India's Vedanta's ore sales in FY 2019 fell 50%

Release time：May 14, 2019 From：admin

Iron ore sales of the Indian metals and mining group Vedanta fell 50% in FY 2019 due to a decline in iron ore production and sales in Goa.

In FY 2019, Vedanta's iron ore sales were 3.8 million tons, down 7.6 million tons from the previous fiscal year. In the Goa area, according to the order of the Supreme Court, the mine was shut down, production fell sharply, and iron ore sales plummeted by 77%.

According to Vedanta's statement, "Based on the Supreme Court decision of February 7, 2018, the production and sales volume of the ring was lower due to the closure of the mine. The mining operations in the Goa area have stopped since March 16, 2018. Will continue to negotiate with the government to resume the mining operations in Goa." Compared to the previous fiscal year, Vedanta's iron ore sales in Karnataka increased by 19%. Karnataka's iron ore production was 4.1 million tons, up 89% year-on-year, due to an increase in the annual mining cap in the first quarter of FY 2019. In the fiscal year of 2019, the sales volume was 2.6 million tons, an increase of 18% year-on-year. Although the company's saleable ore production soared 89%, it failed to make up for the huge size of the Goa region.