Vedanta exported first iron ore shipment today after resuming its operations in Goa.
Mining conglomerate-Vedanta Ltd. resumed iron ore exports from Goa today (19 Oct, 2015). It exported 88,000 MT iron ore to China via vessel named “Ao Hong Ma”. The company is the 1st iron ore mining company to start operations in Goa after three years due to mining ban imposed in the state.
SteelMint had earlier reported that Vedanta has signed contracts with Chinese steel mills and is all set to export auctioned cargoes to China via three panamax vessels.
“This achievement of resuming operations after three years of suspension on mining activity, is with multiple, significant challenges. Iron ore prices are in free fall and are nose-diving. We also are faced with an arduous task of recovering our fixed costs and look forward to a complete utilization of the manpower and resources. We are positive that we will overcome the tough times with the support of the government and all stakeholders of the industry and well positioned to achieve our production target,” said Kishore Kumar, CEO, Vedanta’s iron ore division.
The company is also seeking for more production capacity allowance from the govt. which is now capped at 20 MnT pa in Goa.
The company remained the major bidder in the Goa iron ore e-auctions conducted in the month of Sept’15. And procured 569,970 MT iron ore ( 410,480 MT fines, 89,240 MT lump and 70,250 MT ROM).
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