken up before the NITI Aayog, Gaonkar added.

Earlier, GMPF had written to the CM stating the livelihood of over three lakh mining dependents was lost or at stake due to mining closure.

In 2018, the apex court after quashing the second renewal of 88 iron ore mining leases in Goa in 2015 had said the sole motive of the companies behind the commercial activity was profit maximisation and no social purpose was attached to it.

Vedanta's iron ore production fell 38 percent to 4.4 million tonnes and sales volume declined 49 percent to 3.8 million tonnes in FY19 compared to FY18 due to lower production and sales volume in Goa.

"At Goa, production and sales volume were lower compared to previous periods due to mine closure pursuant to the Supreme court judgement in February 2018 directing mining operations of all companies in Goa to cease with effect from March 16, 2018," Vedanta said in its release in April 2019.

The stock was quoting at Rs 171.20, up Rs 2.90, or 1.72 percent on the BSE at 1148 hours IST.

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First Published on Jun 20, 2019 12:49 pm
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